Last week’s market closed on a “relatively” sedate note Friday, at least relative to the preceding trading fireworks. But the downward price movement was still being measured in double digits in nearly all cases.
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Northeast Rise Stands Out From Otherwise Sedate Market
While most of the market relaxed Wednesday with flat to slightlyhigher price performance, the Northeast was battening down thehatches in preparation for a rare visitor of late: honest togoodness winter weather like they used to have in the old days. Asa result, delivered prices in the Northeast shot higher bydouble-digit amounts, led by a spike of more than half a dollar toaround $3.20 for Transco Zone 6-NYC.
Futures Edge Higher in Quiet Session
Following Monday’s dramatic price rout, Tuesday’s tradingexhibited a more sedate demeanor, leaving the December contract totrade within a narrow 6.5-cent range. And while the late-afternoonsell-off had bulls running for cover Monday, consolidation of thoselosses gave them a ray of hope before the close yesterday. Thatrebound was enough to lift the prompt month 3.6-cents to $2.478.
West Upticks Stand Out Amid Sea of Flatness
Lacking any impetus from fundamentals or a sedate futuresscreen, the vast majority of points settled down for a level ridein a quiet market Wednesday. The few increases of any size occurredin the Rockies and California and were attributed to supplyconstraints and continuing heavy air conditioning load.
Trading Orderly and Sedate as Bidweek Nears End
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.