Other than the screen-related drop in prices Wednesday, it’sbeen a pretty slow and uneventful bidweek, a number of GPI sourcesagreed. Things had settled down Thursday and June gas was tradingin about the same area as it had following the futures expiryWednesday, a Midwest-based marketer noted. However, another sourcesaid Southwest and Southern California border prices continued tosoften a bit further Thursday.
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Cash prices across the board followed through on Monday’s Nymexrise by gaining a dime (or more in some cases) yesterday, andexcept for the Alberta market, nobody had any plausible fundamentalreason to explain the changes. Ranges continued to tighten fromlast Friday’s and Monday’s wide-open spaces, a marketer said. Hethinks the market will continue to be range-bound “until we getsome cooling load.” Supply and demand are currently well balancedand storage inventories are far ahead of last year’s, so he doesn’texpect the gas market to heat up until the weather does, “and thatmay not happen until June [futures] is off the board.”
Prices continued to rise Thursday in trading for both lateFebruary and March. It was mostly a response to the screen’sbelated run-up Wednesday, sources said, but there was enoughblizzard-like weather spreading out from the Upper Plains region togive prices a little extra boost.