Dallas Cowboy fans are not alone. It has been a tough month ofSundays for natural gas bear traders as they have been forced towatch Friday’s downward price momentum gradually lose steam duringSunday evening Access trading, setting the stage for a pricerecovery when the regular open-outcry session re-opens Monday.

The data speaks for itself. October futures have slipped anaverage of 8.8 cents over the past three Fridays, only to rally12.2 cents higher on the following Mondays.

Of course, cool weather invading portions of the Mid-Atlanticand Northeast yesterday didn’t help bears’ plight either as traderswere reminded of the fact that the winter demand season is fastapproaching. However, according to the National Weather Service,change is in the air. In its latest six- to 10-day forecastreleased Monday, the NWS calls for a wide swath of above normaltemperatures to set-up from Maine to Texas, encompassing much ofthe Southeast and Mid-Atlantic. Below-normal temperatures areexpected in the northwestern quadrant of the country with otherareas expected to see normal readings.

Looking ahead, opinions are mixed as to whether the market willbe able to add to Monday’s gains. Several traders were quick todownplay last week’s sell-off, saying that it was just a case ofthe market losing its hurricane premium. While not officially overuntil Nov. 30, the Atlantic Hurricane season has thus far beenlargely a non-event for natural gas production assets in the Gulfof Mexico, and with each passing day, traders gain confidence thatit will remain unchanged. Although powerful, Hurricane Isaaclocated about 1,300 miles east of the Leeward Islands late Mondayafternoon, was still far from any land mass and deemed no threat toanything but shipping.

While admitting that there still exists the chance for thedownward correction to continue, Cynthia Kase of New Mexico-basedKase and Company had never fully given up on the bull-run. “Themajor test point below current market prices and first downsidesupport are $5.03 for October and $5.11 for November. On theupside, resistance is first found at $5.30 [Oct] and $5.38 [Nov].If prices can hold first downside support and turn and close aboveresistance, the correction will most likely have ended and a returnto higher prices should ensue,” she wrote in her KaseFax on Gassent out over the weekend.

October held above support and moved 14.5 cents higher to $5.276Monday, closing just beneath resistance. November, also held thedownside, but managed to break through resistance to close 14.6cents higher at $5.412.

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