Prices continued to fall in most markets Tuesday, but at aconsiderably slower pace than the previous day’s plunges. Mostdecreases were around 30 cents or less, while California points andStanfield achieved gains from a little less than a dime to about 35cents as more seasonable weather returned to the West Coast.

A mild show of firmness by the screen had essentially no impacton cash as weather fundamentals remained weak in most areas. “Iguess that old groundhog didn’t know what he was talking about lastFriday,” said one trader. He and several others continued to remarkon how “very quiet” the aftermarket has been in general so farduring February.

Not even a nor’easter-type winter storm was able to turn aroundthis week’s price slide in the Northeast, a marketer noted. It wasbringing snow to the region but conditions weren’t severe enoughnor expected to last long enough to generate any significant pickupin gas demand, he added.

Southern California Gas managed to inject “a little bit” intostorage over the weekend, one source reported, but he expectedwithdrawals to be resuming as cooler temperatures moved into theLDC’s service area. The most recent volume of SoCal storageinventory that he was aware of was 28 Bcf as of Monday morning.Although he and other western traders still expect SoCal to begin90% daily balancing requirements sometime during February, thestorage level that would trigger such an event becomes “a movingtarget the farther we get into the month,” the source said. Heexplained that for each day after Feb. 1 in which the normal 25 Bcftrigger is not reached, SoCal subtracts a small amount from thelevel that causes 90% balancing to be initiated.

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