February natural gas futures closed higher in a session described as “book-squaring” with traders focused on spread trading with little in the way of any fundamental developments. At the close February posted an advance of 4.1 cents to $4.736 and March added 5.1 cents to $4.743. March crude oil fell 48 cents to $89.11/bbl.
Squaring
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Short-Covering Boosts Nymex into Weekend
The July contract closed out the week on a positive note aslight short-covering and position squaring bolstered the market6.5-cents to settle at $2.035 on Friday. July was not the only bigwinner, with nearby August also coming to life. August was up 7.3cents bringing the 12-month strip to $2.329.
June 15, 1998