“It’s been a fun market recently if you like roller-coasters.” AGulf Coast marketer was referring to Thursday pricing that onceagain started significantly lower but later moved higher to settlenear the top end of daily ranges. Softening continued at mostpoints but was very mild compared to the larger drops earlier thisweek. A majority of the declines were about a nickel or less, and afew scattered points even turned in flat performances.

The biggest drops of nearly a dime occurred in San Juan Basinand the Rockies, which surprised one western trader who noted therelative stability of the neighboring Southern California border,Pemian and Waha points.

Cash had essentially nothing in the way of new influences otherthan a futures decline of slightly more than 8 cents. Mildtemperatures continued to permeate the weather picture, and anysupply constraints were minimal. Hurricane Floyd was fading afterhaving made landfall in North Carolina and speeding up the EastCoast, and forecasters were projecting that Hurricane Gert willturn sharply toward the northwest and remain well out in theAtlantic Ocean.

Although many sources expected an unusual increase in priceslast weekend, which ultimately did occur, the opposite is expectedthis weekend. This week’s general lack of demand will beexacerbated by the business slowdown over the weekend, a marketersaid, and the bearish mood of a large AGA storage injection reportcontinues to linger.

In addition, sources expect September’s price pattern of weeklyreversals to be broken next week. It’s going to look pretty uglywith no storms around, a Houston trader said.

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