After a lower open natural gas futures quickly tested thedownside Friday, but the selling dried up, which uncovered someposition squaring into the weekend. With that the January contractwas able to break its string of losses after three days, finishingup 1.8 cents to $1.858. Estimated volume was a light40,799contracts.
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After briefly testing the downside early Friday, January futuresclawed their way higher and briefly broached the $2.00 level in theafternoon. But a late selloff ensued, which chased prices back downto settle at $1.978, a 1.9 cent gain for the day. Estimated volumewas 72,807.
After posting modest gains last Thursday, the futures marketagain succumbed to selling pressure Friday as traders tried to pushthe December contract below support at $2.25. But, $2.265 was asfar as the contract could plumb and the prompt month was left tosettle for the week at $2.275. Sources pointed to bearishfundamentals and weak, last-day prices as reasons for the decline.