The cash market was flat to a little higher Wednesday, and onceagain sources had little but the Henry Hub futures contract to citeas an influence. Most points were flat or just barely higher,however, with only a few coming close to matching the futures riseof over a nickel. The screen seems to be about the only thinghappening for cash, a Midcontinent trader said, “but it [screen] isnot running on fundamentals, just technicals.”

A Northeast buyer found it hard to tell what was keeping gasprices up. “It seems like supply is plentiful,” she said. “A bunchof sellers were emerging near the end” of Wednesday’s tradingsession.

An Oklahoma marketer tended to agree. Even with the relativefirmness of prices Wednesday, there didn’t appear to be any “good”buying out there to him except in the Texas market. “This marketseems poised for weakening, but it just isn’t happening yet,” hesaid. Texas demand was fairly strong due to gradually rising airconditioning load, he said. Power generation volumes aren’t nearlyas strong yet in Texas or the rest of the South as they usually arein the summer, “but we’re getting there,” he added.

Though it came too late to affect Wednesday quotes, the AGAstorage report of 71 Bcf in injections was considered mildlybullish by several sources.

Sumas quotes remained strong in the high $1.90s despite aWestcoast declaration of zero tolerance for banking gas on thesystem until further notice (see Transportation Notes), but aCalgary trader said prices are almost certain to be falling theretoday.

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