After beginning Friday’s session on a sideways-to-slightly-lower path, April natural gas futures started to tilt upwards ever so slightly beginning at 11 a.m. EST. After peaking at $7.31 in afternoon trading, the prompt month went on to settle at $7.273, up 3.5 cents on the session and a whopping 50.1 cents over the previous Friday’s close.
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PaineWebber Ups Gas Price Forecast
PaineWebber has revised its composite spot forecast for naturalgas prices upwards by eight cents to $2.20/MMBtu for the remainderof the year. This compares to an industry consensus of $2.08/MMBtu.
August 26, 1999
March Futures Swing Upwards, Shrug Off AGA Report
While many expected a bearish storage report (78 Bcf ofwithdrawals) to result in further declines in the March futurescontract on Thursday, the opposite took place. Borrowing a phrasefrom Federal Reserve Chairman Alan Greenspan, one trader said”irrational exuberance” took over at the New York MercantileExchange yesterday, which pushed the March contract up 6.4 cents tosettle at $1.829.
February 5, 1999