Exceptions

Flat to lower prices at a few scattered points remained the exceptions in an otherwise bullish market Thursday. This time cash numbers could claim support from a prior-day screen gain of 40.3 cents, along with continuing concern about Hurricane Katrina shut-ins and winter supplies, in offsetting weaker weather-driven demand.

While there had been a few exceptions to overall price movement up or down on each day earlier in the week, all points were on the same page Friday in recording losses ranging from a little less than 20 cents to half a dollar.

With few exceptions to the rule, U.S.-based producers reported soaring 3Q income, however, U.S. natural gas production continued to fall, and capital spending for exploration and production dropped for some of the largest operators.

With few exceptions to the rule, U.S.-based producers reported soaring 3Q income, however, U.S. natural gas production continued to fall, and capital spending for exploration and production dropped for some of the largest operators.

The big price run-ups for the last two days of September that had dazzled (and befuddled in many cases) cash traders failed to survive the month-to-month transition, for the most part. In Thursday’s highly volatile trading for the initial October aftermarket, a few scattered points ranged from flat to slightly higher or lower, while Henry Hub and Texas Eastern M-2 were conspicuous with their gains of nearly 15 cents and 20 cents respectively.

With a few western exceptions, swing prices Monday continued the downturn that had started in weekend deals. The market continued to be depressed by the lack of major cooling load outside Florida and parts of the West; in addition, Friday’s screen drop of 13.2 cents was extended by an expiration-day decline of 21.2 cents in the July contract.

With some exceptions in the West, May pricing began Friday anywhere from flat to as much as about a quarter above April-ending levels. Cold weather that had been supporting Rockies prices through Thursday was due to yield to thermometer levels 5-20 degrees above average over the weekend, and thus that region saw most of the losses, topped by dips of about 30 and 15 cents at the highly temperature-sensitive CIG and Cheyenne Hub points respectively.

With prominently plunging exceptions such as Dominion, Niagara, some Northeast citygates and San Juan-Blanco, most of the cash market continued to drive higher Tuesday while residents of the Northeast and Mid-Atlantic began to dig out from under a Presidents Day blizzard that set snowfall records. Advances ranged from about a dime to about 30 cents, with most points measuring their gains in the 20s.