June bidweek activity heightened considerably Thursday astraders sprinted toward the finish line, either trying to wind upeverything Thursday or leave only a few tail-end deals to completetoday. A marketer who made six Chicago citygate deals in a verytight range on either side of $2.30 said June prices were justbarely higher despite a gain of more than a nickel in the JulyHenry Hub futures contract. He thought the lack of volatility wasdue to many people leaving early for a long weekend. If moretraders were still around and working there would be more input andbreadth to the ranges.
Bidweek
Articles from Bidweek
Prices Sliding in Both February, March Markets
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.
Dynegy-El Paso Deal Breaks Even So far This Year
With San Juan Basin-Southern California border (bidweek) basisaveraging double what it was last year through November-36cents/MMBtu compared with 18 cents-and rising, Dynegy’s $70 milliondeal for 1.3 Bcf/d of El Paso Natural Gas’ firm pipeline capacityis looking better all the time for the company, Dynegy PresidentStephen Bergstrom said in an interview with NGI.
Dynegy-El Paso Deal Break Even So far This Year
With San Juan Basin-Southern California border (bidweek) basisaveraging double what it was last year through November, 36cents/MMBtu compared with 18 cents, and rising, Dynegy’s $70million deal for 1.3 Bcf/d of El Paso Natural Gas’ firm pipelinecapacity is looking better all the time for the company, DynegyPresident Stephen Bergstrom said in an interview with NGI.
As Cash Traders Wait, Futures Prices Abate
Despite one marketer’s assertion that not too much is happeningin the May bidweek market yet, activity was far from lacking at theNew York Mercantile Exchange Monday. The spot May contract lostanother 7.6 cents to $2.266 yesterday, as traders continue to getout of their May positions before the contract goes off the boardat 3:10 EDT this afternoon. An estimated 93,800 total contractschanged hands.
Spot Prices Falter; Trade Down to Bidweek Levels
March prices, which had roared off to a strong start on Monday,filtered lower Tuesday leaving traders wondering if March wouldfollow the weather adage and trade out like a lamb. Cash priceswere slipping anywhere from a couple cents to nearly a dime Tuesdayin most markets. In doing so, many spot points achieved in Marchwhat they were unable to do the entire month of February: tradebelow index. Rockies gas, however, remained in high demand, immuneto the overall losses.
Bidweek Seems Like No Big Deal For Futures Traders
The March Nymex contract turned in another heavily tradedsession on Tuesday, but once again, volatility was virtuallynon-existent. Although the spot month managed a 3.7 cent gain to$2.216, the contract was held to a relatively tight 5.5 centtrading band. Not even the expiration of options yesterday couldpersuade traders to push March out of its recent rigid tradinglimits.