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Stemming a string of expiration-day losses at six, natural gas futures eked out a slim gain Friday as traders covered shorts ahead of the weekend and in anticipation of hot weather forecast for this week. The August contract went off the board without much fanfare, up 3.9 cents for the session and 21.2 cents for the week, but down 11.9 cents since it became the prompt contract back on June 27. Estimated volume was modest for an expiration day, with just 92,001 contracts changing hands.

Amid yet another in a string of bearish storage refills, natural gas futures funneled lower Wednesday as commercial traders elected to take profits following a three-day, 75-cent price spike. Including yesterday’s 18.9-cent decline, the prompt contract has tumbled lower on nine of the last 10 Wednesdays for an average decline of 13.5 cents. July finished at $4.112 yesterday, near the bottom end of its $4.06-30 range on the day.

Sixteen years, a complete reorganization and a string of losses later,Canada’s biggest natural gas transporter has decided to follow a recommendation by the nation’s top economists to stop trying to also be the top marketer.

Amid mild weather forecasts and on the heels of another in astring of relatively small storage withdrawals, natural gas futuresprices tumbled lower yesterday as traders continued to liquidatelong positions. The selling was seen in two distinct surges —first on the open as traders increased their activity as pricesdipped to new 3-month lows and then again shortly after the releaseof fresh storage news, when the prompt March contract free-fell 15cents lower from 2:00 to 2:05 p.m. (EST). The March contract closedat $5.146, down 13.2 cents for the session.

Despite forecasts calling for temperatures to return to normal,natural gas futures continued lower yesterday as traders pressuredprices to new one-month lows. The February contract was the hardesthit, tumbling 36.9 cents to close at $8.103, a hair beneath theJan. 3 low of $8.14. For the second session in a row, the outmonths remained relatively strong as the 12-month strip only sagged14.3 cents to close at $6.339.

As California kept its string of Stage One and Two power alertsgoing through most of last week, the plot in its now six-month-olddrama thickened with an endless array of actors and subplots.Without a break for intermission, the spotlight shifted to federalofficials in Washington, DC, late in the week for the second act ofsteps that might bring some order to the chaotic western wholesaleelectricity market covering about a dozen states.

As California kept its string of Stage One and Two power alertsgoing Thursday, the plot in its now six-month-old drama thickenedwith an endless array of actors and subplots. Without a break forintermission, the spotlight shifts to FERC today and what itsaction might bring in settling the chaotic western wholesaleelectricity market.

The recent string of record warm winters may come to a closethis winter, as normal (cold) weather is likely to return,according to predictions from top weather experts at the NationalOceanic and Atmospheric Administration (NOAA) and Salomon SmithBarney.

The recent string of record warm winters may come to a closethis winter, as normal (cold) weather is likely to return,according to predictions from top weather experts at the NationalOceanic and Atmospheric Administration (NOAA) and Salomon SmithBarney.