A Houston marketer invoked the wisdom of baseball great YogiBerra to describe Tuesday’s cash market: “It’s deja vu all overagain.” In other words, it was like most of February’s previoustrading activity-generally flat with tight ranges. However, thoughthere was little if any change at any point, whatever changes didoccur were slightly to the downside. They were limited to 1-3 centsin all cases.
Articles from Edge
Following Monday’s dramatic price rout, Tuesday’s tradingexhibited a more sedate demeanor, leaving the December contract totrade within a narrow 6.5-cent range. And while the late-afternoonsell-off had bulls running for cover Monday, consolidation of thoselosses gave them a ray of hope before the close yesterday. Thatrebound was enough to lift the prompt month 3.6-cents to $2.478.
The April Nymex contract returned to its recent habit of tightdaily trading ranges Tuesday by containing its movements between$2.295 and $2.345. That tight range only allowed April to lose 2.1cents for the day to $2.330, despite the fact that nearly 60,000total estimated contracts changed hands.