The natural gas futures market moved higher for the second-straight session Wednesday as traders looked past warming temperatures in the eastern half of the country and focused on increased violence in the Middle East and surging crude oil prices. The February contract closed up 6.1 cents at $6.402 on its first day of trading as the prompt month. January expired Tuesday at $6.213.
Oversold
Articles from Oversold
Technicals Overcome Bearish Fundamentals to Push Futures Higher
Working off oversold conditions, natural gas futures turned higher Tuesday, as locals tried to pick a bottom, and trade and commercial sellers were slow to emerge. The end result was a 9.4 cent gain to $3.872 for the December contract, just a few ticks below its high for the session. Estimated volume was 65,897.
November 13, 2002
Technical Rebound Hikes Futures as Traders Await Storage #s
Alleviating oversold conditions created on the move lower over the past couple weeks, natural gas futures rebounded strongly Tuesday, as traders covered shorts amid undeniably bullish technical conditions. After gapping higher at the open, a steady flow of buying propelled the market to its highest level since May 1. At the closing bell, June was 25.9 cents higher at $4.653.
May 16, 2001
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