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Natural Gas Futures Rally on Technical Rebound as Cash Tumbles

03 December 2001 , 07:01345
The February contract settled gained $0.114 to $2.786 per MMBtu. The technical buying came after the massive sell-off over the prior couple of days. Traders were squaring positions ahead of the first of the month. But with no change in fundamentals, expect prices to be under pressure again today. Much of the trading was by
local and short-term traders willing to trade for small gains. Longer term traders see a volatile, but lower trending market. There was very little in the way of significant orders to buy below the market or sells above. With huge inventories and moderate weather, look for prices to head lower. Prices could crater this week if weather
forecasts don't include very cold weather across the Midwest and Northeast very soon and the AGA reports another injection Wednesday. But as of now, any cold-weather forecasts seen now are neither extended or extreme. Natural gas for weekend delivery violently swerved back and forth Friday as some traders scrambled to find volumes for first-of-the-month delivery. Some marketers were dumping gas early on a low-demand weekend, but utilities with questionable suppliers began bidding and prices jumped higher. Natural gas for weekend delivery across the US and Canada was generally down $0.40 ? $0.60 Friday. Natural gas for weekend delivery at the Henry hub lost
$0.43 to $1.78 per MMBtu.

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