June natural gas futures continued to flounder Monday as traders see no upward momentum and look for a test of key psychological support. At the close June futures had fallen 8.1 cents to $4.154 and July had retreated 8.1 cents as well to $4.216. June crude oil, however, rocketed higher by $5.37 to $102.55/bbl.
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Futures Flounder Despite Call for Cooler Temperatures
In a frenetic trading session that had even the most seasonedtraders on their toes, gas futures gapped higher on the open onlyto crumble lower in two distinct selling waves yesterday. Incontrast to Wednesday session that saw almost uniform increases,Thursday’s price action for the 12-month strip was inconsistent,with losses in the out months outpacing the 7.7-cent declineregistered in the prompt month. The March contract finished at$6.158.
February 9, 2001
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