November natural gas advanced Tuesday as traders suggest that the market is close to breaking out of its current directionless malaise and move higher. At the close November had gained 5.4 cents to $3.658 and December was up by 5.8 cents to $3.852. December crude oil gained $1.90 to $93.17/bbl.
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Adding to the week’s trend of back-and-forth trading — a product of a directionless market — October natural gas futures probed lower values on Friday and closed at $3.881, down 13.8 cents from Thursday’s finish and 14.3 cents below the previous week’s close.
June natural gas futures traded in an extremely tight 12-cent range Wednesday, further highlighting the market’s recent directionless pattern. Trading between $7.610 to $7.730, the prompt month ended up closing 8.3 cents higher at $7.720, breaking the week’s two-day string of lower closes.
Coming as the antithesis to Monday’s humdrum directionless trading action, Tuesday saw natural gas futures traders push the May contract to new highs for the move at $7.930 before closing out the regular session at $7.869, up 32.3 cents from Monday.
Coming off the long holiday weekend, natural gas futures traders on Monday were just as directionless as they had been the previous week. May natural gas bounced within a 15-cent range on the day before settling at $7.546, down 6.1 cents on the day.