Notching

Trading within a fairly limited range Tuesday, July natural gas futures came out of the holiday weekend a little bit groggy. Despite notching a low of $6.26 in morning trade, the prompt month rebounded to settle at $6.379, less than 1 cent higher than Friday’s settle and just 1.1 cents off of the high on Tuesday.

The limbo pole was moved one peg lower Tuesday as natural gas futures continued to fall, notching its fourth consecutive close lower in regular session trading. December natural gas settled down 12.9 cents at $7.471.

The limbo pole was moved one peg lower Tuesday as natural gas futures continued to fall, notching its fourth consecutive close lower in regular session trading. December natural gas settled down 12.9 cents at $7.471.

Notching a small drop-off from the previous year’s earnings, Oneok Inc. posted full-year 2003 net income of $112.5 million, or $1.22 per share, compared to $166.6 million, or $1.39 per share for 2002. Despite the fall-off in full-year earnings, net income for 4Q2003 jumped to $62.9 million, or 66 cents per diluted share, compared to $37.9 million, or 33 cents per diluted share during 4Q2002.

Notching a small drop-off from the previous year’s earnings, Oneok Inc. on Monday posted full-year 2003 net income of $112.5 million, or $1.22 per share, compared to $166.6 million, or $1.39 per share for 2002. Despite the fall-off in full-year earnings, net income for 4Q2003 jumped to $62.9 million, or 66 cents per diluted share, compared to $37.9 million, or 33 cents per diluted share during 4Q2002.

It was not a very stellar week for Nymex natural gas bulls. After notching a new, three-month high and closing the previous week in fine form, natural gas futures entered last week poised to move higher. As it turns out, however, looks can be deceiving and the July contract was hit with a wave of negative price factors last week.

It was a close call, but the natural gas futures market managed to keep its string of gains alive Wednesday as the June contract edged higher for the sixth straight session. Although Wednesday’s 0.6-cent advance may seem pedestrian next to recent gains of 18 and 33 cents, the session was anything but a bore as prices soared to a new, 11-week high at $6.44 and gyrated within a wide, 31-cent trading range. June closed in the upper half that range at $6.314.

After notching a new 16-month high and cutting a wide 27-cent trading range last Thursday, natural gas futures settled down on Friday as buyers stepped back to survey the situation. Without that buying pressure, the market dropped precipitously at mid-day only to rebound modestly at the closing bell. November closed at $4.239, down 6 cents for the session, but up 9.3 cents for the week.

Notching its first back-to-back price advance since mid-May, natural gas futures shot higher at the opening bell Monday as warmer-than-expected temperatures prompted commercial buyers to pressure the July contract through several layers of resistance. After the initial buying surge, however, the market quieted considerably, leaving prices to shuffle sideways throughout much of the session. July finished at $4.069, up 13.9 cents for the day.