The natural gas futures market kicked off 2002 on Wednesday in much of the same way it concluded 2001 — by funneling to new lows amid undeniably bearish fundamentals. Traders didn’t need the release of fresh storage data (pushed back until today at 2 p.m. EST) to tell them that supplies are plentiful. Meanwhile, the downtrend remains intact and the current spate of cold weather is showing signs of moderating. The February contract took the news squarely on the chin, tumbling 10.5 cents to close at $2.465.
Funneling
Articles from Funneling
Late Rally Gives Bulls Hope; Storage Holds the Key
After funneling lower for most of the week, natural gas futures finished on a positive note Friday, amid a late flurry of trading and speculative short-covering. Just when it appeared that futures would head listlessly into the weekend with its fourth straight down day, the market erupted higher in the last 85 minutes of trading, propelling the May contract to a 2.7-cent gain at $5.128.
April 23, 2001
D.C. Group Cited for Funneling Cash to Interior, DOE Officials
A House subcommittee last week passed a resolution citing threemembers of a public watchdog group for refusing to respond toquestions about payments they made to two federal officialsinvolved in oil royalty policy.
July 3, 2000
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