The series of actions taken by FERC last month to boost supply and encourage construction of electric and natural gas transmission facilities in California and the West in the short term are “bold” and should be implemented, but the Commission also should consider expanding the scope of the actions to apply to wholesale power markets nationwide, said the Edison Electric Institute (EEI).
Articles from Buyers
Analysts covering the attempted takeover of Barrett Resources byRoyal Dutch Shell Group said last week they expect to seeadditional consolidation of U.S. independents with a heavy gasportfolio, especially now that the majors and larger independentsare flush with cash from through-the-roof commodity pricing in thepast year.
Other analysts covering Barrett also said they expect to seeadditional consolidation of U.S. independents with a heavy gasportfolio, especially now that the majors and larger independentsare flush with cash from through-the-roof commodity pricing in thepast year.
The controversial issue of whether the California Power Exchange(Cal-PX) has the authority to hold other buyers and sellers in thestate’s bulk power market liable for the ballooning unpaid powerpurchases of its two near-bankrupt utilities will move into afederal courtroom today.
After tumbling lower for the third Monday in a row, natural gasfutures rebounded yesterday, as buyers were once again willing tosupport the market near the $5.70 level. The March contractreceived the biggest boost, shuffling 19.8 cents higher to finishat $6.019. Most of the gain was notched late in the session, as ashort-covering rally propelled prices by more than a dime higherafter 2:30 p.m. (ET).
After watching the market tumble almost 85 cents from its highsin just a week and a half, bargain hunters were back at it againMonday, lifting natural gas prices back above the psychologicallyimportant $5.00 level. After checking down to $4.86 and etching itslowest mark since Sept. 1, the November contract rallied late inthe session to close 13.5 cents higher at $5.072.
Conoco Inc. agreed yesterday to use Planalytics’ WeathernomicsGas Buyer, an Internet-based tool for natural gas buyers andsellers that suggests ways to reduce risk and exploit opportunitiesfrom weather-driven changes in gas prices.
Buoyed by renewed storm fears and bargain buying followingThursday’s 6% price slide, natural gas futures were higher Friday,leaving traders to speculate as to whether the downward pricecorrection is complete. November received the largest boost of anymonth, recovering 6.2 cents to close at $5.186. The winter strip,followed suit, gaining a nickel to close at $5.105.
Buoyed by storm concerns and another overnight session dominatedby buyers, natural gas futures jumped higher yesterday to post yetanother all-time record high. After opening right on top ofprevious resistance at $5.10, the October contract raced to its$5.223 high during the first 90 minutes of trading, triggering buystops on the way up. October finished just off its high at $5.195,up 14 cents for the session.
Responding to private weather forecasts early yesterday callingfor continued cold weather in the Northeast, market buyers showedtheir muscles at the starting gate and followed through with strongruns in both futures and cash. February cash prices at the HenryHub were approaching dime increases while March futures soared 13cents to $2.662, a smidgen off its high for the day of $2.675. TheApril contract was up 10.4 cents to $2.605, just under its high of$2.610, and May drove 7.7 cents higher to $2.575.