A moderate rally at eastern points Monday, combined with spikes in the Rockies and at the Southern California border, must have surprised at least a few traders who were not anticipating any respite from last week’s softness.
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California Prices Soar, But Most of Market Softer
A California spike that sent border quotes skyrocketing as highas $33 and was accompanied by moderate firmness in the Southwestbasins stood in sharp contrast to a softer overall market Thursday.Outside the California/Southwest region, prices tended to rangefrom barely lower in the Rockies and at a few scattered Gulf Coastpoints to down 15-20 cents at Northeast citygates.
Price Slump Slows; West Coast Sees Moderate Upticks
Prices continued to fall in most markets Tuesday, but at aconsiderably slower pace than the previous day’s plunges. Mostdecreases were around 30 cents or less, while California points andStanfield achieved gains from a little less than a dime to about 35cents as more seasonable weather returned to the West Coast.
Market Slightly Softer; Futures Runup May Spark Rally
The market went into a holding pattern for the most partThursday with a mix of moderate increases and decreases that wasweighted slightly to the downside. A big screen runup after mostcash business was completed had several traders expecting that cashwould take that development as a cue to avoid weekend softnesstoday.
Price Drops Continue But at Much Slower Rate
Prices kept falling Wednesday, but the declines wereconsiderably more moderate than the previous day’s plunges.Dollar-plus drops at the Northern California points (Malin andPG&E citygate) were the only remaining vestiges of the marketrout that had appeared to be developing Tuesday. All non-Californiapoints ranged from flat to down about a dollar.
Most Markets Only Moderately Softer for Long Weekend
Except for moderate California upticks, the cash marketcontinued to soften Friday but by much smaller amounts than the daybefore. Most points ranged from flat to down about 30 cents, butdeclines were larger at Stanfield and several Northeast citygates.
Most Prices Up, But Dive Expected Due to Storage Report
Mostly moderate price declines concentrated in the Gulf Coastand Northeast were outweighed Wednesday by small to large increasesin other markets. The biggest gains were in California and theRockies/Southwest, while Transco Zone 6 (NYC) took the biggest hitof 65 cents.
Prices Dive Due to Warmer Forecasts, Screen Plunge
Weather remained cold Tuesday over most of the East, butpredictions of at least a moderate warming trend developing and ahuge plunge in futures were enough to spur the cash market to makea steep descent of its own. Dollar-plus declines were common.Transco Zone 6 (NYC) fell nearly 20 dollars, yet still reigned asthe costliest price point with an average of more than $18.
Moderate Cash Increases Not Expected to Continue
The cash market finally shook off the price weakness that haddominated it since late last week as most points ranged from flatto up about a nickel Tuesday, with some in the Rockies/San JuanBasin achieving dime-plus gains. However, with traders still unableto perceive see any significant weather load on the horizon and thescreen falling more than a quarter, the cash firmness was expectedto be short-lived.
Some Western Points Avoid General Cash Softness
Except for moderate firmness for intra-Alberta and Rockiespoints Monday, the cash market tended to stay on the downward slopethat had developed Friday. However, Monday’s declines were smallerthan those for the weekend, ranging mostly between a nickel and adime.