Bolstered

Bolstered by cost recovery and higher revenues in its electric and natural gas transmission operations, PG&E Corp. Wednesday reported sharply higher third-quarter earnings, up 56% from results for the same period in 2005. Net income for the third quarter was $393 million ($1.09/share) compared with $252 million (63 cents/share) in the third quarter last year. As a result, the utility holding company increased its earnings guidance for 2006 by 5 cents/share to the range of $2.45-$2.55.

Prices continued to rise at a majority of points Thursday, bolstered by cold weather due to stick around into the beginning of the weekend in many areas and prior-day screen strength. But there were several signs that the late-week show of bullishness would be coming to an end Friday.

Bolstered by forecasts for renewed heat along with a serious display of strength from petroleum futures, September natural gas futures on Friday continued to explore the upside in search of resistance, coming close to venturing above the psychological $8 level.

Trading on Wednesday looked much like it did Tuesday as April natural gas once again ping-ponged between resistance and support. Bolstered by a record day in crude futures, the natural gas prompt month was unable to get below the $7.06 low on the session, despite multiple attempts. April ended up settling at $7.192, up 1.3 cents.

Bolstered by record earnings from its general partner share of Kinder Morgan Energy Partners L.P. (KMP), Houston-based Kinder Morgan, Inc. (KMI) also reported record earnings for 2003 Wednesday. KMI continued to expand its pay-outs to stockholders, raising its quarterly dividend again, this time by 41% to $0.5625 per share ($2.25 annualized). The company raised its diluted earnings per share estimate for 2004 to $3.71 from $3.67.

Bolstered by record earnings from its general partner share of Kinder Morgan Energy Partners L.P. (KMP), Houston-based Kinder Morgan, Inc. (KMI) also reported record earnings for 2003 Wednesday. KMI continued to expand its pay-outs to stockholders, raising its quarterly dividend again, this time by 41% to $0.5625 per share ($2.25 annualized). The company raised its diluted earnings per share estimate for 2004 to $3.71 from $3.67.

Bolstered primarily by fresh screen strength and also by hot weather in the Gulf Coast states and much of the West, the initial May aftermarket was launched Friday with across-the-board advances over end-of-May numbers. A few points were confined to single-digit gains, but the overall market’s upticks ranged from about a dime to 30 cents.

The cash market continued to be bolstered by a strong June gas futures contract Monday, emerging from the weekend with remarkably consistent across-the-board gains from about a dime to nearly 35 cents. Upticks at a majority of points were in the 15-25 cents range.

Bolstered by a return of winter-like weather in northern market areas and parts of the West, along with positive natural gas futures during morning trading, the cash market saw a surge in prices Monday. Although gains went as high as 20-25 cents or so in California and at some Northeast citygates, most were more modest on either side of a dime. San Juan and intra-Alberta numbers generally ranged from flat to less than a nickel higher.