After regrouping the previous two sessions as August natural gas futures recorded a gain of 3.3 cents and a drop of 6 cents, respectively, the bears were on the prowl again on Tuesday as the prompt-month contract had 44.3 cents sliced from its value. The contract dipped below $10 on Tuesday before closing at $10.067 while August crude also got back to its recent bearish ways by dropping $3.09 to finish at $127.95/bbl.
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Resting and regrouping appeared to be the themes Wednesday as June natural gas traded a slim 7-cent range before closing out the day at $7.730, up 1.2 cents from Tuesday’s close.
After regrouping on Thursday with a mostly neutral session, traders on Friday resumed the downtrend in natural gas futures. The December contract pushed as low as $11.215 before finishing Friday at $11.415, down 27.4 cents on the day and a whopping $1.64 lighter for the week.
Regrouping after the 17.7-cent loss on Monday, August natural gas futures traded within the $5.965-6.025 range before settling at $5.989 Tuesday, up 3.2 cents in the uneventful session. As the soon-to-be prompt month, September futures climbed 2.6 cents to close at $6.022.