Western state governors included support for an Alaska naturalgas pipeline to bring in new supplies, along with expansion of gaspipelines and electric transmission lines in the lower 48 statesamong their long-term recommendations to deal with the energycrisis in the West.
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Bulls Regain Control, Boost Futures 12%
Buoyed by private forecasts that cast doubt on governmentforecasts calling for a warm up, along with several constructivetechnical features, natural gas futures erupted higher yesterdaymorning as weak shorts exited their newly acquired positions. TheFebruary contract finished 77.7 cents higher on the day at $8.966after reaching a high at $9.189.
Cherry Picking Power Markets Will Be Key Going Forward
With total electricity sales likely to creep along at a snail’space of 1.2% growth each year over the next five years, picking theright market to set up shop could be the difference between lifeand death for many power marketers and utilities, according to apresentation made last week by Mark J. Bock, senior economist onelectric power from WEFA Inc.
Cherry Picking Power Markets Will Be Key
With total electricity sales likely to creep along at a snail’space of 1.2% growth each year over the next five years, picking theright market to set up shop could be the difference between lifeand death for many power marketers and utilities, according to apresentation made last week by Mark J. Bock, senior economist onelectric power from WEFA Inc.
The ICE Skates Into Crude, Refined Oil Markets
Things are skating along for the Atlanta-based IntercontinentalExchange, “The ICE,” which yesterday said that it has expanded itstrading platform to now include global crude and refined oilproducts. Natural gas and power are expected to slide into playbefore the end of the year. Trading in those markets was to beginimmediately.
Steady Selling Deals Futures Second-Straight Losing Session
Pressured lower by weaker crude oil futures along with a saggingphysical market, natural gas at the New York Mercantile Exchangewas softer Thursday with buyers on the sidelines, unwilling to addto their already hefty longs. After chopping lower for most of thesession the October contract received a late boost on renewedhurricane fears. However those late gains were more than offset byearly losses and that left the prompt month in negative territory,off 3.1 cents at $5.287 at the close yesterday.
Weekend Price Movements Diverge on East/West Plane
As sources had predicted (see Daily GPI, July 14), the weekendmarket was divided along geographical lines. Eastern quotes were upby around a nickel to a little more than a dime in most cases,while the majority of western points registered declines rangingfrom slightly less than a dime to 20 cents or more.
Prices See Big Rally; PG&E Citygate Up Nearly a Dollar
The cash market used Friday’s futures advance, along withexpectations of hotter weather this week, as a springboard toachieve across-the-board gains in double digits Monday.
Mid-Morning Selling Falls Short; Bulls Eye $4.60
Spurred by constructive over-the-counter dealings, along with alittle apprehension ahead of today’s release of fresh storage data,the July contract gapped higher at the open yesterday en route toan unprecedented 15th advance in 16 trading sessions. After makinga “head fake” lower about mid-morning Tuesday, the July contractrumbled 8.6 cents higher to finish at $4.354.
OFO Keeps PG&E Citygates Out of Firming Market
Thanks to impending colder weather in the major northern marketareas along with some extra boost from a rising screen, overallcash prices ranged from flat to about a nickel higher Thursday,with increases of 3-6 cents tending to occur most frequently.