After trading nearly a dime higher for most of the sessionMonday, the futures market collapsed during the last 20 minutes oftrading amid a flurry of selling that was set in motion bysell-stops and wide cash-futures basis. By the time the dust hadsettled, December’s $2.442 close was 11.1 cents off Friday’s leveland nearly 20 cents from session highs. Estimated volume was arobust 76,481.
Frenzy
Articles from Frenzy
Futures Fall Lower in Uninspired Trade
In sharp contrast to the frenzy and volatility during the monthof September, October futures trading has been a model ofcomplacency, where one day’s modest gains are another day’s lossesand narrow trading ranges are the rule rather than the exception.The November contract sputtered lower Monday in an “uneventful”trading session to settle at $2.393. Estimated volume was anextremely light 23,667.
October 6, 1998
Renaissance Puts up C$1 Billion for Pinnacle Resources
The depressed crude oil market continued to fuel an acquisitionfrenzy north of the border yesterday with Canadian producerRenaissance Energy mounting a friendly takeover of fellow CanadianPinnacle Resources Ltd. Renaissance CEO Clayton Woitas said theC$1.06 billion deal is designed to improve “operatingefficiencies,” build a stronger presence at a “fair price andcreate “long-term value” for shareholders.
June 9, 1998
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