Summertime, and the living is downright hot–finally. Moderate to severe heat was uniform in all areas for a change Monday (even up into Canada, where a Calgary source reported afternoon temperatures in the mid 80s). The cash market responded with across-the-board gains that were mostly in the teens.
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ESAI: Supply is Starting to Outpace Demand
Natural gas demand will rise with growth in electric generation, but gas supply appears to be growing at an even faster pace, according to Energy Security Analysis Inc.(ESAI). The firm said it now expects “continued downward pressure” on gas prices through 2002. It estimates that domestic production, Canadian imports and liquefied natural gas (LNG) will equal an increase in supply of 3.6% in 2001 and 4% in 2002.
ESAI: Supply is Starting to Outpace Demand
Natural gas demand will rise with growth in electric generation, but gas supply appears to be growing at an even faster pace, according to Energy Security Analysis Inc.(ESAI). The firm said this week it now expects “continued downward pressure” on gas prices through 2002. It estimates that the expansion of supplies from domestic production, Canadian imports and liquefied natural gas (LNG) will equal to an increase of 3.6% in 2001 and 4% in 2002.
Double-Digit Injection Prompts Nymex Shorts to Cover
With a twist of irony that made even the most seasoned traders shake their heads, natural gas futures rebounded strongly yesterday afternoon, just moments after fresh storage data was released showing that the year-on-year storage deficit has finally been eliminated. With that the market broke a string of seven-straight Wednesday losses as traders propelled the new prompt month July contract up 17.1 cents to close at $3.981.
Study Downplays Market Power in Western Price Run-up
Market power “is unlikely to be the dominant factor and may not even be significant” in the run-up of power prices in the California market, according to a study prepared by Harvard Professor William Hogan and Scott Harvey, with LECG, LLC, an economic and management consulting company based in Cambridge, MA.
Study Downplays Market Power in Western Price Run-up
Market power “is unlikely to be the dominant factor and may not even be significant” in the run-up of power prices in the California market, according to a study prepared by Harvard Professor William Hogan and Scott Harvey of LECG LLC, an economic and management consulting company based in Cambridge, MA.
Clean Sweep: Nymex Bears Make it Five in a Row Friday
Adding to a string of losses that would give even a Nasdaq bear cause for celebration, natural gas futures funneled lower last week as traders continued to factor in the impact of seemingly plentiful gas supply in a market that currently lacks much of a seasonal demand component. Taking over where the May contract left off, June closed 7.3 cents lower on Friday at $4.867. With that the June contract continued the trend, adding to its week-long string of losses.
SSB Says E&P Shares are on Decline, Buy Now
Even with natural gas and crude oil prices posting slight gains earlier this month, exploration and production (E&P) shares continued their decline as they got caught in the overall down-draft of the market, according to Robert Morris of Salomon Smith Barney (SSB). E&P shares ended the first week of April down 3.5%, on average, while WTI spot crude oil prices gained nearly 3%, and composite spot natural gas prices rose more than 1%.
SSB Says E&P Shares are on Decline, Buy Now
Even with natural gas and crude oil prices posting slight gains last week, exploration and production (E&P) shares continued their decline as they got caught in the overall down-draft of the market, according to Robert Morris of Salomon Smith Barney (SSB). E&P shares ended last week down 3.5%, on average, while WTI spot crude oil prices gained nearly 3%, and composite spot natural gas prices rose more than 1%.
CA Rate Hike May Note Be Enough
Even with the ink still not dry and final allocation stillundetermined on California’s record $5 billion electricity rateincrease approved Tuesday, state officials are already worried thatthe added revenues and state-backed bonds that will follow will notbe enough to pay the state’s wholesale power bill over the next 12to 18 months. However, those dire forecasts assume little or norelief from relentlessly high wholesale prices.