After rallying to new 15-month highs Monday on renewed hurricane-hype, natural gas futures reversed lower Tuesday on reports from the National Hurricane Center that Isidore will only be able to reach category 1 hurricane status when it slams into the central Gulf Coast late Wednesday or Thursday. That selling was enough to pressure the October contract down to a new one-week low at $3.71. The prompt month closed a few pennies above that level at $3.742, down 23.6 cents for the session.
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Articles from Intensification
With Isidore’s Course Uncertain Friday, Traders Elect to Take Some Profits
Despite the intensification of Isidore to a category 2 hurricane Friday morning, natural gas futures shuffled lower throughout the session as traders liquidated long positions acquired during last week’s 50-cent price spike. At $3.758, the October contract was down nearly 20 cents from Thursday’s high and 9.8 cents lower on the day, but still 29.1 cents higher for the week. Volume was heavy for a Friday, with an estimated 97,137 contracts changing hands.
September 23, 2002
Slightly Lower Prices Ignore Bullish Influences
Despite a firmer screen and spreading intensification of colder weather, swing prices ranged from flat to down a little more than a nickel Tuesday. A majority of points recorded small losses of 1-3 cents.
January 30, 2002
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