NYMEX NG Test of $3.40s Expected
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DJ. Nymex Natural Gas Futures--2: Test Of $3.40s Expected
HOUSTON, Sep 13, 2002 (ODJ via COMTEX) -- (Dow Jones)--New York Mercantile
Exchange October natural gas futures are expected to open 4 cents to 5 cents
higher Friday, traders say.
Early Friday, Tropical Storm Hanna threatened to bring storm conditions to the
Gulf of Mexico coast from northern Florida to Louisiana by Saturday.
On Friday, traders expect the contract to test the $3.40s per million British
thermal units range, where resistance has been formidable and is expected to
continue to be heavy.
Some personnel are being evacuated off rigs in the area, according to companies.
But there is no indication of any production shut-ins.
At Apache Corp., some essential personnel have been pulled off rigs, and rigs
have been secured, according to a spokesman. The company will decide whether to
pull off more personnel later in the day, he said.
Tropical depressions become tropical storms when winds reach 39 mph, according
to the National Hurricane Center in Miami.
At the benchmark Henry Hub, cash prices for September ranged around
$3.33-$3.34/MMBtu, compared with Thursday's $3.18-$3.24/MMBtu closing range.
Traders expected the physical gas to follow the contract's jump from Thursday.
On the over-the-counter market, the October contract traded around
$3.37-$3.38/MMBtu, compared with Thursday's $3.329/MMBtu settlement.
In overnight ACCESS, the contract traded between $3.332-$3.385/MMBtu, with the
last deal done at $3.366/MMBtu, up 4.2 cents.
Traders see support at $3.30, $3.24, $3.17 and $3.14, with resistance at
$3.40-$3.42, $3.43, $3.47, $3.53, $3.61-$3.63 and $3.68.
-By John Edmiston, Dow Jones Newswires; 713-547-9209; john.edmiston@dowjones.com
