Without any impetus to break in either direction, natural gasfutures continued to subsist on a steady diet of range-boundtrading yesterday at the New York Mercantile Exchange. But incontrast to Tuesday’s session, which featured the market closingnear its high trade for the day, Wednesday’s session was dominatedby selling that ushered the prompt August contract down 3 cents to$2.146. Estimated volume was light, with only 44,985 contractschanging hands.
Direction
Articles from Direction
Futures Rise; But Direction is Still Unclear
Feeding off positive momentum from Wednesday’s active tradingsession, natural gas futures trundled higher yesterday as tradersgauged the persistent issues of storage and weather. And while thatfollow-through was enough to boost the prompt January contract up7.4 cents to $2.064 for the day, 4 cents of that was notched in theWednesday night Access session, leaving some bulls to suggest thatyesterday’s movement was disappointing.
More Losses for MCN in Third Quarter
MCN Energy Group said it is planning a new direction for itspreviously released strategic plan that will emphasize steadygrowth in core operations, more predictable earnings and moderatecapital investments.
Afternoon Rebound Lifts Futures
Traders’ opinions have varied as to the direction the futuresmarket would take this week, and so it came as no surprise Mondaywhen it tested both the upside and the downside in early trading.But, when selling dried up below the $2.10 level, the Novembercontract was free to migrate higher to settle at $2.143.
Quiet Trading Leaves Sources to Ponder Futures Direction
The futures market concluded the week on a quiet note Friday asneither bulls nor bears were able to influence a move in theirfavor. After a lower open the November contract quickly filtereddown, filling in the chart gap to $2.35. But the $2.35 level held,and the market was left to trend higher into the closing bell. TheNovember contract settled at $2.432, a 1.8-cent gain on the day.
Prices Show Little Indication of New Direction
Prices began the week with a mixed performance Monday. Flatnesswas dominant at most points, with small drops outweighing smallgains at others. Mild weather throughout much of the nation lent nofundamental support to gas demand. However, sources saw a goodchance for at least modest increases today based on Monday’sfutures uptick.
WA Water Power Cuts Dividend, Changes Stripes
Taking its name and direction from its unregulated subsidiary,Washington Water Power announced Monday it will be cutting itsdividend by 61% and putting the money saved into growing allaspects of its business. The aim is to grow “a bigger and strongercompany” and the second priority is speed, the company’s newchairman and CEO Tom Matthews said.
Flatness Reigns for Weekend; Chaco Impact Slight
The cash market continued to muddle around with essentially nodirection for a second straight day Friday, leaving weekend numbersmostly unchanged. The few drops of about a nickel occurred atWestern points-intra-Alberta, Stanfield, Malin and SouthernCalifornia border-and chiefly resulted from the lifting of supplyand/or transportation constraints that allowed more gas back intothe market.