Still a little hung over from Wednesday’s 24-cent bull-party,natural gas traders elected to cool their heels yesterday, leavingthe market to quietly check to either side of unchanged. The Junecontract finished at $3.71, up 2.1 cents on the day.

“Today was a wait-and-see day, commented a western cash markettrader. “Everyone was ready to act quickly if the market began tomove again, but nobody wanted to initiate it,” he said.

Several traders surveyed by NGI were unimpressed by the cashmarket on “the day after,” saying the futures market did notreceive the response expected. Cash prices started the morningstrongly, but then traded lower throughout the session.

Looking ahead, many traders are a little ambivalent over themarket’s 35-cent gains this week. On one side, the market couldeasily test prior highs at $3.85 or psychological resistance at$4.00. However, traders are quick to admit this market could dropjust as fast if not faster than it advanced.

In daily technicals, June has support at failed resistance at$3.475 and $3.51. Alternatively, traders see additional selling atthe aforementioned $3.85 and $4.00 levels.

©Copyright 2000 Intelligence Press Inc. All rights reserved. Thepreceding news report may not be republished or redistributed, inwhole or in part, in any form, without prior written consent ofIntelligence Press, Inc.