Muster

A ballot initiative sponsored by former natural gas industry executive Sheffield Nelson to raise Arkansas’ severance tax on natural gas production has passed the muster of the state attorney general and would go before voters next year if proponents can garner enough signatures.

A ballot initiative sponsored by former natural gas industry executive Sheffield Nelson to raise Arkansas’ severance tax on natural gas production has passed the muster of the state attorney general and would go before voters next year if proponents can garner enough signatures.

June natural gas futures fell Tuesday as the market opened up but was unable to muster sufficient momentum to break higher. Some traders are still optimistic of an advance, however.

After dipping below the psychological $7 level in Monday’s overnight electronic trading session on Globex, traders on Tuesday were unable to muster any follow-through selling. However, they also were not able to create any real rally as the prompt month ended up closing out the day at $7.083, up eight-tenths of a cent from Monday’s close.

Mondays have been bear-traders’ favorite day of the week atNymex with the last five producing losses to start the week. Themarket looked poised to continue that trend yesterday, but strongerprices mixed with concerns the market is nearing the bottombolstered the September contract 2.5 cents for the day. That leftthe prompt month at $1.869.