The futures market continued to move in a choppy,sideways-trading pattern Wednesday, as traders tried to influence amove outside Tuesday’s broad trading range. But the Decembercontract could only muster a 6-cent range yesterday, which producedan inside day on daily charts. Trade selling set in as Decemberreached its $2.435 high and pushed the prompt month down to itseventual $2.395 settlement price.
Slips
Articles from Slips
Downtrend Dominates Futures; August Slips Back Below $2
For the fifth Monday in a row the bears were dominant in the pitat Nymex as trade and speculative selling pushed natural gas down,effectively erasing gains registered on Friday. Most of the day’smovement happened on the open, leaving the August contract to tradein the mid $1.90s for the rest of the day before closing at $1.965,down 6.6 cents.
July 28, 1998
July Fails to Test Resistance; Slips Lower
The July Nymex contract looked poised to build on gainsyesterday by opening strong then immediately testing resistance inthe $2.20-21 area. However, for the second day in a row resistanceheld, leading to profit taking that sent July spiraling down tosettle at $2.156, a 3.5-cent loss for the day.
June 3, 1998
June Futures Price Slips But Remains Above $2.20
The June Nymex contract slipped 4.2 cents to $2.215 on Tuesday,thanks to what one analyst said was intraday selling off technicalresistance at $2.26. Total estimated volume came in at 39,705contracts. “Cash started to rally, so futures have pretty muchconverged with cash. The market is being very cautious, after thebreak last week,” a broker told Daily GPI.
May 6, 1998
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