Inclination

Caught between forecasts calling for another blast of cold air and its seasonal inclination to move lower, natural gas futures shuffled sideways Friday as neither bull nor bear could get much of anything going. The market finished mixed, with gains in the front months contrasting with losses in the back of the strip. The new prompt contract March finished at $5.605, up 2.2 cents for the day and 14 cents higher for the week. Weighed down by losses in the winter 2003/04 contracts, the 12-month strip advanced only 1.1 cents to $5.016. At just 66,757, estimated volume was light and reflected the market’s lack of direction.

A quiet market week showed no inclination for change going intothe weekend. Most points ranged from flat to up a dime, but only afew rose more than a nickel or so. Major departures from theoverall market trend were (where else?) in California, where Malinpushed nearly a dollar higher while the border and PG&Ecitygate slipped about 35-40 cents each.