Script

Sticking to the recent script of back-and-forth moves in natural gas futures, the August contract followed up Thursday’s 23.8-cent increase with a drop of 16.7 cents to close Friday’s regular session at $4.687.

Traders followed the script of the last few days in pushing the February natural gas futures contract lower on its Wednesday expiration. The contract broke below the recent range’s $5.354 low to $5.223 before going off the board at $5.274, down 21.1 cents from Tuesday’s finish. The March contract, which now assumes front-month status, dropped 20.6 cents to close at $5.224.

Traders followed the script of the last few days in pushing the February natural gas futures contract lower on its Wednesday expiration. The contract broke below the recent range’s $5.354 low to $5.223 before going off the board at $5.274, down 21.1 cents from Tuesday’s finish. The March contract, which now assumes front-month status, dropped 20.6 cents to close at $5.224.

After the screen had registered a plunge of 42 cents-plus theday before, it failed to surprise cash traders when their numbersalso fell big-time Tuesday. However, prices were trending higher astrading proceeded, largely due to futures that opened lower butrecovered to finish the day nearly a nickel higher.

The weekend cash market followed the script written for it byfalling between between a nickel and just over a dime at nearly allpoints Friday. It was a “typical” low-demand period phenomena,according to one marketer; another, phrasing it slightlydifferently, called it “just the usual weekend blowout.”

So far cash prices are following the script surrounding theFourth of July holiday weekend. As virtually every trader hadexpected, the market fell hard Thursday. “There were just no buyersout there,” complained one marketer. It was a fairly quiet daysince some gas had already been committed for the weekend onWednesday or earlier, and many people were anxious to get it doneand clear out early for the holiday, said another source.