All-around price increases Wednesday received support fromcontrasting weather conditions and rising power generation load(plus a tiny assist from a barely higher screen). Most upticks werein the neighborhood of 4-8 cents, although smaller ones were aslittle as two cents at the PG&E citygate.
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Oil, Gas Futures, Tighter Supplies Boost Market
“Where has all the gas gone now?” asked a Houston-based marketerTuesday as April numbers turned upward going into the home stretch ofbidweek. He was starting to encounter some tightness of supplies inthe Gulf Coast and Appalachian production areas that caused prices tobe bid higher. Echoing a producer’s Friday observation (see Daily GPI, March 29), the market suspectedthat reduced drilling budgets last year may be reflected now in afirmer gas market.
Bulls Make it Two in a Row with Another Small Victory
Fresh after receiving a boost from a hefty storage withdrawalWednesday afternoon, natural gas futures continued higher yesterdayin yet another tumultuous trading session. And for the second dayin a row locals were seen as the catalyst, using buy stops toorchestrate a gap higher opening. But overhead resistance at $1.77held and the market was left to ebb and flow within the 4-centtrading range, which was set in the first hour of trading. TheApril contract finished up 3.9 cents to $1.762.
ScottishPower, PacifiCorp Merger Advances
ScottishPower and PacifiCorp jointly announced that their Dec.7, 1998 merger plan gained a large boost Tuesday when the FederalTrade Commission (FTC) waived the 30-day waiting period under theHart-Scott-Rodino antitrust law.
War Fears Boost Oil, And Gas Goes Along for the Ride
Bombing Iraq seemed as reasonable an explanation as any for whymost cash markets were rising in the neighborhood of a dimeWednesday. Weather was getting a little colder but still relativelymild for this time of year, so it’s not like there’s any big surgein gas demand, a marketer said. The AGA storage report of 49 Bcf inwithdrawals last week, which came too late to affect Wednesday’strading, was approximately in the middle of most expectations andthus neither bearish nor bullish.
Futures Receive Boost from Rocketing Cash Prices
High volatility continued in the natural gas pit Tuesday whentraders tested both sides of the market during a session that sawlittle in the way of fresh fundamental news. In the end, supportivecash prices-that were up 20 or more cents in mostlocations-provided the incentive for futures to trend higher. TheDecember contract led the way, eeking out a 4.9 cent gain to settleat $2.436 in light to moderate trading activity yesterday.
Distributed Generation To be Boon For Gas
Distributed generation is poised to get a boost from the GasResearch Institute (GRI) and Architectural Energy Corp., which havedeveloped new software to evaluate the economic viability ofon-site distributed generation projects for utility customers.
AGA Leader Touts Emerging Energy Technologies
The distributed power movement and alternative energytechnologies got a boost from American Gas Association (AGA)Chairman David Biegler last week in his remarks at the 17thCongress of the World Energy Council (WEC) in Houston.
Biegler Touts Emerging Energy Technologies
The distributed power movement got a boost from American GasAssociation (AGA) Chairman David Biegler this week from remarksmade at the 17th Congress of the World Energy Council (WEC) inHouston. “Distributed power is attractive to consumers, especiallyin facilities like manufacturing plants, laundries and hospitalsthat need both electric power and thermal energy,” said Biegler,CEO of Texas Utilities. “It can cut costs, provide waste heat foron-site use and improve power quality and reliability.” Hepredicted distributed power could provide as much as 50 gigawattsof power by 2015, compared to less than 2 GW today.
Earl Buoys Futures; Some Expect Softening to Resume
For the second day in a row Tuesday, natural gas futuresreceived a strong boost in prices from short-covering activity dueto tropical storm concerns in the Gulf of Mexico. Earl became thefifth named storm in the 1998 Atlantic hurricane season yesterdaywith sustained winds of 60 miles per hour. As of 5:00 P.M. EST Tuesday, Earl was located 240 miles South Southwest of New Orleansand moving toward the Northeast at 12 mph. The October contractopened strong and wasted little time in trending higher before anafternoon sell-off left the market with a modest 3.4 cent gainbefore the closing bell. Estimated volume was a robust 82,172.