Led by local buying, natural gas futures spiked higher for thesecond time in three days Wednesday as traders positionedthemselves on the long side of the market, ahead of the release offresh hurricane and storage news. However, after posting a $4.79high minutes after 2:00 p.m. (EST), the September contract waspressured lower throughout the last hour of trading as locals tookprofits on their long holdings. The prompt month finished up 8.5cents at $4.605, near the lower end of Wednesday’s trading range.
Sawing
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After Shaky Start, Futures Able to Bubble Higher
After see-sawing 2 cents on either side of unchanged for much ofthe Nymex trading session yesterday, the futures market rumbledhigher late in the day to finish near its high. The June contractfinished up 2.9 cents at $2.302, which places it squarely in themiddle of its recent $2.205-$2.405 trading range. Estimated volumewas a relatively light 32,280.
May 11, 1999
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