In a stunningly well-mannered reaction, considering what the market sometimes does after receiving fresh fundamental news, natural gas futures dipped slightly lower Thursday morning as traders learned that a larger-than-expected 68 Bcf was added to underground storage facilities last week. By 11:20 a.m. EDT the June contract had carved out its low for the session, leaving the prompt month to shuffle sideways within an extremely tight 5-cent range for the rest of the day. June settled at $3.438, down 2.1 cents from Wednesday’s close.
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Cold Weather Forecast Puts Bulls Back at Helm Monday
In response to a stunningly bullish weather forecast for the last week of December, natural gas futures shot higher Monday morning as short traders elected to take their profits and head for the exits. As one might expect, the January contract received the biggest buying boost, etching a 17.9-cent advance to close at $2.747, its highest settle since becoming the prompt contract late last month.
December 11, 2001
Futures Spike Amid Low Storage Fill, Tropical Concerns
Amid a stunningly bullish one-two combination of a tropical depression and a record low storage refill for the month of August, natural gas futures soared higher to test one-month highs yesterday as traders covered shorts initiated on recent moves below the $3.00 mark. The September contract rode the buying wave for a 37.4-cent advance, breaking through several levels of resistance on its way to a $3.468 closing price.
August 16, 2001
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