Recording

Spurred by a bearish natural gas storage injection, June natural gas futures on Thursday dropped for a fifth consecutive session, recording a low of $7.650 before closing out the day at $7.681, down 7.6 cents from Wednesday’s close. During the streak of down days, the prompt month — which expires Tuesday — has shed 39.4 cents.

Bringing to a close a week of large moves in both directions, February natural gas futures ended on a high note Friday. After recording a high of $7.190, the contract closed out the week 27 cents higher at $7.175, up 27 cents on the day and 28.9 cents higher than the previous Friday’s close. February options went off the board Friday and February futures will follow suit Monday.

The outlook for continued warm temperatures continued to weigh down natural gas futures on Monday as the January contract plummeted lower, recording a low of $7.040 before settling at $7.075, down 33.4 cents on the day.

After trading lower in the overnight Globex session to just under support at $7.180, December natural gas rebounded during Tuesday’s session, recording a high of $7.600 before settling at $7.534, up 11.8 cents on the day.

After exploring the upside in morning trade and notching a $7.720 high, November natural gas futures collapsed in the afternoon, recording a low of $7.060 before expiring at $7.153, down 34.4 cents on the day and 8.8 cents lower for the week. December natural gas, now the front month contract, closed Friday 24 cents lower at $7.827.

After trading lower than Thursday’s close for the entire morning Friday, August natural gas futures did a complete reversal in the afternoon. After recording a $5.880 low early in the day and a high of $6.150 late in the session, the prompt month ended up at $6.139, up 4.8 cents on the day, but 20.8 cents lower than the previous week’s close.

The cash market had plenty of negative guidance in recording double-digit losses across the board Thursday. The pleasantly seasonable mid-spring conditions that dominate the current weather picture, a lengthy futures slide that continued Thursday, and the usual drop in industrial load that lowers weekend volumes all added to a powerful price depressant.

After hitting its head on a high of $7.630 to begin the week on Monday, May natural gas explored the lower boundaries of its recent range to finish the week Friday. After recording a low of $6.670, the prompt month settled at $6.743, down 22.9 cents on the day and 46.7 cents lower for the week.

EOG Resources Inc. reported fourth quarter and full year 2005 net income double that of 2004, at the same time recording a 16.2% daily production increase. The company’s 4Q income was $461.8 million, or $1.88 per share, compared to $204.1 million, or $0.85 per share in 4Q 2004. For the full year 2005, EOG reported net income available to common shareholders of $1,252.1 million or $5.13 per share as compared to $614.0 million, or $2.58 per share, for the full year 2004