Stems

Amid easing tensions in the Middle East and a price pullback inthe nearby crude oil trading pit, natural gas futures were softerFriday, as traders elected to take profits following last week’salmost 80-cent rally. The November contract finished at $5.537,down 9.3 cents on the day, and 24.3 cents off Thursday’s pricepeak.

Following on the heels of Wednesday’s 15.8-cent rally, naturalgas futures checked higher to notch another all-time prompt monthhigh, only to turn around and crumble during the last 10 minutesyesterday, as traders took profits at the closing bell. Thesell-off was most pronounced in the October contract, which etcheda daily low at $4.74 moments before settling at $4.782, down 1.9cents for the session. Estimated volume was extremely weak, withjust under 50,000 contracts changing hands.

Boosted by a more than a nickel increase in during the overnightAccess trading session, followed by a second straight day of higherearly morning over-the-counter dealings, natural gas futures werequick out of the chute Tuesday as traders set their sights onceagain on the key $4.00 level. But just like Monday, yesterday’searly buying quickly turned into profit-taking when it becameapparent $4.00 was beyond bulls’ reach. The June contract finished6.7 cents stronger at $3.814, after trading within a tight,8.5-cent range.

Bolstered by follow-through buying on the heels of Monday’s14.5-cent rally, natural gas prices pressed higher early yesterdayonly to tumble back to near unchanged. At the closing bell, Junefutures were up a scant 1.3 cents at $3.183.