Double

Centrica North America, a division of British-based Centrica plc, will double its retail customer base in Canada with the purchase of Calgary-based Enbridge Inc.’s retail energy marketing and business services division for C$1 billion. The transaction is subject to regulatory approvals, and completion is anticipated in the spring.

Western markets rejoined their counterparts in the East as all points registered double-digit gains Monday that were mostly between about 15 and 30 cents. The source of the price strength remained a mystery to several sources who contended that fundamental weather demand was not that heavy outside the Upper Plains, Pacific Northwest and Rockies.

This week’s price rally ran out of steam Thursday with nearly all points declining in double digits. Traders anticipated a moderation of the blast of winter that had invaded most of the nation except for the Southeast and Mid-Atlantic states, and also noted considerable weakness in the natural gas, crude oil and heating oil futures contracts.

After gapping lower for the second-straight session, natural gas futures shuffled sideways within a very tight range Thursday as buyers and sellers were just about evenly matched. However, the price damage that had been done in the overnight access session was undeniable and that weakness proved enough to propel December prices to new 31-month lows at $2.52 shortly after the opening bell yesterday. The contract finished at $2.551, down 12.5 cents for the session and nearly 25 cents beneath Tuesday’s $2.80 close. Heavy estimated volume of 85,193 punctuated the bears’ statement.

Despite double-digit losses in the cash market, natural gas futures finished the week with only a slight downtick Friday as traders were unable for the second day in a row to press prices beneath support at $2.83. The December contract finished the session at $2.925, down 3.5 cents for the day and 32.3 cents for the week. The winter strip followed suit, slipping 2.2 cents to $3.066. However, the rest of the months were resilient to the price weakness, with all contracts from April 2002 forward notching a gain for the session. Trading activity was spare, with as an estimated volume of just 61,836.

After a bumpy ride early last week marked by double-digit price swings, natural gas futures coasted smoothly into the weekend Thursday and Friday as traders elected to wait until a clearer fundamental and technical picture is available. By failing to break out of Thursday’s 15-cent trading range, the December contract notched a second-straight “inside day” on the daily chart. It finished at $3.248, down 4.2 cents for the session Friday, but up 6.5 cents for the week.

Canadian exporters are well on their way to chalking up their 14th consecutive annual record for natural gas deliveries to the United States, according to records kept by the National Energy Board. Export volumes rose 10% to 2.88 Tcf in the first three-quarters of the gas contract year ending Oct. 31, compared to 2.62 Tcf delivered to the U.S. during the nine-month period of Nov. 1-July 31 in 1999-2000.

Canadian exporters are well on their way to chalking up their 14th consecutive annual record for natural gas deliveries to the United States, according to records kept by the National Energy Board. Export volumes rose 10% to 2.88 Tcf in the first three-quarters of the gas contract year ending Oct. 31, compared to 2.62 Tcf delivered to the U.S. during the nine-month period of Nov. 1-July 31 in 1999-2000.

Buoyed by double-digit gains in the cash market, along with the release of another in a string of bullish long-range weather outlooks, natural gas futures erupted higher Tuesday, as traders pressured the market to new four-week highs. The November contract gapped a dime above Monday’s high, and never looked back yesterday, finishing with an impressive 21.4-cent advance and $2.592 closing price. Trading volume was high, with an estimated 90,649 contracts changing hands.