July natural gas futures ground lower in listless trading Friday as traders cited the bearish mantra of expected strong injections into gas storage and a lack of weather in populous energy markets. Short-term traders expect prices to fall early next week.
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The Calm Before the Storm Leaves Futures Lower Again
With the exception of a listless short-covering rally late in the session, trading Monday in the gas pit at Nymex was one bulls would like soon to forget. In addition to its 5.2-cent decline and $5.102 close, the August contract dipped below key support at $5.08, leaving technical traders to seriously consider if the long-standing uptrend in gas futures is over. At 53,067, estimated volume was light for the session.
July 15, 2003
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