A Calgary source had the appropriate assessment of Wednesday’sfirming swing market: “There’s not enough snow to ski yet, but theway these gas prices are moving you’d think we were in the middleof a blizzard.” Overall prices were moving higher for the firstsignificant gains of this week. Most increases Wednesday werebetween a nickel and a dime, but Northeast citygates led the pricepack by rising a dime or more. A jump of just over 8 cents by theNovember futures contract on its date of expiry along with theapproach of colder weather, especially in the eastern two-thirds ofthe nation, were cited as reasons for the upticks.
Firming
Articles from Firming
Screen Gain Leads Cash Prices to Modest Firming
The cash market was flat to a little higher Wednesday, and onceagain sources had little but the Henry Hub futures contract to citeas an influence. Most points were flat or just barely higher,however, with only a few coming close to matching the futures riseof over a nickel. The screen seems to be about the only thinghappening for cash, a Midcontinent trader said, “but it [screen] isnot running on fundamentals, just technicals.”
June 3, 1999
Mild Firming Expected to Reverse; Alberta Plunges
As a Daily GPI source had predicted Monday, that day’s futuresrun-up provided enough momentum to keep most cash market points onthe rise Tuesday. But don’t bet the farm on cash firmness tocontinue today, not after the screen’s headlong plunge Tuesday,several traders said. Despite heat waves remaining in the West andSouth, there is not enough in the way of fundamentals to counterthe screen’s negative influence, they said.
August 12, 1998
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