Goosed

After being “goosed higher” by the rapid development of Tropical Storm Fay in the Gulf of Mexico Friday morning, natural gas futures were hit with a wave of profit-taking late in the session as traders came to the realization that the storm would produce little more than soaking rains. By virtue of its 7.7-cent loss Friday, October’s $3.265 close was not only below the prior Friday’s settle, but also in the lower half of its $3.100-445 trading range for the week. At 103,385, estimated volume was heavy for the session.