Points

This week’s cash market rally apparently was running out ofsteam Wednesday. Eastern points were mostly flat, with a fewNortheast citygates dropping about a nickel. And except forisolated San Juan Basin and Malin gains, the West ranged from flatto more than a dime lower.

This week’s price slide almost, but not quite, came to a haltWednesday. Some points were flat and a few managed small upticks,but those were outweighed by small declines that only rarelysurpassed a nickel.

Most points experienced double-digit price declines Monday,depressed by lower energy futures and continuing mild weather inthe key Midwest and Northeast market areas.

California’s natural gas purchasing program for about 120 stateoperated facilities, totaling more than 14 Bcf, annually has beenpostponed until June 7 and revised due to increasingly uncertainmarket conditions, according to the head of the state’s buyingprogram in the state General Services Department. Bids in therevised program are due from the state’s seven pre-approved biddersby 8:30 a.m. on the 7th. Sempra Energy Trading is the currentsupplier.

NGPL reminds that today is the start of its open season forcapacity from Chicago and other points on its system to the Eastunder its capacity exchange deal with TETCO. NGPL is marketing the”seamless” transportation service under its new HubAmerica program.The open season to determine the level of customer interest endsJune 15. Contact Bruce Page, director of HubAmerica, (877) 482-2637

Due to nominations exceeding capacity, Transwestern wasallocating capacity Monday on the San Juan Lateral, affecting 18points.

Nearly all points continued to slide a few more cents Thursday,but afternoon rallies by three key April futures contracts (naturalgas, crude oil and heating oil) had many traders believing thatwould spark a rebound in the gas market today.

Most cash points rose 1 to 5 cents yesterday on the strength ofa futures rally fired by a bullish American Gas Association storagereport. Traders were in agreement that prices were flat toWednesday until the futures screen picked up in the late morning.

Most cash trading points managed to squeeze out minor upticksWednesday despite a modestly softer screen. Activity was subdued asweather fundamentals remained as relatively mild for summer as theywere for much of last winter.