Wait

Futures traders spent most of Monday in a “wait’n-see position”poised to react quickly if the market broke in either direction.However, no fresh news could be gleaned from yesterday’s market andas a result the market took what has become the path of leastresistance lately to move lower in quiet trade. The Septembercontract slipped 2.1 cents to $1.926.

Despite one marketer’s assertion that not too much is happeningin the May bidweek market yet, activity was far from lacking at theNew York Mercantile Exchange Monday. The spot May contract lostanother 7.6 cents to $2.266 yesterday, as traders continue to getout of their May positions before the contract goes off the boardat 3:10 EDT this afternoon. An estimated 93,800 total contractschanged hands.

“If you want higher gas prices just wait for the next shouldermonth,” was the phrase bandied about the cash market yesterday ascash prices rose to heights unparalleled since last October andNovember. Last Autumn futures prices peaked at $3.85 beforefree-falling down to settle at $3.266 at the end of October. Now afutures led rally has pulled cash prices with it leaving the marketto wonder how much higher can prices go and will they come down.”That is the $10 million question,” a source quipped.