Natural gas futures found their footing on Friday, ending a four-day losing streak that was fueled by a litany of bearish fundamentals. The June Nymex gas futures contract gained 3.6 cents day/day and settled at $2.137/MMBtu. July rose 2.4 cents to $2.321.

At A Glance:

  • Technical resistance enters mix
  • Supply/demand favors bears
  • Stout storage surplus persists

Even with Friday’s bump, the prompt-month contract closed trading on Friday down 11% from the prior week’s finish.

NGI’s Spot Gas National Avg. shed 9.5 cents to $1.620 on Friday for weekend through Monday delivery.

Analysts had anticipated an eventual break in the downward pressure, citing technical resistance. ICAP Technical Analysis pegged a low threshold around the $2 level that could trigger bargain buying....