Some cracks formed Thursday in the wall of firmness that the cash market had established the day before, but for the most part severe cold blanketing Canada and nearly all of the Lower 48 states kept a large majority of points rising. A 20-cents-plus screen gain on Wednesday added a bit of extra support to Thursday’s heating load price strength.
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With wholesale natural gas prices trending only one way in the wake of the two Gulf of Mexico hurricanes, Pacific Gas and Electric Co. in San Francisco has established a monthly “Natural Gas Watch” bulletin, and its latest issue Friday cited average retail gas utility bills for its customers in October being up by $17.45/month, compared with October last year. That represents an increase of 70.8%, according to the combination utility.
Even with cooldowns from record-setting heat firmly established in the Northeast and Midwest market areas and trading covering the Saturday-Sunday period when industrial load typically declines, July-ending prices were rising again at a solid majority of points Thursday. A few flat to lower points crept into the overall mix but the majority of points posted gains ranging from 2-3 cents to about a quarter.
Putting in a second “weak” trading day that had some market experts rumbling about an established top, May natural gas futures on Tuesday traveled no higher than $7.585 before settling at $7.572, down 2.2 cents on the session.
Consumer input in decision making, mandatory power reliability standards, coordinated regional planning and clearly established jurisdictional bright lines between federal and state regulators are crucial elements in ensuring that the nation’s future electricity needs are met, a new report issued by a diverse group of power sector stakeholders brought together by the Consumer Energy Council of America (CECA) concludes.
Looking to help bring down wholesale natural gas prices with an infusion of new Pacific Rim supplies into the West, Calpine Corp. has made the import of liquefied natural gas (LNG) a integral part of its fuel strategy and begun very preliminary analysis of a possible receiving terminal in the far northwest corner of Oregon at the mouth of the Columbia River.
With energy trading an established profit center and its South American utility assets on the sales block, Sempra Energy banks its immediate future on its two large California utilities and its looming liquefied natural gas (LNG) and gas storage business, Sempra’s CEO Steve Baum told analysts last week. Baum indicated Sempra is poised to grow no matter what happens in California’s still undecided energy market debate.
With energy trading an established profit center and its South American utility assets on the sales block, Sempra Energy banks its immediate future on its two large California utilities and its looming liquefied natural gas (LNG)/storage business, Sempra’s CEO Steve Baum told analysts Wednesday. Baum indicated Sempra is poised to grow no matter what happens in California’s still undecided energy market debate.
Newfield Exploration Co. has established a new Rocky Mountain focus with the completion of its $574 million acquisition of Inland Resources, a privately held Denver-based producer. The transaction gives Newfield an internally estimated 326 Bcfe of proved reserves and 439 Bcfe of probable reserves.
FERC last Wednesday established a hearing to resolve a flap over Tennessee Gas Pipeline’s bid to build an interconnect to a pipeline along the coast of Louisiana that it jointly maintains and operates with Columbia Gulf Transmission. The Commission, however, suspended the start of the hearing to give the two pipeline companies a chance to work out the dispute on their own before a settlement judge.