Delayed

The downhill slope for late-April swing prices got even slipperier in many cases Tuesday. In a delayed response to the expiration-day plunge in May futures and cognizant of the dearth of weather-related load in virtually every market, month-ending prices fell between about a dime and more than half a dollar, with San Juan gas again joining the Rockies in taking the biggest hits.

With an upbeat conference call and better-than-expected earnings for the first quarter, Dynegy Inc. swung to a profit for the first time in over a year, and further encouraged investors that it now expects to surpass 2003 guidance. The sector-leading stock soared, with more than 34 million shares exchanging hands, sending Dynegy up 25% to close at $4.70 — its highest level since July 18, 2002, when it closed at $4.50.

Tennessee delayed a project to abandon certain facilities associated with Line 527A-300 offshore Louisiana until April 28-May 13. The work previously had been scheduled for April 23-May 8 (see Daily GPI, April 10).

In a delayed reaction to bearish storage data released Thursday that revealed the first net refill of the 2003 injection season, natural gas futures dipped lower Friday as commercial traders continued to liquidate their long positions. Not even double-digit rises in physical market prices could support May futures, which lacked originality by closing at the same price — $5.146 — as the final expiration of the April contract Thursday. At 44,630, estimated volume was extremely light ahead of the weekend.

The philosophical split on the California Public Utility Commission surfaced again last Monday in a year-end business wrap-up meeting in which a more than year-old order for implementing a Southern California Gas Co. settlement leading to the restructuring of its markets was effectively “nullified,” in the words of one of the state regulators.

The contentiousness and philosophical split among the five member California regulatory commission surfaced again Monday in a year-end business wrap-up meeting in which the more than year-old order for implementing a Southern California Gas Co. settlement leading to the restructuring of its markets has been effectively “nullified,” in the words of one of the state regulators.

In concert with tumbling crude oil prices, natural gas futures cascaded lower in two distinct selling waves Monday as light profit taking enabled the market to fill a key gap left on the daily chart from mid-December. The February contract finished at $4.80, down 22.2 cents for the session. With just 32,305 changing hands, estimated volume was light, especially considering the size of the price move. Natural gas futures will cease trading at 1 p.m. EST Tuesday and re-open with Access trading at 7 p.m. Wednesday.

WGL Holdings, Inc. said Tuesday it has delayed releasing its company’s earnings due to a notice of hearing issued by the Public Service Commission of the District of Columbia. The hearing will look into the basic rates, charges and terms and conditions of service of its subsidiary, Washington Gas Light Co.

With El Paso Natural Gas and its full requirements (FR) customers scoreless after several months of negotiations, FERC last week sent the two sides into extra innings. The Commission on Wednesday pushed back the deadline for the planned system-wide conversion on El Paso of FR service to contract demand (CD) service from Nov. 1 of this year to May 1, 2003, allowing existing CD shippers whose transportation capacity may be subject to pro rata cuts during the interim period to receive demand charge credits.