The Fourth of July may have been last Tuesday, but pyrotechnicscontinued for the rest of the week in the natural gas pit astraders pushed prices lower Wednesday in sympathy with a 6% drop incrude oil prices, only to retrace a portion of those losses in ashort-covering buying spree Friday.
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Expiration-Day Pyrotechnics Put Bulls Back on Top
Punctuated by a gut-wrenching final 45 minutes in which the spotcontract plummeted, spiked and then fell again, natural gas futuresfinished on a strong note yesterday in a classic short-coveringrally.
January 28, 2000
August Upstages July on Expiration Day
The stage was set for expiration day pyrotechnics Monday at theNew York Mercantile Exchange. Bulls were confident they could addto the string of five higher highs and higher lows notched on thedaily charts last week. On the other hand, bears believed theconfluence of mild temperatures and follow-through on the heels ofFridays price erosion would set the tone early yesterday. They wereboth wrong. Except for a late and almost inconsequential bliphigher, the July contract was a model of stability yesterday, wherebuying and selling matched up nearly perfectly. July closed out itstenure as spot month up a meager 0.4 cents to settle at $2.262. TheAugust contract finished up 3.2 at $2.324.
June 29, 1999
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