Dramatically

Competitive wholesale power markets in the eastern U.S. and Canada produced at least $15.1 billion in customer savings during 1999-2003 and resulted in dramatically improved power plant efficiencies nationwide, according to a study released last Tuesday by Global Energy Decisions Inc.

Calling the period that the energy markets are entering a “dramatically new phase,” Alan Levine, senior vice president of the Morgan Stanley Private Client Futures Group, said higher natural gas prices — mainly above $6 — are likely here to stay.

Calling the period that the energy markets are entering a “dramatically new phase,” Alan Levine, senior vice president of the Morgan Stanley Private Client Futures Group, said higher natural gas prices — mainly above $6 — are likely here to stay.

Energy fundamentals have improved dramatically over the past two years, and the industry is showing renewed vigor and momentum for a long-term recovery, according to a Raymond James energy analyst.

Energy fundamentals have improved dramatically over the past two years, and the industry is showing renewed vigor and momentum for a long-term recovery, according to a Raymond James energy analyst.

For the third Thursday in a row, the natural gas futures market moved dramatically higher following a lower-than-expected storage injection figure. At 10:30 a.m. EDT, the Energy Information Administration reported that 37 Bcf was added to underground storage facilities last week, and by 10:40 a.m. the market was 15 cents higher for the session. From that point forward, natural gas futures battled slowly higher as follow-through buying slightly outmatched profit-taking. At $3.515, September finished up 24.1 cents on the day and just a few ticks below its new, eight-week high at $3.53.

Westcoast declared a force majeure Tuesday at its McMahon Gas Plant after “MEA [monoethanol amine] solution foaming increased dramatically” during Monday evening and Tuesday morning. The foaming reduced McMahon raw gas treatment capacity from 630 MMcf/d to 437 MMcf/d as of Tuesday afternoon. Westcoast said it was acid washing affected MEA contactors, and expected to have full processing capacity restored this morning.

Buoyed by a much smaller-than-expected storage injection figure, natural gas futures spiked dramatically higher in the last 30 minutes of trading Wednesday as traders covered shorts initiated during the long and slow decline over the past nine and a half months. The November contract experienced a blitzkrieg of buying just after 2 p.m. EDT and prices reacted instantaneously, rocketing 32 cents in just in just two minutes and notching a fresh two-month high at $3.00. November finished just off that level at $2.981, up a cool 30 cents for the session.

After gapping dramatically lower on the open, natural gasfutures took on the trajectory of a safe pushed out of a ten-storywindow yesterday as the market dropped to its lowest level sinceNov. 29. The expiring February contract was the hardest hit by theselling, crashing 96.3 cents lower to close at $6.293. The outmonths did not fair much better, as the 12-month strip tumbled$0.49 lower to close at $5.563.