text: NYMEX natgas ends sharply lower on weather outlook . NEW YORK 1996-12-06 NYMEX Henry Hub natgas futures settled significantly lower Friday , pressured early by profit taking and driven even lower late by the National Weather Service 's bearish six to 10 day forecast , sources said . January ended 29.7 cents lower at $ 3.487 per million British 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 Weather Service is calling for above-normal temperatures in more than half of the U.S. , " one futures trader said . In its forecast , the NWS 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 Coast prices were around $ 3.60 shortly before nomination deadlines . Midcontinent prices were similarly lower in the $ 3.40s. New York city gate gas slipped into the $ 4.40s , down almost 15 cents . NYMEX said an estimated 35,662 Hub contracts traded , down from Thursday 's revised tally of 43,955 . NYMEX Alberta natgas remained untraded , with January settling at $ 1.65 , off 10 cents from Thursday . Physical prices for the weekend at the AECO 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 Canada . NYMEX Permian natgas , also untraded , ended 10 cents lower at $ 2.90 . In congruence with futures , Permian cash prices for the weekend fell more than 10 cents to the high - $ 3.40s. On the KCBT , 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 ( NYMEX premium ) . Physical prices at Waha for the weekend lost more than 15 cents to the low-to-mid $ 3.50s as milder weather moved into the Southwest . -- H McCulloch , New York Power Desk +212-859-1628