Moderately

Prices ranged from flat to mostly moderately higher Friday in all regions except the Rockies. They got some follow-through momentum from Thursday’s screen run-up following a below-expectations storage report, and traders also were looking ahead to the return of Northeast temperatures in the 90s as this week begins.

Most of the market was moderately firmer Thursday, ranging flat to about 15 cents higher. A majority of gains were small at a nickel or less. But the Northeast apparently was anticipating a cool front moving into its northern half Friday, because area citygates dropped by sizeable amounts, topped out by a dollar-plus plunge at Transco Zone 6-New York City, which put on a volatility show during the day between $3.50 and $9.00.

The August aftermarket started out Wednesday flat to moderately up from end-of-July numbers in most cases, although the Rockies, California and some Northeast citygates dropped by varying amounts up to nearly a quarter. Comparisons to apparent first-of-month indexes were mixed, with swing prices tending to be above index by 10-30 cents in the East, but many western points falling short of index levels.

Except for minor softness in the Midcontinent/Midwest and Northeast areas, the East was dominated by flat pricing Thursday. The market tended to be a bit weaker at western points, which ranged from flat to down more than 15 cents (PG&E citygate).

For a third straight trading day Monday, mild firmness was the dominant cash market trait. A few scattered points fell by a couple of pennies, but the rest saw prices ranging from flat to nearly a dime higher in most cases. Overall increases remained small, however, as a majority of upticks were less than a nickel.

The market was back at it Friday, acting contrary to logical thinking in some traders’ minds. Eastern points were mostly flat overall, but ranging from mildly softer to more than a nickel higher at a few Northeast citygates despite weather in most areas that didn’t appear to justify relative firmness. Meanwhile, an honest to goodness winter storm was moving eastward into the Rockies, yet numbers were down by a nickel or more at most western points.

As expected, the cash market was moderately softer for nearly all points Tuesday. The lack of weather-related load in most regions, declines in the major energy futures contracts and the heavy burden of burgeoning storage inventories left prices unable to sustain what one trader had deemed a largely “artificial” rally Monday.

The moderately softening status quo remained in effect for the cash market Thursday. Declines of about a dime or less prevailed at most points, although double-digit moves were reported for the Rockies/Pacific Northwest region. The smallest drops of less than a nickel were concentrated at cool Northeast citygates.

In most cases swing prices for today’s flow were up moderately from end-of-May levels but both above and below June indexes depending on the market. A majority of points appeared to be starting out below index.