Wrongs

Cold Weather, Bullish Emotion Buoys Futures Yet Again

Two wrongs do not make a right, but they do make for somevolatility in the natural gas pit. Since December’s precipitousclimb to $6.32 last week, the prompt month has vacillated wildly— first lower and then higher, prompting traders to suggest thosemoves were a little bit overdone. However, last Wednesday’s movehigher received some validation Friday when prices bounced offsupport and erupted higher to once again close in the $6-plus pricestratosphere. After trading within a wide, half-dollar tradingrange, the December contract finished the week strongly, up 30.2cents at $6.10.

November 20, 2000