With little in the way of fresh fundamental or technical news,natural gas futures limped mostly sideways yesterday as bargainbuying stemmed an early test of support. That enabled the Februarycontract to trim losses throughout the afternoon, closing 2.3 centslower on the session at $9.263

As is usually the case, traders were mixed as to whetheryesterday’s price action was positive or negative for prices. Bullswere quick to point to February’s ability to bounce off sturdysupport at $8.80 and then set a new contract high at $9.45. Bears,on the other hand, were hopeful yesterday’s price decline will bethe first of many. However, one thing they both can agree on isthat weather forecasts will hold the ultimate key.

According to the latest six- to 10-day forecast releasedThursday by the National Weather Service, much of the U.S. willexperience a gradual warm-up through the first week of January.Only the Northeast, Mid-Atlantic and Southeast are expected to seecontinued below normal readings.

In daily technicals February has support at yesterday’s $8.80low. Resistance resides first at February’s Dec. 20 high of $9.34.Natural gas will close at 1 p.m. (EST) today ahead of the holidayweekend and will not reopen until 7 p.m. (EST) on Monday.

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