With little in the way of fresh fundamental news, natural gasfutures slipped lower in a holiday-abbreviated session last Fridayas traders took profits following a six-day, $2.30-cent pricerally.
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Futures Decline Brings Bears out of Hibernation
After suffering expiration-day losses in both regular and Accesstrading sessions Wednesday, natural gas futures made a feebleattempt at higher ground before ultimately slipping lower at theclosing bell yesterday. With that the May contract finished itsfirst day as prompt month with a 3.5 cent decline to $2.83. Volumewas extremely weak with just 48,969 contracts changing hands.
Late Sell-Off Awakens Bears From Hibernation
An actively traded over-the-counter market set the stage for aturbulent session Friday in the natural gas pit at Nymex andtraders did not disappoint — taking prices higher on the openbefore sending them lower in two distinct selling waves.
No Hibernation Yet for Nymex Bears
Nymex bears got their Thanksgiving feast a few days earlyyesterday when they were greeted with a hearty helping ofprice-negative fundamental and technical news. And even before theopening bell sounded that sentiment was evident in the price levelas over the counter deals traded at a dime below Friday’s close.After opening at $2.34, the December contract tumbled lower to newlife-of-contract-lows before settling at $2.197, down a whopping23.7 cents or 8% for the day. Heavy estimated volume of 120,326served to punctuate the price move.