Natural-gas prices inched lower Friday with oversupply concerns outweighing weather updates that showed a chance of lingering demand for heating. The front-month April contract settled down 0.7 cent, or 0.3%, at $2.727 a million British thermal units on the New York Mercantile Exchange. A late rally failed to give the market a gain for the day, and gas finished with a 3.9% loss for the week. WeatherBELL Analytics LLC in New York had a noon weather update predicting “a major cold shot” for the Plains starting in a week. Prices rallied from a late-morning low spot of $2.685/mmBtu. The fact it didn’t rally more shows how bearish the market is, said Jim Ritterbusch, president of energy-advisory firm Ritterbusch & Associates. “Our market stance remains unequivocally bearish as we still see strong likelihood of a price drop to the $2.50 area,” he said in a note. It […]