Able

A majority of the cash market was able to post moderately higher numbers Wednesday based on what traders said was mostly prior-day screen support, since weather and storage fundamentals remain generally bearish. However, several western points were flat and one segment of Northwest Pipeline plunged a dollar and a half due to a major transportation constraint.

The cash market was able to sustain mostly moderate price increases through a second day Thursday, but may be hard pressed to score a hat trick Friday after major retreats in Nymex’s energy futures complex. The gas screen fell nearly 20 cents in response to a government report showing that net storage refills were already under way last week.

NiSource subsidiary Columbia Gas of Virginia said Monday that while natural gas demand continues to increase in the state, the utility continues to be able to meet the needs of its customers.

El Paso said the well maintenance work Wednesday at Washington Ranch storage facility was affecting only half of the wells, and thus it was able to continue withdrawals or injections of approximately 75 MMcf/d. On Thursday it will be necessary to withdraw for at least a portion of the day to remove the dissolved solids from the treated well.

The Midwest Independent Transmission System Operator Inc. (MISO) has formally certified to federal regulators that it is ready and able to operate its new energy markets. MISO filed certificates of operational and organizational readiness with FERC late Tuesday, affirming the organization is prepared to successfully launch its energy markets on April 1.

With a little help from the previous day’s futures advance, spreading cold weather was able to keep prices on the rise at nearly all points Wednesday. Only flat numbers at a couple of Rockies points prevented gains across the board. Otherwise, upticks ranged from 2 cents to about 35 cents.

In what was one of the quietest sessions in recent memory, the natural gas futures market chopped mostly sideways Tuesday as neither bull nor bear was able to influence a move in their favor. The March contract closed at $6.316, down a half cent for the session and near the middle of its $6.26-40 trading range on the day.

Citing market constraints and charges, Marathon Oil Co. said its quarterly income fell from a year ago, but the producer was able to beat Wall Street’s expectations. Still, Lehman Brothers downgraded the company, saying it was concerned about recent downward reserve revisions to Powder River Basin and Russian assets.

Although a few scattered points in the Gulf Coast and Northeast were able to make small gains Wednesday, the rest of the cash market bowed to modest heating load and the previous day’s futures weakness in recording quotes that ranged from flat to down a little more than 30 cents. Most of the larger losses were concentrated in the West, where seasonable temperatures dominated despite cold and snowy mountainous areas.