Tax reform is taking front seat to electricity reform in Mexico, and officials say that hope is fading to change the country’s state-run power sector until the next session of congress convenes in September. The current congress adjourns April 30.
Articles from Fading
While the East looked around and, seeing nearly all appreciable weather load fading fast, decided to sit tight or retreat a bit price-wise Wednesday, most western points were soaring in a frenzy of buying. California and Rockies pipes saw spikes that often hit triple digits. Only flatness in the Pacific Northwest and at a couple of Permian Basin points, along with a downturn for intra-Alberta numbers, belied the overall western strength.
For the most part, a bearish trend in the fading December swingmarket once again held sway Thursday. With the continuing exceptionof rises at some Northeast citygates, most points registered pricedrops between about a dime and 50 cents. California, Sumas andTransco Zone 6 (non-NYC) led the way with triple-digit declines.
Feeding off Wednesday’s weakness and reflecting fading concernsthat any of the three tropical systems would reach the gas-richGulf of Mexico, the futures market tumbled lower yesterday as bothcommercial and speculative traders exited long positions. Theresultant price slide left the September contract just penniesabove its $2.90 low for the week and turned several bulls intoshort-term bears. The prompt month finished 8.2 cents lower at$2.948 shortly after notching a $2.93 low late in the session.