Trading at the New York Mercantile Exchange was once againsubdued on Tuesday, as many traders seemed to stand to thesidelines in anticipation of the release of the AGA storage reportlater this evening. Amid what trading did get accomplished, theJune contract inched 1.5 cents higher to settle the day at $2.149.
Exchange
Articles from Exchange
Friday Doesn’t Yield Much at the Merc
It was pretty much a nothing day at the New York MercantileExchange on Friday, as the spot June contract could only move 2.2cents lower to settle the day at $2.178. Trading was limited to atight 4 cent range.
June Futures Move Back Above $2.20
Trading at the New York Mercantile Exchange returned to “morenormal” levels Monday following last weeks GasMart/Power tradeshow, a phenomenon one broker said was reflected in the 4.8 centgain (to $2.215) the June contract posted yesterday. “Cash marketprices were up a dime or so on the weather, and futures traderstook notice,” he said. However, he noted the strength was notenough to forge a settle above major resistance at $2.26, which ledhim to believe “the technical trading range remains.”
May Futures End Volatile Week By Posting Minuscule Gain
Following three days when trading volume at the New YorkMercantile Exchange averaged 117,518 contracts, the May contractgained a mere 1.4 cents to $2.342 amid a session when “only” 74,378contracts changed hands. Sources said much of the activity onFriday was simply position covering ahead of both the weekend andthe expiration of the May contract this Tuesday.
Heavy Buying Leads to Heavy Futures Gains
Technically, you could call Tuesday’s price action at the NewYork Mercantile Exchange a rally. Not only because the spot Maycontract rose 9.2 cents to $2.561, but also because the marketmoved on strong technical buying. “Funds got back in the market ina big way,” a trader succinctly surmised, referring to an estimatedvolume figure which came in at more than 100,000 contractsyesterday.
May Futures Set New Record, Then Record Loss
The May Nymex contract lost 2.1 cents to $2.501 Wednesday amidone of the most active non-expiration days in exchange history. Anestimated 93,649 contracts changed hands, many of which were tradedafter May fell back from its new all-time high trade of $2.56. “Mayhad pretty good resistance at $2.58, but I think funds were anxiousto take profits,” an analyst told GPI.
Another Dull Day At the Merc
Volatility at the New York Mercantile Exchange has become so low the April contract was only able to trade within a narrow 3.5 centrange Tuesday, from $2.14-$2.175. The contract settled unchangedat $2.155.
Futures Price Follow Cash Quotes Higher
For a change, fundamentals actually seemed to be behind pricemovements at the New York Mercantile Exchange on Monday. The spotApril contract gained 4.0 cents to $2.169 yesterday, as a blast ofwinter temperatures propelled cash market prices up 5-10 centsacross much of the country.
March Futures Limp Toward The Finis
Expiration week is supposed to be about extreme volatility atthe New York Mercantile Exchange, but the March natural gascontract exhibited anything but that on Monday. The spot monthinched 1.9 cents lower to $2.179 yesterday, amid a session bound bya tight 4-cent trading range