A natural gas market eager to see whether last week’s breakout to the upside was warranted or a bout of overzealous exuberance received confirmation of the former on Monday as the July natural gas futures contract tested resistance at $5 for a second consecutive session before closing out the day at $4.916, up 11.9 cents from Friday’s regular session finish.
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Futures Jump 41.4 Cents Despite Dour Fundamentals
“Irrational exuberance” is the way at least one energy trader classified Monday’s explosion higher in natural gas futures values. In spite of bearish fundamentals, the July contract jumped 41.4 cents higher to close at $4.249 as some market experts pointed fingers at fresh speculative money flooding into commodities.
June 2, 2009
Futures Rally on Fed Chairman’s Comments; June Up 14 Cents
In what might have been a bit of “irrational exuberance,” natural gas futures shot higher Wednesday following Federal Reserve Chairman Alan Greenspan’s testimony before the Joint Economic Committee in which he expressed concern over high natural gas prices and tight supplies. Local traders led the rally at Nymex, which propelled the June contract to a $6.33 early afternoon high. Although light profit-taking was seen ahead of the close, the losses were minimal, leaving June to finish with an impressive 14.2-cent gain at $6.198.
May 22, 2003
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