Despite a strong showing last Friday and gains seen in nearbyphysical market prices, natural gas futures moved lower after theopening bell yesterday and were never able to recover. The Maycontract was the hardest hit, dropping 5.6 cents to settle at$2.889. By comparison, the 12-month strip sank 3.2 cents to closeat $2.96. Estimated volume was modest, with 48,743 contractschanging hands.
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Range-Bound Trading Continues at NYMEX
Not forecasts calling for cooling temperatures, nor record lowsset in the nearby heating oil contract could entice the natural gasfutures market to break out of its month long trading rangeTuesday, as many traders decided instead to play it safe and waitfor a more clearly defined price signal. The March contract drifted1.2 cents lower to settle at $1.795 after being limited to a narrow5-cent trading range.
February 17, 1999
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