The general market continued its downslide Wednesday, and traders saw very little chance of a near-term rebound, citing further screen softness, a storage injection report that significantly exceeded all prior expectations, and expectations that the out-of-season blasts of winter hitting much of the U.S. this week are about to go away.
Downslide
Articles from Downslide
Price Flatness Seen as Prelude to More Softness
Although the cash market’s downslide looked like it wasflattening out Wednesday in most instances except for California,sources tended to regard it as merely a resting place before moresoftness sets in. A majority of points ranged from moderatelysofter to a few cents higher, with the largest gains being realizedin the chilling Northeast. The Southern California border plungedand the PG&E citygate fell by about 40 cents.
February 22, 2001
Downslide Continues, But Rate of Descent Slows
Prices kept falling Wednesday but at a slower rate than the daybefore. Even Northeast citygates were putting the brakes on theirdescent, averaging barely more than a dime down.
February 24, 2000
Most Cash Markets Shrug Heat, Continue Downslide
Cash was king for most of the month of June; oftentimes tradingat a premium to the Nymex futures contract. But that seems like adistant memory as cash prices shrugged off some of the season’shottest temperatures to slip, for the second day in a row, by up to5 cents almost across the board. While some traders expressedsurprise at the weakness, others said this is a sign the Nymexscreen is regaining control of market direction.
July 15, 1998
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