The June Nymex futures contract kicked up 2.0 cents to $2.169 onWednesday, amid a relatively light trading session and an extremelylimited three-cent trading range. Estimated volume came in at amere 43,390 contracts. “Trading was extremely orderly today,” abroker reported. “There was no real panic. Most of the volume wasEFPs and spreads today, with very little outright trading.” Hethinks part of the reason why speculative activity was limited isthat a satellite which transmits Nymex data to several vendors wasapparently down yesterday, and that prevented traders from gettingnecessary real-time price information.

Activity seemed to pick up in Access trading last night,however, following the release of the latest AGA storage report.The estimated injection figure came in at 92 Bcf, which the brokersaid was slightly higher than the expected 75-90 Bcf range. It wasdefinitely higher than last year’s figure of 62 Bcf, and just likethe last several weeks, traders reacted to the increase in theyear-on-year storage surplus by pushing the spot contract lower.June was down to $2.135 last night.

If June is to erode significantly further, it must first takeout major support at $2.11, a feat an analyst does not believe istoo probable, considering “the large amount of buy orders that arecurrently in just above that price.” But if June does crack belowthat support price, a technician places secondary support at $2.08,followed by $2.05.

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