Disrupted

With all of its previously disrupted assets in service and the expansion of its East Texas gathering system completed, DCP Midstream Partners was able to slash quarterly losses, reporting a net loss of $42.1 million (minus $1.41/share) in 2Q2009, compared with a net loss of $153.1 million (minus $5.67) in 2Q2008.

With most of North America under siege from extreme cold and winter storms that caused power outages, disrupted transport to work or school and resulted in numerous flight cancellations, the cash gas market responded with a continuing ascent of prices at nearly all points Wednesday. Several gains were measured in triple digits in the Northeast and Gulf Coast.

Flows to some customers of distributor Cascade Natural Gas weredisrupted Saturday when Northwest Pipeline’s 22-inch mainlineruptured near Pendleton, OR.

Surprise, even shock, are common reactions to what occurs on the New York Mercantile Exchange on expiration day of a spot month gas futures contract, but yesterday many natural gas traders must have come close to suicidal trauma. Not because of price volatility, however. At about 1:50 p.m. EST, someone at the Teleport Communications Group, the telephone carrier that serves the trading floors of the New York Mercantile Exchange, pulled the plug. All commodity trading, including of course gas futures, screeched to a halt, creating a hair-raising state of panic.