The western heat and Midwest/Northwest cold that had combined with energy futures strength to push prices higher earlier in the week were unable to sustain further increases Wednesday. Moderating weather trends and an initially softer screen caused swing quotes to range from flat to a little more than 15 cents lower; most dips were mild at less than a dime.

Delivered prices in the Northeast and Waha/Permian Basin numbers tended to take most of the larger hits of about a dime or more.

The May natural gas futures contract at first appeared destined to expire Wednesday on a down note, but climbed up out of the red in the afternoon to post a 6.1-cent gain. Unleaded gasoline futures also rose, but crude oil and heating oil softened a bit. Crude settled down 7 cents to $37.46/bbl on profit-taking after briefly peaking above $38.

It was starting to warm up again, so Tuesday apparently was the chilliest day this week, said a Northeast utility buyer. His company was backing off on some of its purchase volumes as a result, including gas targeted for storage, and “sold some market area stuff.” Otherwise the market was quiet, he said.

Prices fell in the Midcontinent/Midwest despite a cold front that was expected to stretch from northwest Michigan to northwest Missouri by late Wednesday, according to The Weather Channel. Meanwhile, Waha/Permian quotes suffered from continued lack of utility demand in Texas and the diminution of load in the California market as unseasonably high temperatures there began to wane.

An East Coast utility buyer said May basis got a little stronger as the screen turned from negative to positive, but added that the changes were fairly minor.

A Midcontinent/Southwest marketer said fixed-price bidweek numbers also went up a few cents based on Nymex firmness and people catching up from short supply positions. She quoted Wednesday deals for Waha and Panhandle Eastern at nearly identical levels in the high $5.40s, and for border-SoCalGas in the mid $5.50s.

It’s been a tough bidweek so far, the marketer continued. “We’re not seeing a lot of good transport spreads,” which is what her company specializes in. The field prices are just too strong in comparison with delivered numbers, she said. In addition, it was more difficult than usual getting suppliers to come forth with firm quotes, she said, suggesting that May is primarily a sellers’ market.

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