High intra-day volatility continued at Nymex Tuesday whennatural gas futures came under selling pressure early in the dayonly to rebound late in the trading session to nearly unchangedlevels. Weak cash market prices were the talk of the market in themorning and it wasn’t until after pipeline nomination deadlines at12:30 PM eastern that futures were able to begin to recoup losses.The November contract settled for the day at $2.084, down 0.5 centsfor the day.
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Tropical Depression Spurs Initial Rig Evacuations
A tropical depression formed quickly Tuesday afternoon from whathad appeared to be no more than a disorganized bunch ofthunderstorms in the morning. A storm warning was issued forpractically the entire coast of Texas (Brownsville to High Island).Although a mid-afternoon spot check of some larger producersindicated mostly a “keeping an eye on things” attitude rather thanactual platform evacuations, it was likely that tentative planswere turning into concrete action that evening.
September 9, 1998
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