Cash prices were dropping for the most part Wednesday as manyhad expected, and there’s no reason not to expect more softeningthrough the rest of the week, several sources said. They had plentyof evidence to back up their prediction: forecasts of moderatingheat in the South by the weekend, a falling futures screen and abearish AGA storage report exceeding 100 Bcf in injections.
Erosion
Articles from Erosion
Early Strength Gives Way to Late Erosion
Cash prices came out of the chute fast Monday morning as coldertemperatures, strong NYMEX prices and a bit of hype tricked mostmarkets into early gains. “A buyer blinked early this morning andsellers took control,” a Tulsa marketer said. The early strengthpushed prices to 5-8 cents above index levels in some cases.However, after the market caught its breath, sellers came out ofthe woodwork to send prices lower and late trades were back nearindex levels. Western prices followed the East’s early lead butresisted the major downturn.
March 3, 1998
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