Although several points clung to flat showings, prices weakened further Thursday as a large number of locations fell, compared to a day earlier when about half the market saw a mild degree of firmness.
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Cold’s Continuance Fails to Support Most Prices
The cash market clung to flat to slightly higher numbers at a few points Tuesday, but the predominant direction of price movement was downward. Although the weather picture continued to look fairly wintry through Wednesday and beyond for the Northeast, Midwest, Plains and to a lesser degree the upper West, storage use appeared to be offsetting demand for new production to a large degree.
Late Sell-Off Leaves Bulls with Slim Gain
Ending a two-week, $1.17 price slide, natural gas bulls clung to early gains Thursday despite a considerable push lower late in the session. With that the October contract concluded its first day as prompt contract with an unremarkable 0.2-cent gain to finish at $2.395.