Futures Downtrend Stalls as Traders Await Fresh Storage Data

Tuesdays have been a natural gas bull’s savior as of late. Making it three in a row, futures rebounded yesterday as traders once again were in a buying mood ahead of Wednesday’s weekly storage report. Fighting against a gap lower open and a quick move down to $4.05, buyers stepped up their efforts mid-morning and watched as prices bubbled higher throughout much of the rest of the session. Although small, the one-cent advance leading to yesterday’s $4.123 closing price was claimed as a victory by bulls who have found little to like about this market thus far in 2001.

May 23, 2001

August Futures Prices Neither Gain Nor Lose

Tuesdays are oftentimes a day of small prices changes at the NewYork Mercantile Exchange, and this Tuesday proved to be noexception. The spot August contract settled unchanged at $2.365yesterday, as many traders reportedly remained on the sidelines inanticipation of the next AGA storage report to be released laterthis evening.

July 8, 1998

Short Covering Prompts Nymex Spike

Tuesdays and Wednesdays have been quiet lately at the New YorkMercantile Exchange with traders, brokers, and marketers waitingcalmly in anticipation of the weekly AGA storage report. In fact,since the end of April, daily changes to the spot month contract onthose days have been small, averaging slightly more than 3 centswith no change greater than 8 cents. However, this is natural gasand just when you think you have things figured out, it throws youfor a loop. This week, July plummeted on Tuesday to the tune of11.1 cents only to rebound 18.5 cents on Wednesday. That left thespot month at $2.174 at the close of the regular trading sessionWednesday afternoon.

June 18, 1998