Tuesday, June 24, 2014

The NYMEX July natural gas futures contract settled 11,2 cents lower

The NYMEX July natural gas futures contract fell at $4.446/MMBtu on Tuesday as the market rallied on some bargain hunting after several straight sessions of decline, analysts said.

The contract lost 34.3 cents in value over the previous week.

nymex natural gas future 2013-2014

"I think the selloff yesterday was a little overdone, so we're seeing some bargain hunting [as a result of] heat in the back-end of the forecast" IAF Advisors analyst Kyle Cooper said. "It sounds kind of boring. The market seems to be trapped in a $4.60-$4.80 range."

"We had a solid seven trading days that were down or flat, so we're seeing a little bit of balancing here," said David Thompson, executive vice president at PowerHouse.

Phil Flynn, senior market analyst at Price Futures Group, said the larger market did get some upbeat economic data Tuesday on consumer confidence, and the gas contract increase was likely some "short-covering."

The July contract traded between $4.431/MMBtu and $4.556/MMBtu Tuesday.

The NYMEX settlement is considered preliminary and subject to change until a final settlement price is posted at 7 pm EDT (2300 GMT).

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