NYMEX January gas sees second day of gains after Friday drop

摘要

The NYMEX front-month contract saw an 11-cent gain after dropping more than 20 cents Friday, with this week carving back half of Friday's losses. The January contract rose 11.2 cents to settle at $2.441/MMBtu Tuesday, trading in a range of $2.34/MMBtu and $2.51/MMBtu. "We've had two little days up since Friday, but have only carved back half of Friday's losses," said David Thompson, executive vice president at PowerHouse Brokerage. "We reached a relatively extended period of selling pressure, especially with Friday's action, but it didn't drive us into deeply oversold territory. It's true, sellers had been pounding it, and it might be profit-taking from those speculating on the short side. If it finishes off of the day's high, then maybe the market isn't so strong."