As expected, prices fell Thursday by a nickel to a dime at mostpoints. There was carryover momentum from Wednesday’s late cashsoftness that was pushed along by a drop on the futures screen, amarketer said. A lack of buyers also contributed to the marketweakness, he added. However, he saw Midcontinent prices onPanhandle Eastern, NGPL and ANR rebound to $2.08 after sliding aslow as $2.04 earlier in the day. That and the screen’s afternoonupticks have the marketer looking for upside potential in today’scash trading.
Momentum
Articles from Momentum
Will Cash Ride Futures Market Momentum?
The cash market hemmed and hawed again Tuesday morning, leavingprices virtually where they were last Friday. However, the futuresmarket would not go quietly. After a fairly unremarkable session tostart the week, the bulls once again had their way, pushing the Maycontract up more than 13 cents for the day(please see futures story). Cash prices were mostlyimmune to the strength.
April 8, 1998
Bullish Futures Momentum Runs Out of Steam
The recent surge in natural gas futures prices became so greaton Monday that the spot April contract came within 4 cents ofreaching its all-time high trade of $2.460. However, speculatorswere quick to “pounce on a selling opportunity” at that price, theresult of which left April up just 0.8 cents for the day at $2.351.Total volume was estimated at 88,053 contracts.
March 24, 1998
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