The initial September aftermarket was both above and belowbidweek levels at various Eastern points Monday but decidedlystronger to the West. One trader found Southern California bordernumbers mostly in the mid $2.10s, nearly a dime above bidweekaverages. The situation was similar for Malin and the PG&Ecitygate, which got a little extra boost from a low-inventoryPG&E OFO (see Transportation Notes). “It’s hot here inCalifornia,” said a source, adding it seemed “like everybody wasout buying today.”

Cash got some upward impetus from the rising futures screen,which in turn was fueled by reports of a low-pressure area in thesouthern Gulf of Mexico. Conditions appeared favorable for it todevelop into a tropical depression by today, according to theNational Weather Service. If it achieves tropical storm status,this one would be named Earl.

There was definitely a short squeeze uptick at Rockies/PacificNorthwest points Monday, according to a marketer who did most ofhis Northwest-domestic deals in the mid to high $1.50s but saw alate one shoot up to $1.64. People were saying, “Give me whateveryou’ve got,” the marketer said.

Though one trader said swing NGPL-Midcontinent prices weretrending upward through the $1.50s all morning, she was unable tofind a buyer “for baseload gas at today’s [Monday’s] values. Thatshows the market senses this uptick is a short-lived affair.

The early aftermarket in the West is acting exactly as it didlast month, one source said. “A bunch of people were talking it up[during bidweek] about how much excess gas was available,” but thenwhen it got to crunch time there didn’t seem to be that much supplyafter all, she said.

In the little bit of last-day bidweek activity that was stillgoing on Monday, an aggregator said Gulf Coast baseload had sunk abit further from Friday levels. But a Calgary source saidintra-Alberta bidweek numbers rebounded into the upper C$1.50safter sinking steadily last week to as low as C$1.53 Friday.

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