After being “goosed higher” by the rapid development of Tropical Storm Fay in the Gulf of Mexico Friday morning, natural gas futures were hit with a wave of profit-taking late in the session as traders came to the realization that the storm would produce little more than soaking rains. By virtue of its 7.7-cent loss Friday, October’s $3.265 close was not only below the prior Friday’s settle, but also in the lower half of its $3.100-445 trading range for the week. At 103,385, estimated volume was heavy for the session.
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Bulls Have Final Say at Nymex in 2000
After watching prices gyrate wildly for the last several months,traders were looking forward to a nice, quiet, last trading sessionof the year Friday at Nymex. After all, who would want to propelprices dramatically higher or lower in an abbreviated tradingsession just before the holidays? As a result, prices wouldprobably just chop lazily sideways, allowing traders the time tocatch up on paperwork, right?
January 2, 2001
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