Dominated

As a whole, U.S. utilities (energy and water) last year struck more of a balance in their collective credit ratings, but credit rating downgrades dominated again, according to the annual survey for 2005 by Standard & Poor’s Ratings Services. S&P recorded 46 downgrades in 2005, compared to 36 upgrades; in the fourth quarter the ratio was 19 downgrades to 9 upgrades.

Triple-digit price increases dominated the cash market Monday as Hurricane Katrina caused the shut-in of 8.3 Bcf/d, or more than four-fifths of Gulf of Mexico (GOM) natural gas production. Questar was the only pipe that failed to break the $9 level, and $10-plus averages were rampant throughout eastern markets.

The mixed prices that dominated last week’s market were back Wednesday. Most quotes were less than a dime up or down from unchanged and reflected a moderate bias to the downside. Market influences were largely the same as on Tuesday: a decline in cooling load since the week began and screen weakness the day before.

Flat to moderately lower pricing dominated the cash market Monday, with larger losses at Midwest/Northeast citygates and some single-digit gains in the Midcontinent, Southwest basins and Southern California border breaking up the overall trend.

Small single-digit advances dominated the market Monday as (1) industrial demand picked up again after the holiday weekend, (2) futures remained supportive of physical prices and (3) a cold front invading the Midwest from Canada late last week had spread southward to Texas and eastward into the Mid-Atlantic and Northeast.

For the third day in a row, flat pricing dominated the cash market Thursday. A bit of approaching moderation of winter weather in the Northeast was approximately balanced by the previous day’s strength throughout Nymex’s energy futures group.

On a day when the Aug. 14 blackout dominated Capitol Hill, a major interstate natural gas pipeline group last Wednesday urged the top energy lawmakers in the Senate and House not to overlook the importance of natural gas as they move to conference on a comprehensive energy bill, particularly its role in producing electricity.

On a day when the Aug. 14 blackout dominated Capitol Hill, a major interstate natural gas pipeline group Wednesday urged the top energy lawmakers in the Senate and House not to overlook the importance of natural gas as they move to conference on a comprehensive energy bill, particularly its role in producing electricity.

Appropriately for the first full day of spring, moderate springtime weather dominated both Friday’s weather picture and the weekend outlook. That was reflected in cash prices ranging from flat to down nearly 30 cents. Declines in the middle (a dime to 20 cents) were in the majority.