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Daily Market Commentary TRADERS . . . TRADERS . . . TRADERS . . . December 3 is fast approaching. After that the Daily Briefs will be bundled with an annual subscription to GasTrader Newsletter. SIGN UP NOW for Gastrader Newslet and receive a $100 DISCOUNT off the $595 annual subscription. As a subscriber to GasTrader Newsletter not only will you have the short term perspective of the day's trading from the floor of the New York Mercantile Exchange, but the longer term viewpoint complete with no nonsense trading recommendations will be covered in the weekly GasTrader Newsletter. Check out the website for a SAMPLE NEWSLETTER, sign up for a FREE 5 WEEK TRIAL SUBSCRIPTION at GasTrader.net or mention this e-mail at the time you subscribe from the website to receive the $100 DISCOUNT . . . . . .
November 26, 2001 STILL LOWER . . . Natural gas futures ground lower in uninspired trading Monday on the New York Mercantile Exchange. Prices opened sharply lower as traders digested the latest NWS weather report showing moderate temperatures over most of the US. A lack of trade participation gave locals and short term traders some flexibility to push prices off session lows. A lower open is expected tomorrow. . . At the end of the day the December futures dropped $.117 to $2.696 per MMBtu, and the January lost $.056 to $2.935 per MMBtu. . . "We came in lower on the weak NWS 6 to 10 day forecast which shows everywhere but the Great Plains above normal," noted Jim Duffy, trader with GasLink, New York. . . . "The locals realized that volume was thin so they pushed prices higher and managed to trigger a small number of stop loss orders. They weren't fund stops or anything like that." . . "What was surprising was that there were not trade and commercial offers up top willing to offer the market lower," he said. . . "It's my read that the funds and managed accounts are still short as well as the trade. It's hard to figure out who is long this market." . . "We got more phone calls today asking who was buying than anything else," he said. . . Other traders see prices working lower as well. . . "I don't believe we've seen the bottom to this market," says Harvey Budkofsky, broker analyst with Salomon Smith Barney. . . "There may be some more short covering, for marketers are trying to hold the market up the best they can. Technical resistance is the $2.87 area for the December and $3.02 to $3.03 for the January," he said. . . "I believe for a physical market long who hasn't hedged that those would be good levels to sell up against," he suggested. For the most complete information available subscribe to GasTrader at http://gastrader.net Bill Burson 120 Summit Blvd. Englewood, Colorado 80110 Tel (303) 761-7470 * Fax (303) 761-8662 (To be removed from this list send email to burson@gastrader.net)
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