Late-November swing prices got “crushed” Monday, burdened bothtechnically by a slumping futures screen and fundamentally by acontinuing surplus of unseasonably warm weather, a Texas-basedproducer lamented. Virtually all points dropped between a nickeland about 15 cents, with declines in the vicinity of a dime beingmost common.
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Heavy Buying Leads to Heavy Futures Gains
Technically, you could call Tuesday’s price action at the NewYork Mercantile Exchange a rally. Not only because the spot Maycontract rose 9.2 cents to $2.561, but also because the marketmoved on strong technical buying. “Funds got back in the market ina big way,” a trader succinctly surmised, referring to an estimatedvolume figure which came in at more than 100,000 contractsyesterday.
April 22, 1998
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