Pressured by weakness in the Sunday night Access trading session, the natural gas futures market turned lower Monday in sympathy with losses in the crude oil market and amid bearish short-term technical factors. However, chilly temperatures and stronger Northeast cash prices was enough to slow the downside momentum, leaving the April market with a modest 3.6-cent decline and $5.546 close.
Solace
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Futures Fall Despite Chilly Temps; Storage and Technicals May Offer Bulls Solace
In a trading session book-ended by selling at the open and at the close, the natural gas futures market sunk to new 10-day lows Tuesday as traders continued to side with forecasts calling for a massive warming trend following the current spate of record cold in the Northeast U.S. At 74,623, estimated volume was stronger than it had been of late, adding credibility to the move lower.
January 14, 2004
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