In a reflection of Wednesday afternoon’s meager storagewithdrawal report and the accompanying screen downturn, most cashpoints fell between about a dime and 20 cents Thursday. The majorvariations from the overall market were Northern Californiaupticks, flat to barely lower numbers in the Rockies and San JuanBasin, and a Southern California border decline of nearly 40 cents.
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Cash Rides Strong Coattails of Energy Futures, New Storm
Weather-related demand remains somewhat meager, but the cashmarket found more than enough support Monday from superchargedenergy futures contracts and Atlantic storm activity to realizegains of about a dime or greater at nearly every point.
Market Still Bullish on Futures, Meager Storage Build
Cash prices continued to advance Wednesday with the West onceagain leading the procession, and there was no hint of a setback insight as the screen rose above $5 for October and reported storageinjections remained below par. Crude oil futures also were verystrong, with the October contract settling a dime short of $35/bbl.
June Futures Barely Manage To Expire Above $2
Anyone who thought that the meager 0.1 cent gain the June Nymexcontract turned in on Tuesday would lead to a boring expiration daywas dead wrong. June managed to spew out one more major pricedecline on Wednesday, as the contract went off the board down 7.8cents for the day to settle at $2.017.
April Futures are Home in Their Range
The April NYMEX contract gained a meager 1.8 cents to $2.155 onMonday, as traders continue to hold the spot month to a tighttechnical trading range. The bottom of that range was confirmedwhen April bounced off major support at $2.105. Despite the narrowtrading band, estimated volume still managed to reach 33,502 totalcontracts.