Storage, Warm Weather Put ‘Spring’ in Bears’ Step

The seesaw battle continued Wednesday in the natural gas pit atNymex, but in contrast to the modest gains posted during tradingMonday and Tuesday, yesterday’s session saw the bears regaincontrol. After opening at what would be its high for the day, theMarch contract drifted 6.3 cents lower to settle at $1.775, just apenny off its low.

February 11, 1999

Screen Given Most Credit for Modest Cash Gains

Cash numbers ranged from flat to just over a nickel higher at afew points Thursday, and sources were nearly unanimous inattributing the upticks mostly to the example set by the Henry Hubfutures contract. In turn, they thought the screen strength derivedfrom the fairly hefty 203 Bcf figure in AGA’s Wednesday afternoonreport on storage withdrawals last week.

January 22, 1999

December Futures Probe the Downside

After posting modest gains last Thursday, the futures marketagain succumbed to selling pressure Friday as traders tried to pushthe December contract below support at $2.25. But, $2.265 was asfar as the contract could plumb and the prompt month was left tosettle for the week at $2.275. Sources pointed to bearishfundamentals and weak, last-day prices as reasons for the decline.

November 2, 1998

Price Drops Large in West, More Modest in East

Geographic price tendencies shifted going into the weekend.Western markets, which had been resisting the week’s overallsoftness earlier due to heavy cooling load andsupply/transportation problems, were being routed Friday,particularly at the California border. Meanwhile Eastern pricesfell by a nickel or less in most cases, with Appalachian pipes andNortheast/Midwest citygates flat or close to it.

August 10, 1998

Increases Range From Small to About a Dime

A modest nudge from the futures screen and a warming trend inmajor market areas that had been unseasonably cool in recent dayswere enough to generate an overall upturn in cash prices Tuesday.The increases ranged from negligible to just over a dime in somecases.

August 5, 1998

Futures Mostly Flat on ‘Neutral’ Storage Report

The futures market shrugged off the latest AGA storage reportand made modest gains Thursday in a session notably devoid of freshnews. The August contract was limited to a narrow 5-cent range,settling up 1.4 cents to $1.948.

July 24, 1998

Choppy Trading Leaves July Nearly Unchanged

A casual observer to Friday’s futures market would note themodest 0.7 cent gain registered by the prompt month and conclude itwas a quiet day of position squaring ahead of the weekend. However,trading in the pit was anything but serene as the prompt contractopened below $2.00, tested support from the continuation chart at$1.97, then moved higher looking to fill in a chart gap in the$2.05-09 range. And all that happened before the lunch hour in NewYork. Afternoon trading brought some selling pressure into themarket and July drifted back downward, before settling nearlyunchanged at $2.027 for the day. Estimated volume weighed in at ahefty 57,301 with trading within a 10-cent trading range.

June 8, 1998

Texas Heat Helps Generate Higher Prices

Cash prices tended to make modest gains Thursday, with most ofthe strength concentrated at Texas points where significant airconditioning load is developing. Houston’s heat index shot up to102 degrees in the afternoon, said a local source. That caused ShipChannel numbers to rise a little over a nickel to the $2.20 area.Waha prices also benefited from the statewide heat and also roseslightly more than a nickel into the low $2.12s. However, late Wahaprices were tailing off slightly, a marketer said. The Texasheat-related upticks carried over into the Permian and San JuanBasins in a domino effect, another trader said.

May 8, 1998
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