Swelling concerns surrounding the U.S. and global economy turmoil led to slumping stock and energy markets Monday. The Dow Jones Industrial Average — which was down as much as 800 points earlier in the day — finished Monday down 369 points, while November crude futures shaved $6.07 to close at $87.81/bbl and November natural gas futures broke below support just above $7 to close at $6.835, down 52.3 cents.
Swelling
Articles from Swelling
Profit Taking Yields Large Nymex Price Declines
Swelling open interest and large long positions held byspeculators finally caught up with the May Nymex contract onMonday, as the spot month torpedoed 17.8 cents lower to close theday at $2.479. In so doing, the contract easily broke below the uptrendline that was lending major support in the $2.51-53 area. “Ifeel like I’ve been kicked in the face,” one source said.
April 14, 1998
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