A continuing heat wave in the East and a tropical depression in the western Gulf of Mexico (GOM) were essentially insignificant to the cash market Thursday. It preferred to follow the previous day’s futures drop of 11.7 cents in falling at nearly all points.
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Cash Prices Ride the Futures Escalator Upward
The tiny futures increase Monday seemed insignificant but mighthave been a harbinger of a much stronger rise Tuesday that carriedcash up with it. As has often been the case in the past, sourcesdragged out the old refrain of “following the screen” to explain…why cash was rising. Most points west of Waha were flat to only acouple of cents higher, and Rockies prices even fell a bit, butother markets tended to see upticks of 4-9 cents. Activity wasdecidedly more intense following what many people had considered a”boring market” Monday.
April 22, 1998
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