This week’s price slide almost, but not quite, came to a haltWednesday. Some points were flat and a few managed small upticks,but those were outweighed by small declines that only rarelysurpassed a nickel.
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Prices Plunge Except in Hot California, San Juan Basin
Most points experienced double-digit price declines Monday,depressed by lower energy futures and continuing mild weather inthe key Midwest and Northeast market areas.
Western Prices Dive, But East Softness Mostly Mild
Prices continued to soften Friday but except for some steepdrops in the West, the weekend declines were considerably smallerthan many traders had been expecting.
Market Rises, But Late Softness Hints at More Today
Except for flat to softer numbers for California, intra-Albertaand some Rockies points, prices advanced between about a nickel and15 cents Tuesday. But traders who attributed Tuesday’s increases toMonday’s screen rise, were assessing a similar carryover fromdeclining futures Tuesday, which they credited with bringing onlate Tuesday retreats in many markets and predictions of moderatesoftness in today’s cash trading.
Prices Flat to Mildly Higher Except for West Softness
Friday trading completed a pattern of last week’s cash market,substantially mimicking the price movement during the precedingweek: strong at first, leveling off and then softening aroundmidweek, and capped off by a mild rebound for most weekend numbers.
Pattern Continues: Screen, West’s Power Load Lift Prices
Except for smaller price increases, cash trading Tuesday wasalmost a repeat of Monday’s. Small upticks of about a nickel orless dominated in the East and were mostly associated with thescreen’s late run-up Monday, sources said. Slightly larger gains atmost western points got extra support from cooling load that wasconcentrated in the hot east-of-California markets of the desertSouthwest.
Weekend Prices Advance Except in OFO-Shy West
Cash traders in markets outside the West, taking encouragementfrom patches of cold weather (both existing and predicted) and ascreen that briefly tested the waters above $3 Friday morning,pushed weekend prices higher by about a nickel in the Gulf Coastand Midcontinent/Midwest to more than a dime in the Northeast.
Producers, Utilities Protest Trunkline Spin-down
Major producers and utilities registered strong protests toTrunkline Gas Co.’s proposal to spin down a 720-mile portion of its26-inch diameter mainline, saying that while this action may be inthe pipeline’s best interest it’s not “in the public interest.”
Cash Increases Continue But Are Slowing Down
The cash market kept rising in most cases Tuesday, but exceptfor some Northeast citygates with gains of about a nickel or more,quotes generally ranged from flat to only 2-3 cents higher.
Leap Year Day Sees Rising Prices Except in California
Prices for the last day of February were generally on theupswing Monday, ranging from flat in California to more than a dimehigher at a few Northeast points.