Bouncing

Marginalizing the bearish damage done on Thursday, traders — after bouncing off of support just below $11.500 in the overnight session — pushed natural gas futures 22.9 cents higher on Friday to close at $11.703. The week, which saw June futures expire at $11.916 on Wednesday, also saw the July contract close 27.8 cents lower than the previous Friday’s finish.

Continuing its run of sleepy activity, April natural gas gained 6.3 cents Tuesday to close at $6.910 after bouncing within a slim 8-cent range from $6.880 to $6.960. Traders are basically on cruise control as the winter cold gives way to the spring shoulder period, with no one yet really ready to start betting on summer conditions.

After opening significantly lower Wednesday morning at $14.900, January natural gas recorded a low on the day of $14.570 before bouncing higher to find resistance at $15.080. Ultimately, the prompt month ended up settling on the day at $14.679, down 69.9 cents from Tuesday’s close.

After the January contract gapped 26.6 cents higher to open at $11.900 on Tuesday in its debut as the prompt month, the contract felt its way around, bouncing within a range from $11.670 to $12.150 before settling at $11.736, up 10.2 cents for the day.

Bouncing up and down throughout the day in Nymex’s shortened trading session, February natural gas futures finally settled lower on Friday heading into the Martin Luther King Jr. Day holiday weekend. On fairly low volume, the prompt month settled at $6.395, down 5 cents on the day, but up 39.4 cents on the week thanks to Thursday’s significant rally.

Bouncing back a little from last week’s declines, January natural gas futures followed crude higher Monday, hitting a high of $6.94 before settling at $6.923, up 12.7 cents on the session.

Bouncing back a little from last week’s declines, January natural gas futures followed crude higher Monday, hitting a high of $6.94 before settling at $6.923, up 12.7 cents on the session.

After bouncing off the $6.67 area for the second straight session, November natural gas futures ended by settling Friday at $6.709, down 9.4 cents. The remaining four months in the winter strip also closed lower, but by much smaller margins.

After bouncing off the $7.05 level numerous times during morning trading, November natural gas futures gave up on traveling below $7 for the session. Instead, with help from another strong day turned in by crude and heating oil futures, the prompt month went on to settle at $7.163, just 9.2 cents lower than Thursday’s close.