While not much was decided on Friday as the August natural gas futures contract trolled lower before closing the regular session nearly unchanged, the damage was done earlier in the week when the prompt-month contract failed to break above $4.900 and instead broke support at $4.500. After reaching a low of $4.339 on Friday, the August contract closed the day at $4.402, up three-tenths of a penny from Thursday’s close but 28.5 cents south of the previous week’s finish.
Trolled
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Futures Continue Lower as Traders Await Fresh Storage News
Predictions that Tuesday’s rally confirmed natural gas futures’ near-term bottom at $8.700 appeared to be premature as Wednesday’s trading session trolled even lower. February natural gas carved out a low of $8.505 before settling at $8.694, down 47.4 cents on the day.
January 19, 2006
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