After spiking 43 cents on frenzied buying Monday, natural gas futures sifted lower Tuesday as traders took profits on bearish weather forecasts as well as expectations calling for a large storage injection to be announced later this week.
Rescinds
Articles from Rescinds
Late Rally Rescinds Early Losses; Traders See More Softness Possible Tuesday
Because traders efforts Monday to push higher were followed by a mid-day surge lower, natural gas futures remain stuck in the middle of the trading range that has limited the market’s movement since Nov. 18.
November 26, 2002
Volatility Continues as Profit-Taking Rescinds Early Gains
In almost a carbon copy of Monday’s session, natural gas priceserupted higherTuesday morning only to spend much of the remainderof the session checking lower as traders took profits amidintra-day technical weakness and storage uncertainty. Ending athree-day, $1.25 dollar price rally, the January contract slipped4.9 cents to close at $7.384. Meanwhile, the 12-month strip tumbledconvincingly, down 13.6 cents to $5.555.
December 6, 2000
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