Except for isolated upticks in the Northern California market and only mild softness at Pacific Northwest points, prices for last-of-May flow fell by about 15 cents or more Wednesday. A negative screen during the morning provided no support for cash traders, and weather fundamentals are still too mild to create substantial air conditioning load, sources said.
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General Post-Holiday Firmness Is Strongest in West
Essentially ignoring an expiration-day dive by the June futures contract, eastern points (except for moderately weaker Midwest citygates, Appalachian pipes and Trunkline in Louisiana) tended to range from barely lower to as much as about a nickel higher in late-May swing trading Tuesday. Most increases, though, were little above flat.
Most Points Mildly Higher, But Weekend Drops Seen
Except for sizeable drops at non-Malin California points, the rest of the market managed to squeeze a bit more price firmness Thursday out of weather extremes ranging from unseasonably cool temperatures throughout much of the East and record-setting heat in parts of the West. Upticks in the East, Southwest basins and Pacific Northwest were quite mild, only rarely going above a nickel. The Rockies generally were up a dime or more, and Malin soared by well over a dollar.
Bit of Winter in Spring Causes Most Non-CA Points to Rally
Cash prices rebounded virtually everywhere Monday except in California as traders returned from the long Good Friday/Easter weekend. Most gains were between about a dime and 15 cents, with the Rockies seeing mostly smaller ones that ranged from flat to up about a nickel, and points in the Northeast and Appalachia registering larger advances of about 20 cents or more.
Northern CA Prices Soar; Rest of Market Flat to Softer
Except for still-exploding Northern California numbers, the cash market was mostly in standpat mode Thursday. Eastern prices tended to move little if at all, and there was generally moderate softness in the Southwest basins and Rockies.
Futures Close Strongly After AGA-Related Dip
Except for an hour of storage data-induced volatility from 2p.m. (EST) to 3 p.m. (EST), natural gas futures were quietyesterday as traders were reluctant to pressure prices outside therecent trading range. At the closing bell, April prices were 3.5cents stronger at $5.35.
Cold Weather, Lost Production Push Most Prices Higher
Except for falling San Juan Basin and Malin numbers, prices sawfairly substantial rebounds in post-weekend trading Monday. Coldweather prevailing throughout most of the eastern U.S., highlightedby a potentially severe winter storm developing in the Northeast,plus a large loss of offshore production, were primarilyresponsible for the firmness, sources said.
Winter Weather Keeps Rally Going Except in California
A mild rally continued Tuesday for end-of-February swing pricesin most markets outside California, where all three major pricingpoints were united for a change in substantial declines.Non-California points generally ranged from flat to more than adime higher, but most of the upticks were less than a dime.
Most Prices Falling; OFO Pushes N. California Higher
Except for OFO-inspired upticks in Northern California, the restof the cash market was on a downhill track Tuesday following theholiday weekend. Most declines were in the range of 20-30 cents,but tended to be larger in the Northeast and got as high as about70 cents at the Southern California border.
Prices Up Strongly Except in CA, But May Be Peaking
Weather that either was already bringing snow or was expected todo so soon in several regions, accompanied by some initial screensupport, pushed the cash market sharply higher Thursday at nearlyall points. Only the PG&E citygate and Southern Californiaborder registered drops amid overall gains of about 50 cents ormore. Many of the larger increases were clustered in the snowyRockies/Pacific Northwest.