After reaching a 14-month high at $8.820, the March natural gas futures contract on Friday retraced some of Thursday’s gains to finish up the week at $8.660, down 11.2 cents on the day but 35.9 cents higher than the previous week’s close.
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After spiking 7% higher Monday on storm hype, natural gasfutures retraced lower yesterday as traders hedged against thepossibility that the storm will miss the Gulf of Mexico entirely.Before tumbling lower, however, the prompt month was able to carveout a fresh all-time prompt month high at $4.85. The Septembercontract finished on the defensive, down 22.7 cents for the sessionat $4.52.
The futures market retraced advances tallied Monday and thensome yesterday as traders discounted the threat of Hurricane Mitch.Profit taking by all segments of the market was the feature of theday. Only the final bell could stop the price erosion that left theNovember contract down 19 cents to settle at $2.108.