Expired

Continuing the downhill slide from where the now-expired July contract left off on Monday, the August natural gas futures contract sloughed off another 8.3 cents on Tuesday to close at $6.118.

Despite the nine natural gas suppliers who bellied up to PacificGas & Electric’s bar last week after the federal emergencyorder expired, the utility still faces “the possibility of a severegas supply crisis.”

With little fanfare from the lame-duck Clinton administration, FERC Chairman James J. Hoecker received a recess appointment last Monday from the White House that effectively would extend his term on the Commission until the Senate adjourns next year. It also re-designated him as chairman.

The October contract began its reign as the prompt month byfollowing in the footsteps of the freshly expired Septembercontract, and in doing so, added to the declines that have markedthe futures market since the downtrend began on April 8th. Thatleft October down 5.2 cents to $1.664 on Friday, capping a 31.7cent decline for the week.