Last week gas buyers were pooh-poohing the “hurricane hype” theyhad been hearing earlier about Tropical Storm Charley. Well, sorry,Charley, you may have been a small fish when it came to impactinggas production, but Earl is the real thing.
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Buyers appeared to be winning most of the price standoffs inlate bidweek business Thursday. Michigan citygates were down to thelow $1.90s after deals had been done earlier in the mid $1.90s, amarketer said. Another felt it odd to see Michigan trading at aslightly negative basis for a change after hitting plus 24-25 insome cases last winter. But several traders agreed there’s nomystery to the basis weakness; “it’s all that storage” in thestate, one commented. We’ll continue to see Michigan beingdiscounted relative to Chicago deliveries for quite a while, againfor the storage reason, he said.