After failing to fill in a looming chart gap on the daily chartsduring Sunday night’s Access trading session, natural gas futuressank lower for much of the session Monday, as day traders rotatedto the short side of the market. That selling pressure enabled theFebruary contract to trim all of Sunday’s advances, finishing 0.2cents down on the day at $7.457.
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Late Rebound Puts Bulls Back at Helm
Despite a round of midday profit taking, the natural gas futuresmarket was able to eke out a modest advance amid continued see-sawtrading activity yesterday. The September contract led all othermonths, posting a 1.9-cent gain en route to a $2.727 close.Estimated volume was robust with 86,261 contracts changing hands.
Weather, Storage Puts Bulls Back at Helm
After opening at or near lows for the day, the futures marketrallied higher Thursday, spurred by the confluence of bullishtechnical and fundamental factors. With a 9.1-cent advance, Junebroke through several key resistance levels before eventuallyfinishing at $2.282 for the day. Estimated volume was a healthy76,540.
Small Gain Puts Bulls Back at Helm
Feeding off strength from Tuesday’s Access session gains, theMay contract was fast out of the chute Wednesday, quickly notchinga $2.08 shortly before noon. But for the fourth time in the lastfive trading days, resistance at the $2.07-09 level held andprofit-taking in the form of selling became the theme of theafternoon. The May contract finished at $2.024, just 1.1 cents morethan Tuesday’s close.
Warm Weather Puts Bears Back at Helm
Above-normal temperatures, both outside traders’ windows and intheir weather forecasts, continued to weigh on the futures marketthroughout trading Monday. The February contract gapped lower atthe open as moderate selling prompted the market down 6.4 cents toits $1.714 close. Estimated volume was heavy, with more than 93,000contracts changing hands.
Gerber to Leave Coral, Become Equitable CEO
After searching for a leader to take the helm at EquitableResources for nearly a year, the company’s board of directorsannounced yesterday it has appointed Coral Energy CEO Murry S.Gerber, 45. Gerber will assume his position as president and chiefexecutive officer of Equitable on June 1. Gerber also will serve asa director on the company’s board.
AGA’s New President Promises to Hold Down Costs, Dues
It’s been a quick five months since David Parker took over thehelm at the American Gas Association but he’s already shown awillingness to pick up the cost-cutting flag and run with it.Parker said yesterday in an interview with NGI he’s made acommitment to the AGA board to continue restructuring measures,including changes that will further cut costs and hold down dues.