Already

Cash traders appear to be convinced that the 2009-2010 winter is pretty much a done deal already, even with temperatures starting to fall again in several regions. Prices fell at nearly all points Monday.

With the Gulf of Mexico production outages from Tropical Storm Ida having already been discounted by the cash market Monday, it was no surprise that the remaining tropical depression was no price-booster Tuesday. However, continuing modest cooling trends in several regions, along with the previous day’s December futures increase of 7.5 cents, were enough to keep most of Tuesday’s losses minimal and result in more gains than a day earlier.

“Storm hype” obviously was not a factor in Thursday’s cash market as all but one point fell in response to the return of mild weather — either impending or already accomplished — in nearly all regions and the previous day’s fall of 19.7 cents by December futures.

With the economic viability of added underground natural gas storage in California already verified by utility and merchant developers currently pursuing proposals, state regulators later in October will hold a one-day hearing on a unique, urban-based storage project in the heart of the state capital, Sacramento. The California Public Utilities Commission (CPUC) will use the public input as part of its ongoing review and environmental assessment.

With the economic viability of added underground natural gas storage in California already verified by utility and merchant developers currently pursuing proposals, state regulators later in October will hold a one-day hearing on a unique, urban-based storage project in the heart of the state capital, Sacramento. The California Public Utilities Commission (CPUC) will use the public input as part of its ongoing review and environmental assessment.

Having already pulled the Henry Hub look-alike contract traded on IntercontinentalExchange Inc. (ICE) under its regulatory oversight authority, the Commodity Futures Trading Commission (CFTC) last Monday issued a Notice of Intent to consider whether 13 other natural gas contracts and 11 power contracts offered by ICE should receive similar treatment.

Adding to the week’s already strong run, cash points took the streak of unanimous gains to four on Thursday as physical gas prices for Friday gas delivery continued to close the gap with futures prices.

Having already pulled the Henry Hub look-alike contract traded on IntercontinentalExchange Inc. (ICE) under its regulatory oversight authority, the Commodity Futures Trading Commission (CFTC) on Monday issued a Notice of Intent to consider whether 13 other natural gas contracts and 11 power contracts offered by ICE should receive similar treatment.

Already weak cash prices got much weaker Friday, as Thursday’s across-the-board double-digit losses not only continued but grew much bigger to boot. The existing general lack of weather-based demand was exacerbated Friday by the previous day’s 37.5-cent dive by November futures and the decline of industrial load associated with a weekend market.