Follow-through on the heels of Monday’s Nymex strength gave bulltraders an optimistic outlook early yesterday. However, theireuphoria was short-lived when a combination of fund and localselling pushed the market down near stubborn support at $2.205.June trimmed its losses into the close, finishing 6.6 cents lowerat $2.236.
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Futures Fall Under Speculative Selling Pressure
The futures market came under hefty selling pressure right fromthe outset Tuesday, as the market put aside hurricane fears toconcentrate on the overall bearish outlook for natural gas. TheSeptember contract sustained the largest losses, slipping 9.8 centsto settle at $1.828 for the day.
August 26, 1998
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
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