Fail

Even with near record prices for oil and gas, theever-optimistic independent exploration outfits in California’straditionally fossil fuel-rich Kern County are having a hard timenailing down financing to continue exploring.

Modest gains were seen in the natural gas pit yesterday after alocal-led sell-off was stymied by scale-down trade buying. Asidefrom cash prices moving a couple pennies higher, the fundamentalpicture remained overwhelmingly bearish, prompting traders to blametechnical factors for Thursday’s strength. The February contracttraded up 2.8 cents to $2.196 and March bounced 3.6 cents to$2.237. Equally as impressive was the 12-month strip, which gained2.6 cents to $2.391