After sailing 27.5 cents higher in a three-day price advance last week, natural gas futures hit the buying doldrums Friday as traders elected to liquidate new positions rather than go home for the weekend long and risk an adverse price move Monday. The dissipation of Tropical Depression 2 prompted a mammoth 4-cent gap lower open and the August contract never recovered, closing 17.8 cents lower for the day at $3.25. Estimated volume was relatively light as only 52,913 contracts changed hands.
Falter
Articles from Falter
Futures Falter Amid Bearish Storage Situation
Natural gas futures finished on a sour note Wednesday as tradersalleviated overbought conditions and took profits both before andafter the release of fresh storage data. After opening lower, theApril contract worked its way down throughout much of the sessionbefore tumbling at the closing bell to finish at $2.71. The promptmonth’s 8.9-cent decline was trumped only by the May contract,which dropped 9 cents to finish as $2.747. Estimated volume wasmodest with only 63,810 contracts changing hands.
March 9, 2000
Spot Prices Falter; Trade Down to Bidweek Levels
March prices, which had roared off to a strong start on Monday,filtered lower Tuesday leaving traders wondering if March wouldfollow the weather adage and trade out like a lamb. Cash priceswere slipping anywhere from a couple cents to nearly a dime Tuesdayin most markets. In doing so, many spot points achieved in Marchwhat they were unable to do the entire month of February: tradebelow index. Rockies gas, however, remained in high demand, immuneto the overall losses.
March 4, 1998
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