Maybe it was the urge to converge that had quotes droppingWednesday for both late-February and March bidweek deals. Theincremental softness remained on the mild side as a few pointsmanaged flat showings and most of the others were down by about anickel or less. Once again the bigger declines of 15 cents or morecame at Northeast citygates as they continued to retreat fromMonday’s cold weather-related price spikes.

Day trading activity was predictably light as more people closedout their February positions in order to get on with Marchbusiness.

In several cases March numbers were falling further than thosefor February. A marketer who had done Chicago citygate deals in thelow to mid $1.80s Tuesday said they were down to the mid $1.70sWednesday. Midcontinent field prices were falling from the high$1.60s to the low $1.60s, he added. Another source reportingcitygate purchases at $1.77 for both major Michigan distributorsmarveled at how “really low” gas prices were getting.

The source who bought Northwest-domestic at $1.50 Tuesday butsaid he was told to expect the $1.47 area there Wednesday (seeDaily GPI, Feb. 24), was getting good advice. New Northwest quotesWednesday ranged from $1.45 to either side of $1.50. Sumas wastrading in the low $1.50s, one trader said, while he and a marketeragreed on mid-$1.40s pricing for Questar.

“Lots of water” helps explain the weakening market in the West,a buyer said. Abundant hydropower in the Pacific Northwest iscombining with mild weather in California to seriously lower gasdemand, he said. He expected to buy only swing supplies for March.

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