July Futures Post Slight Gain, Prepare to Expire

The July Nymex contract gained 2.8 cents to settle Monday at$2.364, thanks in large measure to momentum the contract gainedafter it filled in the technical chart gap with its early move downto $2.295. However, the upside was capped by resistance at $2.43,and July settled right in the middle of its technical tradingrange. “July trading is pretty much in cruise control now,” asource said. “A lot of people have already gotten out of theirpositions, so I think you’ll see the rangebound trading continue[today]. However, that range is 15 cents, so trading will mostlikely be volatile, which will be the first time in months acontract has expired with a good dose of volatility,” he told GPI.

June 26, 1998

June Futures Fend Off Another Test of Technical Support

The June Nymex contract inched 2.4 cents higher to $2.159 onThursday, as traders entered a slight buying mode following the 8.0cent decline June turned in the previous session. “Today was a bigday in that the contract held technical support at $2.11,” ananalyst told GPI. Total estimated volume came in at 47,753contracts.

May 8, 1998

Price Slide Levels Off With Only Slight Softness

Cash markets settled down for the weekend Friday with flat toslightly softer prices prevailing. Most of the declines of 2-4cents were concentrated in the Gulf Coast and Appalachia/Northeast.

March 9, 1998
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