The April Nymex contract returned to its recent habit of tightdaily trading ranges Tuesday by containing its movements between$2.295 and $2.345. That tight range only allowed April to lose 2.1cents for the day to $2.330, despite the fact that nearly 60,000total estimated contracts changed hands.
Articles from Trading
A delayed and abridged trading windup in the March futures contract(see details in futures and news stories) Wednesday put a large crimpin the progress of bidweek activity, sources told Daily GPI. While tosome it was just an annoying wait, others complained of having totrade in the dark. A producer said the cash market had been renderedvery quiet by the phone outages that caused Nymex to shut down theexchange temporarily. “For a while we didn’t even know whether ourorders were filled,” he said. “It’s hard to take a cash position ifyou are unsure where your hedge lies.”