Without clear fundamental or technical direction, the futuresmarket was left to follow the early lead of cash prices, which wasgenerally softer Friday. Lack of substantial liquidity was also alimiting factor during the abbreviated trading session as manytraders elected to remain on the sidelines. The March contractfinished down 3 cents at $1.807.

Sources agreed there was not much impetus to initiate freshpositions ahead of the holiday weekend, making for another day oflackluster trading activity.

Looking ahead the outlook is still a little murky. One sourcepointed to the considerable consolidation of the trading range thathas taken place over the past month as a firm base on which gainscould build. “Now all we need is the fundamental stimulus to setthe market in motion.” And although the two main fundamentalcatalysts-storage and weather-have not offered the market muchdirection over the past month, some feel that may be about tochange.

Fred Gesser, of Omaha-based Strategic Weather Services touts amajor storm system to bring snow and single-digit temperatures tothe Central U.S. and Great Lakes region starting as early asFriday, Feb. 19. “Not only will that cold air mass representbelow-normal temperatures, but it will also be a dramatic departurefrom above and much above normal temperatures of the past week.”

And the middle of the country will not be alone in thecool-down, Gesser anticipates the system will gradually drift tothe Eastern seaboard after Feb. 20 and produce temperatures in theteens in New York and D.C. However the model, which he adds hasbeen very consistent over the past 3 days, indicates it will be asomewhat short-lived weather pattern which will exit the U.S. onFeb. 24 or 25.

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