The November contract debuted as the prompt month yesterday byposting modest gains during a quiet trading session that saw nofresh news. November opened lower and quickly tested Monday’s $2.27low, but light commercial buying helped drive the market up 4.5cents to settle at 2.347 for the day. Estimated volume was a modest33,428.

The Pegasus Econometric Group of New York points to the outermonths modest declines despite October spiking dramatically loweron Monday as a sign Hurricane Georges was not the sole fundamentalsupport for this market. And, “as long as [storage] refills lagtheir 1997 levels, the down trend in the year-on-year surplus willencourage fundamental traders to continue playing from the longside,” the group wrote in its Sept. 29 Natural Gas Report. Theylook for a storage injection figure in within the 50-70 Bcf rangenoting that the supply disruptions associated with the storm willlargely be reflected in next week’s storage report.

In daily technicals immediate support exists at theaforementioned double-bottom of $2.27. Failed support of $2.34 andTuesday’s $2.35 high offer resistance, a chartist advised.

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