June natural gas futures assaulted the psychological $8 resistance level to no avail for a second consecutive session Friday as market bulls were looking to finally put the $7 to $8 range that futures have recently been stuck in firmly in the rear-view mirror. After recording an $8.100 high on the day, the prompt month retreated lower to record a $7.850 low before settling at $7.938, down almost a penny from Thursday’s close and 10.7 cents higher than the previous week’s finish.
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Futures Climb 14.1 Cents in Corrective Action as Midwest, East Freeze
While a number of major midwestern and eastern gas consuming regions were being assaulted by a wintery mix Tuesday, natural gas futures traders pushed March futures 14.1 cents higher to $7.367. Trading was confined to a slim 19-cent range.
February 14, 2007
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