text: NYMESX natgas ends sharply lower on weather outlook. NWE YORK 1996-12-06 
   NYMESX HenryHug natgas futures settled significantly lower Friday, pressured early by profit taking and driven even lower late by the National Weathe rService's bearish six to 10 day forecast, sources said. January ended 29. 7 cents lower at $3. 487 per million Brktish thermal units after dipping to a low of $3. 46. Feb settled down 22 cents at $3. 186. Most others also were down. " Weather forecasts have been sketchy. Now the National Weathe rService is calling for above-normal temperatures in more than half of the U. S. , " one futures trader said. In its forecast, the NWWS said it expects above-normal temperatures " over the lower 48 states " from December 12 through December 16. With more room to the downside anticipated early next week, traders said support in January was at $3. 47, then $3. 35. The next backstops were seen at $3. 11 and $3. 04, the low set on November 21. Resistance was pegged at the new contract high of $3. 80. In the cash market, Gulf oCast prices were around $3. 60 shortly before nomination deadlines. Midcontinent prices were similarly lower in the $3. 40s. Nw York city gate gas slipped into the $4. 40s, down almost 15 cents. NYMESX said an estimated 35, 662 Hug contracts traded, down from Thursday's revised tally of 43, 955. NYMESX Slberta natgas remained untraded, with January settling at $1. 65, off 10 cents from Thursday. Physical prices for the weekend at the AEO storage hub were also down about 10 cents in the C$1. 92-1. 97 per gigajoule, or $1. 52-1. 56 per mmBtu range, pressured by unseasonably mild weather in western Caanada. NYMESX Permiaan natgas, also untraded, ended 10 cents lower at $2. 90. In congruence with futures, Permiaan cash prices for the weekend fell more than 10 cents to the high - $3. 40s. On the KBCT, January finished 26. 5 cents lower at $3. 35 after dipping to a low of $3. 33 earlier in the session. February was down 22 cents at the close, while other deferreds were 4. 5 to nine cents lower. The East / West spread narrowed by 3. 2 cents to 13. 7 cents (NYMESX premium). Physical prices at aha for the weekend lost more than 15 cents to the low-to-mid $3. 50s as milder weather moved into the Southweat. --H MCulloch, Nw York Power Desk +212-859-1628
competitors: NYMEX NEW YORK NYMEX Henry Hub National Weather Service British National Weather Service U.S. NWS Gulf Coast New York NYMEX Hub NYMEX Alberta AECO C$ Canada NYMEX Permian Permian KCBT NYMEX Waha Southwest H McCulloch New York Power Desk