Several sources said they had no clue whatsoever on how the cash market achieved flat to modestly higher prices in most cases Thursday in the face of weakening fundamental support, especially following what they regarded as a bearish storage report. A large majority of points ranged from flat to 2-3 cents higher, with most Northeast citygates seeing the day’s only declines of about a nickel.
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Screen Points to Lower Price Path for Cash
With a blatant clue like the screen’s Monday drop of just over15 cents, which no cash point came close to matching that day, nogas traders had to switch occupations to rocket scientist topredict swing prices would be softening further Tuesday. Except foressential flatness in the Rockies and at Canada’s intra-Alberta andSumas points, most of Tuesday’s declines were within the range of4-9 cents.
November 18, 1998
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