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After reaching a new high for the week early in the session, natural gas futures slid back down near unchanged Thursday afternoon as traders appeared content to follow a “sell-the-rallies” trading strategy. October finished the session at $2.44, up 2 cents on the day, but more than 6 cents off its highs. Estimated volume was light, with just 71,254 contracts changing hands.

The creation of a seamless, multi-state energy market between New York, New England and the Mid-Atlantic states is but one of several steps utilities and state and federal agencies should consider implementing to make sure that the Empire State avoids an energy crisis similar to California’s, says the association that represents New York’s independent power producers.

The creation of a seamless, multi-state energy market between New York, New England and the mid-Atlantic states is but one of several steps utilities and state and federal agencies should consider implementing to make sure that the Empire State avoids an energy crisis similar to California’s, says the association that represents New York’s independent power producers.

Republican House energy leaders have urged the Federal Energy Regulatory Commission to expand its California market mitigation plan to 24 hours a day across the West this summer.

Cinergy Capital and Trading Inc. and Duke Energy North America (DENA) reported late last week that they have signed an agreement through their respective subsidiaries to dissolve VMC Generating Co. Through the 50/50 general partnership that was formed in September 1999, VMC owns 100% of CinCap VII LLC (Cadiz), Duke Energy Vermillion LLC, and Duke Energy Madison LLC.

Cinergy Capital and Trading Inc. and Duke Energy North America (DENA) reported late last week that they have signed an agreement through their respective subsidiaries to dissolve VMC Generating Co. Through the 50/50 general partnership that was formed in September 1999, VMC owns 100% of CinCap VII LLC (Cadiz), Duke Energy Vermillion LLC and Duke Energy Madison LLC.

Despite their success in keeping the market in negative territory for most of Thursday’s trading session, natural gas bears had very little to show for their efforts. Since plummeting 13 cents in the minutes following a larger-than-expected storage injection Wednesday, July natural gas futures have actually gained ground, with prices rising late Wednesday and then hanging around the $3.80 level yesterday. Although the change column shows a 1.1-cent decline for the day, it belies the market’s inability not only to test support at $3.67, but also to make a lower-low on the day.

It was an easy call to predict lower prices for the low-demand Memorial Day weekend, so nobody got caught by surprise Friday when an across-the-board dive swept the market. No point fell less than 20 cents, and western declines tended to be significantly larger than that.

The National Energy Marketers Association (NEM), responding to the Bush administration’s energy plan and the Democrats’ response, issued on Tuesday an urgent call for bipartisan support for meaningful incentives for massive new investments in additional energy supplies, conservation, infrastructure and technology. “Both plans recognize that new investments are required immediately, but both plans lack sufficient incentives to permit energy prices to come down,” said NEM President Craig Goodman. “Accelerated cost recoveries for new investments in energy supply, conservation, advanced energy technology and environmental protection will solve the energy supply problem quickly and is one of the lowest cost, highest yield policy solutions. New energy supplies, conservation and advanced technology will lower costs to all consumers and should be considered a moral imperative. NEM has long advocated the expansion of existing Internal Revenue Code Sections to include ‘Qualified Energy Restructuring Investments’ for new supplies, conservation, infrastructure, advanced metering and distributed generation technologies.”