For the most part, a bearish trend in the fading December swingmarket once again held sway Thursday. With the continuing exceptionof rises at some Northeast citygates, most points registered pricedrops between about a dime and 50 cents. California, Sumas andTransco Zone 6 (non-NYC) led the way with triple-digit declines.
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Modest gains were seen in the natural gas pit yesterday after alocal-led sell-off was stymied by scale-down trade buying. Asidefrom cash prices moving a couple pennies higher, the fundamentalpicture remained overwhelmingly bearish, prompting traders to blametechnical factors for Thursday’s strength. The February contracttraded up 2.8 cents to $2.196 and March bounced 3.6 cents to$2.237. Equally as impressive was the 12-month strip, which gained2.6 cents to $2.391