Following on the heels of Thursday’s measly one-day, 0.2-cent price retracement, natural gas bears were up to their old tricks Friday as they pressured the futures market to a gap lower open on the daily charts. However, that would prove to be just about the extent of the selling because prices were able to ratchet higher from that point forward as traders covered shorts amid constructive weather outlooks. The October contract finished 1.5-cents weaker at $2.38 in holiday abbreviated trading.
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Articles from Retracement
Futures Bears Bask in August-like Temperatures
Following Monday’s 7.5% price retracement, the natural gasfutures market continued lower yesterday as short and long-termtraders added to newly established short positions. Cash prices,pressured lower for the second day in a row by record-setting hightemperatures, were also seen as a negative price factor. Afteropening at $2.64, the December contract quickly established a new4-month low at $2.59 before settling at $2.643, a 2.2-cent declinefor the day.
November 10, 1999
Bulls Enthusiasm Muted by Friday’s Retracement
The futures market gave back a portion of recent gains on Fridayas traders covered fresh long positions ahead of the weekend. TheOctober contract was dealt the largest losses, slipping 8 cents tosettle at $1.878. November, which has been tracking nearly pennyfor penny with October was somewhat immune to the decline, losingonly 4.6 cents to $2.161.
September 14, 1998
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