Investors expecting dour third quarter earnings from Dow Chemical Co. one day after the company reported plans to cut approximately 2,400 jobs were given a bit of a surprise Wednesday as the chemical giant reported better-than expected earnings, thanks in part to abundant and low-priced natural gas.
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Holiday Weekend Lack of Demand Sinks Futures
Even with crude futures flipping back to gains on Friday, natural gas futures traders were unable to ignore their own commodity’s dour fundamentals going into a demand-reducing holiday weekend. The June contract tested support at $3.500 before closing at $3.515, down 8.8 cents from Thursday’s close and a whopping 58.3 cents lower than the previous week’s finish.
May 26, 2009
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