The futures market traded lower for most of the day Thursdaybefore cratering in the last 10 minutes of the trading session,leaving the market at its lowest level in years. The Septembercontract plumbed the lowest of any of the contracts, printing lowsat $1.61 just after 3:00 EST. However, an average of all tradesduring the last 30 minutes produced a final settlement of $1.672, a9-cent loss for the day and 27.5 for the week.
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Articles from Rout
Price Rout Has Suppliers Hollering ‘Mayday!’
May 1 is known as May Day, celebrated as a springtime festivalin some countries, according to Webster’s. But Friday must haveseemed like “Mayday” (international distress call) to many tradersas they watched cash prices crumble to levels that were virtuallyunimaginable last month. A few Gulf Coast points were sinking below$2 in widely ranging quotes.
May 4, 1998
Nymex Contracts Recover Slightly From Price Rout
The May Nymex contract took time out to lick its wounds Tuesdayby gaining 2.2 cents to settle the day at $2.501. Several longtraders were concerned that May would add to its massive 17.8 centloss turned in on Monday, but good buying from the outset kept Mayat either side of $2.50 throughout the session.
April 15, 1998
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