The cash market was mostly flat to a little lower Wednesday;most of the mild weakness was concentrated at Northeast and Midwestcitygates and in the Gulf Coast and Midcontinent.
The consensus was that prices would be on the upswing todayfollowing AGA’s report of 2 Bcf in storage injections last week.That fell short of most traders’s expectations of up to 20 Bcf ininjections. The screen wavered a bit before registering a solidlybullish reaction to the storage news, a producer said.
Besides the late screen strength indicating likely cashincreases today, crude oil futures regained well over a dollar andheating oil futures registered a sizeable uptick.
He couldn’t tell why the Southwest basins were a bit strongerwhile the Southern California border was flat, but a marketer saidthat served to narrow the spread a bit from its approximately 30cents previously.
A large aggregator reported getting mixed forecasts forNortheast weather, but said the most likely tendency would bewarmer temperatures there this weekend.
The market has been relatively quiet so far this week due tomany traders attending the GasMart/Power 2000 conference and tradefair in Denver and to many multi-day deals having been done eitherlast Friday or Monday, a Midcontinent marketer said. But activityshould be picking up again today now that the event has ended, headded.
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