Prices continued to fall at all points Friday in predictably light trading activity. In addition to the ongoing market depressants of moderate start-of-winter weather in most areas and abundant storage inventories, the extra loss of industrial load associated with a holiday weekend came into play.
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Prices Fall as Screen, Weather Support Erode
Predictably, prices were down Wednesday due to a screen drop of 18.2 cents the day before and the ongoing moderation of weather from unusually chilly conditions for early May.
Screen, Lack of Weather Load Send Prices Diving
Predictably, cash numbers emulated the expiration-day plunge in May futures by taking swan dives themselves Thursday. A widespread dearth of significant weather-related demand only threw more fuel on the price fire sale, and the announcement of a sizeable storage injection heaped on a little extra bearishness in late business.
Northeast Keeps Plunging, Leads Overall Market Lower
The cash market was predictably weaker Friday, with continuing triple-digit and quadruple-digit plunges at Northeast citygates leading the trek downward. Non-Northeast losses were as small as a nickel, but mostly ranged between 20 and 90 cents.
Prices Predictably Much Softer for Holiday Weekend
A long weekend following a bearish storage report and related screen dip, along with benign weather scenarios in nearly all markets, had the predictable effect on cash numbers Friday: double-digit declines in nearly all cases. Although a few scattered points contained their losses to a little less than a dime, a large majority fell 15 cents or more, led by plunges of 30 cents-plus in the Rockies/Pacific Northwest and nearly a dollar in the San Juan Basin.
Reaction to Energy Plan (Predictably) Mixed
The reaction was loud, long and predictable — and in fact most was probably written well in advance of yesterday’s unveiling. While the energy industry — from natural gas interests, to coal to nuclear power — hailed the Bush energy plan for its long-overdue focus on developing the nation’s energy resources and infrastructure, environmentalists bashed it as a bunch of dirty words aimed at derailing the movement to reduce pollution and preserve the environment.
Reaction to Energy Plan (Predictably) Mixed
The reaction was loud, long and predictable — and in fact most was probably written well in advance of yesterday’s unveiling. While the energy industry — from natural gas interests, to coal to nuclear power — hailed the Bush energy plan for its long-overdue focus on developing the nation’s energy resources and infrastructure, environmentalists bashed it as a bunch of dirty words aimed at derailing the movement to reduce pollution and preserve the environment.
Most Prices Fall, But California, Northwest Defy Trend
Overall, the weekend market behaved predictably after thescreen’s big plunge Thursday, dropping between 15 and 35 cents atmost points Friday. But it was a much different story in Californiaand the Pacific Northwest, where prices rose sharply in hugelyvolatile trading. The Southern California border was “screaming,”said a trader reporting deals ranging from the $8.10s to more than$12.
Prices Mostly a Bit Softer in Quiet Pre-Holiday Trading
In activity that was predictably very subdued for a day leadinginto the long Christmas weekend, prices ranged from flat to down afew cents Thursday. As one source commented, “Man, I’ve seen deadmarkets before, but this one seems to be rotting in the grave.”Somewhat in keeping with that remark, a marketer said many of hertrading partners had only “skeleton crews” in the office, andvirtually nobody was still around after lunchtime.