Flat

After twice failing to bust through stubborn resistance at$4.48, natural gas futures gave back early session advancesyesterday to finish just about unchanged on the day. A slim loss inthe September contract was more than offset by modest advances inthe out months. While September finished 0.7 cents lower at $4.406,the 12-month strip was up 2.6 cents at $4.099.

Most of the East was flat to slightly higher Tuesday, although afew points registered gains of more than a nickel. But westernprices softened by as much as a dime despite a continuation ofpower shortages in California.

After opening 3 cents above Thursday’s high trade, the newprompt month September moved higher in early trade Friday astechnical buying buoyed the contract near the confluence oftrendline and psychological resistance at $4.00. However, afterfailing to push through that level, traders were content to takeprofits ahead of the weekend. The July contract finished with justa 0.2-cent gain for the session at $3.845.

Weekend cash prices hit a plateau Friday in theMidcontinent/Midwest, Gulf Coast and Appalachia, but softened inthe Northeast and at most western points.

Nearly all markets ranged from flat to just over a dime higherin post-weekend trading Monday, with most increases on either sideof a nickel. The stronger rises tended to occur mainly at westernpoints, while most of the very mild softness was at Northeastcitygates.

Prices for the last day of February were generally on theupswing Monday, ranging from flat in California to more than a dimehigher at a few Northeast points.

In a break from the usual price downturns associated withend-of-the-week gas trading, many markets points posted no gain orsmall increases Friday. Northeast points were the notable exceptionas expected wintery weather for the weekend caused significantprice jumps.

Most of the cash market ranged from flat to a little over anickel higher Monday, but that mild showing of firmness isn’texpected to survive into today.

While most of the market relaxed Wednesday with flat to slightlyhigher price performance, the Northeast was battening down thehatches in preparation for a rare visitor of late: honest togoodness winter weather like they used to have in the old days. Asa result, delivered prices in the Northeast shot higher bydouble-digit amounts, led by a spike of more than half a dollar toaround $3.20 for Transco Zone 6-NYC.