Saturday, 18 May 2013 04:03
Posted by Abdul Ahad
NEW YORK: US natural gas futures ended up sharply on Friday, backed by a late flood of buying ahead of the weekend despite fairly neutral weather forecasts that are not likely to stir up much demand.Gas prices sold off sharply on Thursday, sinking more than 3 percent after a bearish weekly inventory report.Chart traders said technical buying may have propped up prices on Friday, noting futures seem to have found a bottom after testing and holding technical support in the $3.90 per mmBtu area several times over the last week or so."The weather is still a little bearish, but we managed a net gain for the week. It looks like we hit some buy stops when prices broke the $4 mark," said Steve Mosley at The SMC Report.Front-month gas futures on the New York Mercantile Exchange ended up 12.3 cents at $4.055 per million British thermal units after trading between ...