Almost a third of gas and oil companies surveyed expect to havecompleted Year-2000 (Y2K) remediation by the end of the year,according to the results of a new survey by the Natural Gas Council (NGC) that was released last week. It further found that73% said they would be ready by June 1999, while all respondentsindicated they would be ready by December 1999.
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Flatness Dominates Day Before Expiration
Coming off two days marked by sizable price swings and robustvolume, buyers and sellers were almost evenly matched Tuesdaymaking for a rare sub-5-cent price range. The prompt month closedthe day down 1.3 cents to settle at $1.952.
Cash Market Nearly Repeats Tuesday
Wednesday’s cash market was almost a carbon copy ofTuesday’s-flat to about a nickel higher at the great majority ofpoints but going lower in the Rockies. About the only differencewas in California numbers, which were flat to slightly higherWednesday instead of joining the Rockies in softening.
Heat, Screen Spur Double-Digit Cash Gains
The screen was hot and the weather was hotter almost everywhereexcept on the West Coast. Put them together and you get Mondaytrading dominated by double-digit price increases at all pointsexcept the Rockies and Canadian markets.
July Futures Plumb Near $2.00
In what has become almost routine lately, the AGA’s report ofstrong injections into storage caused a wave of follow-throughselling Thursday. A lower open allowed the contract to slip beneathsupport to settle at $2.02. In doing so, the July contract fell anadditional 8.6 cents to settle at the contract’s lowest point since1997.
Industry Unites to Oppose EDI Rule
The Federal Energy Regulatory Commission has succeeded incontriving an order (No. 587-G) that the natural gas industryalmost universally opposes, which is not that rare. What is rare,however, is the unanimity among pipelines, distributors, producersand end users on what is wrong with the Commission’s mandate thatall pipeline transactions be conducted over the Internet byelectronic data interchange (EDI) by June 1, 1999.
San Juan Prices Hit Hardest in General Softening
Cash prices for the weekend were down almost across the boardFriday, succumbing to mild weather and lower weekend demand.However, noting the late rebound in the Henry Hub futures contract,a marketer thinks that set the stage for a modest rally in cashnumbers today. He looks for Midcontinent pipes to move back up intothe low $2.10s.