After five months of use and $100 million in gas purchases,Procter & Gamble (P&G) concluded EnergyGateway.com’snatural gas marketplace works like charm.
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Natural gas industry analysts at Deutsche Bank have concludedthat a “structural shift” has occurred in the supply and demandunderlying the gas market, setting the stage for gas prices to holdtheir current ground at more than $2.50 for the next two years.
Gas futures observers concluded Tuesday’s 6.7-cent slide was afalse breakout to the downside because May was unable to breakthrough support yesterday at $2.82 and rebounded a healthy 6.6cents on the day to $2.888. The high for the day was $2.900, whilethe low was $2.820. The three-month summer strip rose 5.7 cents to$2.918.
The futures market began the week in much the same fashion thatit concluded last week-quiet, range-bound trading where neitherbull nor bear could make much of an impact. After notching up to a$2.23 high late in the session Monday, the August contract filteredlower to settle at $2.207, a 2-cent gain for the day.
The Georgia Public Service Commission concluded Atlanta GasLight Co.’s historic rate case, opening its statewide gasdistribution system to marketers. The PSC approved a customereducation program for one year and procedures for Atlanta Gas Lightto follow when sharing information with gas marketers about thecompany’s nearly 1.5 million customers. The PSC also orderedAtlanta Gas Light to cut rates by $6 million. The reduction is inaddition to a $7 million rate cut ordered in June.
The futures market concluded the week on a quiet note Friday asneither bulls nor bears were able to influence a move in theirfavor. After a lower open the November contract quickly filtereddown, filling in the chart gap to $2.35. But the $2.35 level held,and the market was left to trend higher into the closing bell. TheNovember contract settled at $2.432, a 1.8-cent gain on the day.