Until a major sell-off came Friday, it appeared that priceswould realize fairly substantial week-to-week increases, thankslargely to double-digit gains that started the week off lastMonday. But Friday declines that constituted almost a mirror-imagereversal of Monday’s upticks left most points flat to just a fewcents above week-earlier levels. Northern California (Malin andPG&E citygate) showed the most strength, rising almost a dimeabove the previous Friday.
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Only California, Rockies See Substantial Rebound
Except for a couple of Western regions, cash prices Mondayfailed to realize the strong post-holiday recovery from Thursday’splunging numbers that sources had expected. Weakness in the futuresscreen acted as an obvious drag on Eastern prices, which weremostly flat to less than a nickel higher. And one trader felt thelarger upticks in the Rockies and San Juan Basin and at theCalifornia border were more a case of “them being so weak justprior to the holiday” than any great strength in Western markets.
July 7, 1998
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