Sources attributed moderate gains in most of the cash market Thursday to storage buying, carryover effect from the screen’s previous-day increase of a little more than a dime and — yes, a little bit of weather, both hot and cold.
Carryover
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Cash Prices Drop as Predicted by Traders
As expected, prices fell Thursday by a nickel to a dime at mostpoints. There was carryover momentum from Wednesday’s late cashsoftness that was pushed along by a drop on the futures screen, amarketer said. A lack of buyers also contributed to the marketweakness, he added. However, he saw Midcontinent prices onPanhandle Eastern, NGPL and ANR rebound to $2.08 after sliding aslow as $2.04 earlier in the day. That and the screen’s afternoonupticks have the marketer looking for upside potential in today’scash trading.
May 15, 1998
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