PM market

Natural gas futures on Friday gave up ground amid profit-taking after skyrocketing over the two prior trading days, when liquefied natural gas (LNG) volumes improved and forecasts called for a cold shot across the East that could jumpstart heating demand.

The October Nymex contract settled at $2.139/MMBtu, down 10.9 cents day/day. The prompt month had advanced more than 40 cents over the two previous days. November shed 9.2 cents to $2.807.

EBW Analytics Group attributed the day/day volatility to “traders closing out positions and taking profits” ahead of the prompt contract’s expiration on Monday.

Spot gas prices floundered, as well, after advancing for three consecutive days. NGI’s Spot Gas National Avg. dropped 24.5 cents to $1.620.

The U.S. Energy...