Featureless

It’s a huge understatement to say that Tuesday’s market was rather featureless. Try virtually non-existent instead, which was to be expected on Christmas Eve.

What several sources believe may be an extended period of slow, often featureless and softer cash trading was launched Tuesday with all points on the same falling price page. Trends were more consistent across the entire market, with a large majority of points registering declines from a little less than a dime to about 15 cents. More modest drops tended to occur in non-Permian Basin western markets, while larger losses were recorded in the Northeast.

Natural gas futures chopped lower yesterday in a tight, mostlyfeatureless session as traders continued to factor in the nowimminent threat of warming weather for much of the nation. Wideningits discount to outer months, the March contract was the hardesthit by the sell-off, tumbling 2.9 cents to finish at $2.541.Estimated volume was very modest, with just 44,670 contractschanging hands.

Cash prices softened a bit Tuesday in mostly featureless tradingas major markets in the Midwest and Northeast cooled off. Themajority of points saw prices ranging from flat to down about anickel with no single region standing out as especially strong orweak. About the only exception to that general rule wasintra-Alberta, which started off around Monday’s C$2.04-05 averagebut quickly ramped up to near the top end of Monday’s range andwound up gaining about a nickel overall, a marketer reported. Forwhatever reason provincial field receipts have been lower thanexpected this week, she said, although only a few plants are stillundergoing annual turnaround maintenance.