Near-month natural gas futures backtracked 7.3 cents Wednesday to $7.667, but the wimpy finish revealed little about the rodeo ride that took place during the trading day. The contract bounced all over the charts, dipping to a low of $7.50 after the opening bell, suddenly jumping up to a high of $7.960 about two hours later and then collapsing back below $7.60.
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Wimpy Storm, Likely Larger Injection Drop Futures 11.6 Cents
The expected path of Tropical Storm Chantal over the Yucatan Peninsula and expectations of a much larger weekly storage injection took a little wind out of the sails of the gas futures market Monday, with the September contract showing a nickel gap lower from Friday’s low on the daily charts. However, after that initial weakness, futures proceeded in a very tight sideways band throughout the day in an unusually tranquil session. September ended the day at $3.187, down 11.6 cents from Friday’s close.
August 21, 2001
Prices Go Up as Weather Forecasts Get Colder
Except for the Rockies and Pacific Northwest, fundamentalsremained kind of on the wimpy side in most markets Monday. However,going on the theory that a bird in the bush (weather forecast) isworth more than two or three in the hand (current conditions),traders sent prices higher by about a dime or more at most points.Although the screen provided a smidgen of support with a gain ofslightly over 6 cents, sources agreed that a new forecast for muchcolder temperatures than anything seen previously was the mainfactor in rising cash prices.
December 14, 1999
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