The April Nymex contract got off to a fast start Thursday byopening at $2.32 and quickly moving to $2.34. However, strongtechnical selling kicked in at that point, so much so that Aprilslid back to settle the day down 3.4 cents at $2.284.

One marketer feels if the March bidweek is any indication, Aprilfutures may continue to decline in the near term. “It’s drying upas far as the (March cash) market goes. There is no LDCparticipation right now. A lot of people bought (physical) thisduring the furor this morning, and now they are trying to sell it,but can’t. At least 50 marketing companies will try to unload extragas in the spot market on the (March) 2nd, and that’s not going tobe good for prices,” he said.

On the other hand, the latest 6-10 day National Weather Serviceforecasts calls for much below mean temperatures across the UnitedStates next week, and that should help absorb some of that excessspot gas, another marketer said. For that reason, he doesn’t expectApril futures to meander much next week, unless speculative groupsare able to push April out of its current trading range. For thatto happen, April would have to rise above resistance at $2.35 orbelow support at $2.19, a technician told GPI.

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