OGJ Newsletter

10/07/2002
Market MovementNatural gas futures prices hit 15-month highFor the first time in 15 months, the near-month natural gas futures price jumped above $4/Mcf on the New York Mercantile Exchange at the end of September as the second major tropical storm in 2 weeks blew through the Gulf of Mexico.Hurricane Lili, the fourth and so far worst storm of the season, was fast approaching the Louisiana coast on Oct. 3 through the same prolific gas production area of the central gulf that Tropical Storm Isidore had disrupted the previous week.The November natural gas futures contract rallied as high as $4.20/Mcf during the Oct. 2 NYMEX session before settling at $4.16/Mcf. "Traders were short-covering an...
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