Memory

In one of the least volatile trading days in the cash market in recent memory, spot prices barely moved on Veteran’s Day, with many points inching up only a nickle while a few others fell a couple pennies. However, the cash market was a striking contrast to the futures market on Nymex, where the December contract collapsed 44 cents to $7.236 in response to falling crude oil and heating oil prices.

In what may turn out to be the most bullish 2-cent decline in recent memory, natural gas futures clawed their way back from early losses to finish near a high for the session. At $4.642, the October contract ended 1.9 cents lower on the day, but an impressive 9.2 cents above the $4.55 low notched early in the session. At 88,496, estimated volume was heavy and added credence to the rebound.

Following the quietest session in recent memory Friday, natural gas futures sprung back to life Monday as traders liquidated prompt-month holdings in an expiration-session free-for-all. There was little in the way of fresh news Monday, but it turns out that the old news was bearish enough to propel the market lower. The May contract was hardest hit by the selling, tumbling 25 cents in the last 30 minutes of trading to carve out a new three-week low of $5.00. The settlement price, which on expiration day is calculated by averaging all prompt month trades during the last 30 minutes of the session, was $5.123, down 35.4 cents for the day and more than 70 cents off its highs of just a week ago.

In what could be the most bullish 2-cent decline in recent memory, natural gas futures rebounded from early lows Wednesday as buyers continued to bet heavily on storage and weather holding the market up. After failing to extend down to a key downside objective at $6.70, the April contract rallied in the afternoon in light, pre-storage report short-covering. It closed at $7.021, down 2 cents on the day, but more than 27 cents above its morning low of $6.75.

In what might be its most bullish four-cent decline in recent memory, natural gas futures rebounded late in the session Wednesday as traders were able to look past a double helping of bearish storage news to bid up prices in the closing 20 minutes of trading. With its $2.813 closing price, the December contract was 3.9 cents lower for the session, but an impressive 7 cents above its low for the session.

In what was probably the most bullish 5-cent decline in recent memory, natural gas futures shuffled lower Thursday in a lackluster trading session. At the closing bell, May was 4.7 cents weaker at $5.101.

In what has to have been the quietest session in recent memoryand one of the top five during the last year, natural gas futuresshuffled sideways Friday amid a dearth of fresh fundamental newsand technical developments. In its penultimate trading session, theMarch contract closed at $5.131, down 1.1 cents for the day, 43.7cents lower for the week, and a cool $1.00 below where it was whenit began its tenure as prompt contract back on Jan. 29.

Following one of the quietest trading sessions in recent memoryThursday, the futures market snapped back to life Friday as tradersetched out a wide, 20-cent range in bumpy, pre-weekend dealings.After trading as low as $2.55 and as high as $2.76 the Novembercontract finished the week strongly, gaining 5 cents to $2.692.Estimated volume of 79,860 confirmed the heavy activity.