Notwithstanding

A few flat to a little more than 35 cents lower points notwithstanding, most of the cash market was decidedly bullish Tuesday as colder weather had already arrived in some areas or was on the way in others. The gains were pretty much all weather-driven, sources said, since futures and storage influences tended to remain on the negative side.

A couple of western upticks notwithstanding, the overall cash market responded to persistently weak weather fundamentals, prior-day energy futures declines and correct expectations of a bearish storage injection report with price declines ranging from a little less than a nickel to about 30 cents. A considerable majority of the drops were in double digits.

Notwithstanding warnings from the administration and even stronger opposition from Canadian officials, Congressional conferees released a portion of energy bill draft language mandating a southern route through Alaska for a new Alaska natural gas pipeline.

UGI CEO Lon R. Greenberg said, “We are pleased that we exceeded our earnings growth goal once again, notwithstanding the extremely warm winter weather of 2002. Our mix of businesses, prudent acquisitions and the dedication of our employees overcame much of the effects of record warm weather. We are confident that a return to normal winter weather will demonstrate the true earnings power of our assets.”

Generally weak fundamentals notwithstanding, for the most part the cash market Thursday continued to resist the bearishness that many believe is its proper destiny. For a second straight day, quotes at eastern points were a mix of flat to slightly up or down, with small declines prevalent again. However, most of the West registered larger downturns due to California LDC OFOs, although many of the drops outside the Rockies were less than a dime.