Technically Speaking, $3.00 May be Within Reach

What a difference a day can make. Just 27 hours after testingkey support at $2.81, natural gas futures staged a completeturnaround, rallying to its highest daily continuation chartsettlement price this year. Nearly non-existent fundamental factorsgave traders little choice but to rely again on technical tradingtools for price direction. After the May contract posted animpressive gap higher open, that direction was in little doubt. Theprompt contract finished up 6.8 cents at $2.956, just a fraction ofa cent off its $2.96 high and within a nickel of its $3.005all-time high.

April 7, 2000

Unable to Crack Support, Futures Get Stuck in the Middle

What a difference a week can make. For the third time in fourdays the April futures contract tested, but was unable to breakbelow stubborn support in the $2.71-74 area, leaving traders littlechoice but to bid up futures despite warming temperatures andfalling cash prices. The April contract finished up an impressive5.3 cents at $2.847. This advance came on the heels of last week’sprice activity, which saw the April contract twice test equallystubborn resistance at the $2.88-90 level. Aside from one falsebreakout to $2.67, the spot contract has consolidated within the$2.70-90 area since March 1.

March 24, 2000

Forecasts Are the Difference as Cash and Futures Diverge

Even as cash prices plummeted 25 cents or more for weekenddeliveries the futures screen managed to push higher Friday astraders looked past the unseasonably warm weather outside theirwindows and focused instead on short and medium range forecasts.After a strong opening at $2.56 the December contract caught a waveof technical buying from both trade and local shorts, allowing itto peak at $2.71 before settling up 12.7 cents at $2.649.

November 15, 1999

Freezing Temps Buoy Futures into Weekend

What a difference a week can make. Bull traders, nearly ready tothrow in the towel a week ago, have become “cautiously optimistic”higher prices are in their future. And they have good reason tofeel that way because the market entertained a flood of positivenews last week, which gave bulls and bears alike little choice butto bid the market higher. The April contract broke above the 40-daymoving average at $1.80 on Friday and was propelled 5 cents higherby speculative fund buying to finish the day up 9.8 cents at$1.853. Volume was a heavy 108,348. For the week, April gained 22.5cents.

March 8, 1999

Sideways Market Continues With Mostly Small Drops

Cash prices again showed little movement Thursday. The maindifference from the previous day was that small drops dominatedinstead of small increases. Thursday’s biggest fall of nearly adime came in Transco Zone 6-New York City.

February 5, 1999

Terzic Resigns From Yankee Energy

Citing a difference of opinion with the board of directors overstrategy, Branko Terzic resigned as chairman, president and CEO ofYankee Energy System based in Meriden, CT.

October 12, 1998
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