Prices for the last day of February were mostly softer Friday,but quotes for the Southwest basins, Rockies and intra-Albertareflected flatness. And Canadian exports into Northwest at Sumas,which had been languishing in the low to mid $1.10s at the start ofthe week, climbed to the $1.30 area. The big exception to Westernfirmness was a fall of about a dime at the Southern Californiaborder in wide-ranging numbers.
Otherwise, except for flat to slightly higher Northeastcitygates, prices tended to fall 2-6 cents.
Many traders were glad to close out bidweek and look to theaftermarket. In deals done Friday for March 1 and 2, Easternmarkets tended to be mostly flat from March indexes with individualpoints registering a bit higher or lower. Again, the West wasshowing more strength than the East as most Western points werebeing reported near the top of their bidweek ranges.
A Midcontinent marketer commented, “This market still seems tobe stuck in a range. We have chosen the safe route by going intothe month flat. Cash has been following the screen for most ofFebruary, and the last thing we want to do is to take a cashposition and expose ourselves to a detrimental Nymex-driven move.Only if you put a gun to my head and made me choose would I saythat this thing is headed down.”
For a change the weather should provide a bit of fundamentalprice support in the aftermarket. The National Weather Service’soutlook for March 5-9 called for below-normal temperatures innearly all of the U.S. Only the East Coast and the West Coast northof the Los Angeles area will see normal conditions, NWS said. Andit projected much-below-normal temperatures in New Mexico, thenorthwest half of Texas and much of the Midcontinent.
©Copyright 1998 Intelligence Press Inc. All rights reserved. Thepreceding news report may not be republished or redistributed, inwhole or in part, in any form, without prior written consent ofIntelligence Press, Inc.
© 2020 Natural Gas Intelligence. All rights reserved.
ISSN © 1532-1231 | ISSN © 2577-9877 |