Tuesday, November 5, 2013

Whisky, Tango, Foxtrot: "Natural-gas futures market sees huge 20,000 contract sell order: Nanex"

If my abacus is working that is over $690 million worth of gas at the $3.466 settle, hence the WTF.
From MarketWatch:
A “monster” 20,000 contract sell order was placed on natural-gas futures Tuesday, according to Nanex Research.

The sell order appeared, then slowly faded away over a period of 4 minutes, Nanex said, noting that it’s rare to see orders over 100 contracts.

“Someone dumped a big position,” said Phil Flynn, senior market analyst at Price Futures Group. “I think someone or a fund had to liquidate. We noticed that there was a big order.”

Nanex said “it was not one order, but was made up of many smaller sell orders. Some of these executed.”
The trade came a day after natural-gas futures prices closed at their lowest level since Aug. 20. At last check, December natural gas  NGZ13 +0.46% was little changed at $3.448 per million British thermal units.