Another dull day in the gas market. That’s how sources tended toview trading yet again Wednesday as flat prices prevailed, withtiny gains tending to outweigh a few tiny declines. Unlike Tuesday,when traders could point to the screen’s uptick as a motivator forcash firmness, Wednesday’s fall of about a nickel in the Henry Hubfutures contract appeared to have no impact on the cash market. Acontinuing lack of significant weather demand left sources graspingfor ways to explain the relative strength of cash prices.

AGA’s afternoon report of 78 Bcf in storage withdrawals lastweek came in below most expectations and thus appeared to bebearish. But unlike last week, futures failed to do much inresponse after the report came out, a Houston-based trader said. Itlooked like another case of a weak storage drawdown already beingfactored into the market, he added.

Western markets were “flat to flatter,” according to a marketer.However, he and another trader noted that while Northwest domesticnumbers stayed in the low $1.60s, Sumas prices started in the sameneightborhood but were dropping into the high $1.50s in lateactivity.

A marketer was able to come up with a new description of howmany view recent gas trading; this is a “gag me with a spoon” typeof market, he said, recalling Valley Girl lingo from a couple ofdecades ago. Another trader said in order to stir up the currentmarket malaise, he is starting this rumor: fear of the Year 2000computer problem will cause all nuclear facilities to shut down atthe end of this year. “Now that ought to give a big boost to gasload,” he said.

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