Rebuffed

Trying to capitalize on the momentum of Tuesday’s significant gains, bulls made a run at $8 in natural gas futures Wednesday only to rebuffed. May natural gas recorded a high of $8.010 before settling the day at $7.855, down 1.4 cents from Tuesday’s trading.

For a second consecutive regular session, natural gas futures were bent on testing lower levels in the morning only to be rebuffed in the afternoon. Uncertainty swirling around the potential damage to oil and natural gas infrastructure combined with a stagnant shut-in report helped October natural gas settle 21.6 cents higher Tuesday at $12.656, one day before the contract’s expiration.

After testing higher in the morning, May natural gas futures used Monday afternoon to feel its way lower. However, the prompt month was rebuffed by the $6.87 to $6.89 level for the second time in three days, leading May futures to crawl higher to a $6.95 settle, down 4.7 cents.

An exploratory effort by TransCanada Corp. to potentially site a liquefied natural gas (LNG) facility in another Maine town was rebuffed last week when the town council of Cumberland, ME, abruptly called off a scheduled referendum vote on the project.

An exploratory effort by TransCanada Corp. to potentially site a liquefied natural gas (LNG) facility in another Maine town was rebuffed this week when the town council of Cumberland, ME, abruptly called off a scheduled referendum vote on the project.

After an early attempt to take out prior highs was rebuffedyesterday, natural gas futures trickled down to easily establish anew low for the week at $2.19. Bears were egged on by a number offactors, which include a rapidly deteriorating technical pictureand expected weekend physical demand fall-off, sources agreed. TheJune contract finished at $2.218, down 3.6 cents for the day.