All indications pointed to the futures market continuing higheron Wednesday: gains posted in the Tuesday evening Access session, awell bid over the counter market Wednesday morning, and inertiacoming off two days of advances. But when the market openedyesterday a vital component was missing, prompting a beleagueredbull to say “the buyers just didn’t show up [Wednesday] morning.”The September contract meandered down from its open, slipping 2.2cents to close at $2.873.
Downtrend
Articles from Downtrend
Downtrend Skips a Beat; Futures Muster Small Gain
Mondays have been bear-traders’ favorite day of the week atNymex with the last five producing losses to start the week. Themarket looked poised to continue that trend yesterday, but strongerprices mixed with concerns the market is nearing the bottombolstered the September contract 2.5 cents for the day. That leftthe prompt month at $1.869.
August 4, 1998
Futures Look Poised to Resume Downtrend
The futures market wasted little time continuing lower yesterdayadding to losses registered Wednesday evening following the releaseof the weekly AGA storage report. That report, showing alarger-than-expected 93 Bcf injection gave storage bears somethingto chew on. The August contract opened near its high then tumbled9.9 cents to settle at $2.132 in active trading yesterday.
July 17, 1998
Futures Violate Support, Settle Below $2.00
Nymex futures once again were unable to buck the downtrend andcontinued to slip lower yesterday in quiet trade. The July Nymexcontract opened below $2 before breaking through long-term supportat $1.97 only to claw its way back up near the close. July settledat $1.976, down 5.1 cents for the day. In doing so, July posted thelowest level of any prompt contract since January.
June 9, 1998
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