Bulls and bears took turns influencing futures yesterday as themarket trended higher throughout regular pit trading, only to dropright back down to near unchanged in last night’s Access session.As is the case on any Wednesday, the price catalyst came in theform of the weekly AGA storage report released at the beginning ofAccess trading. The November contract experienced the largest priceswings of the strip, settling up 4.7 cents to $2.393 beforeretracing 3.3 cents lower to $2.36.
Turns
Articles from Turns
Futures Head South as Georges Turns North
The futures market again came under selling pressure onWednesday as traders embraced the possibility Hurricane Georgeswould not be a threat to natural gas concerns in the Gulf ofMexico. The October contract was able to post an optimistic open at$2.23 before profit taking led the contract to settle at $2.131, a5.5 cent loss for the day.
September 24, 1998
Earl Turns to the East as Futures Head South
The futures market followed-through on its usual hurricanescript Wednesday by reversing early week price spikes to plummetlower as Hurricane Earl plodded toward Florida and away from gulfcoast production. “Buy the rumor, then sell the fact,” is the adageoften bandied about when there is the potential for a hurricane todisturb supplies in the gulf and yesterday the phrase rang true asdismal fundamentals factors once again took center stage in themarket. That carried the October contract down 13.4 cents to settleat $1.652.
September 3, 1998
Listen to the latest episode of our newest podcast NGI's Hub and Flow via:
