Swing prices exploded Monday in hyper-volatile trading featuring across-the-board multi-dollar gains, with Northeast quotes soaring to peaks of more than $30 in some cases and most Gulf Coast/Midcontinent/Midwest numbers averaging between $10 and $20. The spikes weren’t quite as spectacular in the West, but still impressive as the Rockies market soared to $6-8, Malin peaked at more than $10 and El Paso-Permian was quoted as high as $15.95.
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Natural gas futures exploded to the upside Tuesday morning as traders reacted to private weather forecasts suggesting the December thaw will be short-lived, and temperatures will return to below normal by the end of the month. After gapping higher at the opening bell, the market was quickly whisked above recent highs by buy stop-loss orders positioned in the mid to upper $4.40s. The January contract finished at $4.636, up 27.7 cents for the session and within easy striking distance of six-week contract highs at $4.66.
A railcar containing ammonia and two other chemicals exploded Friday morning at a BASF chemical plant in Freeport, TX, Four employees who received only minor injuries, reportedly were the only casualties. The explosion, which rocked homes and businesses as far away as 50 miles, shut down nearby highways, and area schools and residents were ordered to remain inside because of possible gas clouds.
A natural gas plant in Fort Saskatchewan owned by BP Canada, which had about 160,000 cubic meters of ethane gas in it, exploded early Sunday morning sending a gas plume into the sky that could be seen several miles away. Four workers at the site at the time of the accident were safely evacuated, and an investigation has begun on the cause.
El Paso Energy Corp. clarified Wednesday that what used to be knownas Channel Industries Gas, which exploded Monday evening (see DailyGPI, Dec. 6), is now managed by a unitcalled El Paso Energy Intrastate Co. and has not actually changed tothat name. The instrastate unit refers to it as the A-S Line becauseit runs from Agua Dulce to the Sabine River at the Texas-Louisianaborder. The rupture occurred downstream of the Houston Ship Channelwhere most its major customers are located, a spokeswomansaid. Because of supply re-routing or fuel switching, there are stillno service interruptions occurring or expected, she added. Averagerecent throughput was 400 MMcf/d, the spokeswoman said, but the volumeof gas lost to the atmosphere was unavailable.
A Nova Gas Transmission 12-inch-diameter gathering line explodedSept. 2, causing a fire that injured a pipeline employee. Theemployee was treated and released. The rupture, which occurred onthe northwestern part of Nova’s Alberta pipeline system about 60miles north of Fairview, AB also forced the curtailment of about 50MMcf/d of gas.
A Nova Gas Transmission 12-inch-diameter gathering line explodedover the weekend, causing a fire that injured a pipeline employee.The employee was treated and released. The rupture, which occurredon the northwestern part of Nova’s Alberta pipeline system about 60miles north of Fairview, also forced the curtailment of about 50MMcf/d of gas.
Natural gas futures exploded higher yesterday as traders weredealt a royal flush of bullish factors that included much belownormal temperatures on the horizon for much of the country and anew storm brewing in the Caribbean Sea. After opening at $2.98, theNovember contract moved higher, piercing resistance at $3.03 beforerelaxing to finish at $3.007, up 8.7 cents for the session.