The futures market shrugged off the latest AGA storage reportand made modest gains Thursday in a session notably devoid of freshnews. The August contract was limited to a narrow 5-cent range,settling up 1.4 cents to $1.948.
The sluggish trading comes on the heels of a sizable AGA storageinjection report Wednesday evening. That report, showing a netinjection of 79 Bcf was 21 Bcf above last year’s refill, butlargely in line with industry expectations. A New York broker wasunimpressed with August’s ability to muster small gains in the faceof the storage report. “Storage has already been factored into thismarket. The deterioration experienced earlier in the week wasevidence of that. By Wednesday afternoon the market had prepareditself for the bearish news. I am actually a bit surprised wedidn’t see more of a bounce today.” In daily technicals, Augustfinds support at $1.925. Resistance is clustered in the $1.98-2.00level.
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