A five-day losing streak has sent September natural gas futures below the $2/MMBtu level for the first time since early August, but bulls might get breathing room after the contract rolls off the board Wednesday.
The prompt-month New York Mercantile Exchange (Nymex) contract settled down 6.6 cents day/day at $1.956 on Monday and shed a few more cents in early trading Tuesday.
Futures expiries have been acting as a bearish undercurrent, according to EBW Analytics Group’s Eli Rubin, senior analyst. He noted that prices have fallen by an average 9.3 cents ahead of the rolloff of the prompt contract over the past seven months.
