Deflated

Deflated by the news that Hurricane Isabel would miss the Gulf of Mexico, the natural gas futures market sunk to new 10-day lows Monday morning as traders added to their already significant short holdings. However, after an initial flurry, selling failed to punch prices below support at $4.60, and the market shifted into a sideways-to-higher trading channel for the remainder of the session. October futures finished at $4.685, down 8.1 cents for the session, but in the upper half of its $4.62-725 trading band. At 50,461, estimated volume was light.