Rallying

Although the screen was successful in a feeble attempt at rallying during regular-session activity, cash prices continued to fall Thursday as traders contemplated the dual market depressants of hefty volumes already socked away into storage less than midway through injection season along with temperatures that, while on the warm side, remain subpar for this time of year.

Traders returned to a fairly quiet market Monday in which prices increased by about a dime or less at most eastern points but by considerably larger amounts in the West. California was heating up rapidly and registered triple-digit recoveries from weekend softness.

Conservation and off-peak power usage have become the rallyingcries from government and utility officials in the western statesfacing power shortages, as they seek to avert a California-typecrisis.

After rallying to new highs earlier last week, futures cameunder some selling pressure on Friday and prices slipped 0.9 cents,ending the week at $3.079. The high for the day was $3.100, a halfa cent less than the day prior and the low was $3.050 a half a centhigher than Thursday’s low. Despite the somewhat negative news, theMay contract failed to provide observers with a significant signalto start the new week.

Overall prices for the weekend softened in Friday’s trading, butsome sizeable rebounds were occurring towards mid-morning as cashfollowed the screen back up after having previously followed itlower, several traders said.

After rallying more than 15 cent from last weeks lows, naturalgas futures took a breather Wednesday, trading sideways within atight 4.5-cent range. The June contract settled unchanged for theday at $2.359.