Appreciable

Prices were up at nearly all points Tuesday despite little appreciable increase in heating load, although lows around freezing or a little less were due to return Wednesday in the northern Rockies. They would join similar conditions already existing in upper New England/upstate New York and parts of Eastern Canada, while most of Alberta and some other sections of Western Canada were expected to bottom out from the upper teens through the mid 20s.

Not surprisingly, the cash market fell by mostly large amounts at all points Friday, feeling negative pressure from relatively little appreciable cooling load outside the desert Southwest, another prior-day screen drop, the lack of any new tropical storm activity and the extra loss of industrial demand over a holiday weekend. The storage situation also remained bearish despite Thursday’s report of a 48 Bcf build in the previous week falling a little below expectations.

While the East looked around and, seeing nearly all appreciable weather load fading fast, decided to sit tight or retreat a bit price-wise Wednesday, most western points were soaring in a frenzy of buying. California and Rockies pipes saw spikes that often hit triple digits. Only flatness in the Pacific Northwest and at a couple of Permian Basin points, along with a downturn for intra-Alberta numbers, belied the overall western strength.