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Price Drops Large in West, More Modest in East
Geographic price tendencies shifted going into the weekend.Western markets, which had been resisting the week’s overallsoftness earlier due to heavy cooling load andsupply/transportation problems, were being routed Friday,particularly at the California border. Meanwhile Eastern pricesfell by a nickel or less in most cases, with Appalachian pipes andNortheast/Midwest citygates flat or close to it.
Rockies/Pacific Northwest points took several big hits,especially at Stanfield and in the Opal Hub area. The WhitneyCanyon Plant outage near Opal was expected to end Saturday, andPG&E Gas Transmission-Northwest was winding up its Station 8maintenance late Friday.
Intra-Alberta prices collapsed back to the low C$1.80s Friday asquickly as they had run up the day before. Not only were fieldreceipts returning to normal, a source said, but transportationconstraints were backing gas up into the province. Sumas quotesdropped by almost a dime.
Amoco, which had expected to restore full processing operationat its Hugoton Jayhawk Plant by today, told Williams last week thenew start-up target is Thursday. Despite the delay in returning alot of supply to the auction block, Williams (along with NorthernNatural-field) was a rare Midcontinent pipe falling by more than anickel Friday.
There’s not much to say about the current gas market except”it’s weak,” a producer commented. Another producer said traderswill find out today “if it [Friday’s downturn] was just areflection of lower weekend demand, or is it for real?”
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