Weeks after Halloween’s tricks and treats were gone, natural gas futures traders felt tricked anew Thursday on news of an upward revision in natural gas storage figures by the Energy Information Administration (EIA). News of more gas in storage than first expected along with Thursday’s report of a 16 Bcf build for the week ended Nov. 14 gave the bears the upper hand in morning trade as December futures pushed lower, ultimately settling at $6.316, down 42.7 cents on the day.
Tricked
Articles from Tricked
Futures Spooked 35.2 Cents Higher to $6.783
After December futures gave back 34.7 cents on Thursday, bearish traders looking to capitalize on the momentum on Halloween felt more tricked than treated. Whether it was a result of bearish weather fundamentals weakening or just traders playing the recent range, the front-month contract ended up closing at $6.783 on Friday, up 35.2 cents from Thursday and 32.1 cents higher than the previous week’s close.
November 3, 2008
Listen to the latest episode of our newest podcast NGI's Hub and Flow via:
