After pressing lower at the open, natural gas futures rebounded modestly Tuesday as traders played it safe amid a changeable fundamental and technical landscape. However, even the late buying surge was not enough to propel prices above Monday’s close, leaving the January contract with its second-straight losing session. The prompt month closed at $2.563, down 7.1 cents. Estimated volume of 110,574 was extremely high considering the relatively small price move and the absence of market-maker Enron. Historically, natural gas averages a volume of about 75,000 contracts, and 100,000-plus volume days are usually only seen during the last three days before a contract expires.
Modestly
Articles from Modestly
As Expected, Futures Buck Overall Weakness to Move Higher Friday
Following a two-day, 25-cent price slide, natural gas futures rebounded modestly Friday as traders covered shorts ahead of the weekend and in anticipation of cooler temperatures this week. Also supportive on Friday was an up-tick in crude oil prices, which advanced 58 cents to finish at $18.03. The December natural gas contract experienced a similar bounce, gaining 8.6 cents to close at $2.637.
November 19, 2001
Expiration-Day Short-Covering Lifts Prices Modestly
Stemming a string of expiration-day losses at six, natural gas futures eked out a slim gain Friday as traders covered shorts ahead of the weekend and in anticipation of hot weather forecast for this week. The August contract went off the board without much fanfare, up 3.9 cents for the session and 21.2 cents for the week, but down 11.9 cents since it became the prompt contract back on June 27. Estimated volume was modest for an expiration day, with just 92,001 contracts changing hands.
July 30, 2001
Despite Modestly Bullish Storage Draw, Futures Finish Lower
In a trading session that rewarded the contrarian viewpoint,natural gas futures tumbled lower Wednesday afternoon after traderslearned that the market withdrew a larger-than-expected volume ofgas out of the ground last week. The March contract shuffled 55cents lower during the last 70 minutes of trading yesterday toclose at $5.707, off 39 cents for the day.
February 1, 2001
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