Lacking

Lacking strong leadership for the fourth day in a row thenatural gas futures market continued to limp lazily sidewaysFriday. But unlike the modest gains that were posted Tuesday,Wednesday and Thursday, prices drifted lower to close out the week,possibly setting the market up for more losses today. The Julycontract finished 3.7-cents lower at $2.258.

Lacking any influence from weather or a flat screen, cash pricesranged from flat to down about a nickel Wednesday. Nearly alldeclines were by smaller amounts than the increases that hadpreceded them Tuesday. In one marketer’s view, “Apparently priceswent back down to compensate for Tuesday’s unsupported rise.There’s no weather and no [pipeline capacity] restrictions.”

Lacking much else in motivational factors beyond Tuesday’sfutures dive, cash prices softened Wednesday as expected.Across-the-board decreases ranged from barely a penny to as much asa dime. A Midcontinent marketer was surprised the drops weren’t anygreater than 2-5 cents in her region.

Lacking any impetus from fundamentals or a sedate futuresscreen, the vast majority of points settled down for a level ridein a quiet market Wednesday. The few increases of any size occurredin the Rockies and California and were attributed to supplyconstraints and continuing heavy air conditioning load.