Filling in the gap from the last week of December’s low trade, February natural gas ran up to notch a $6.10 high in Friday morning trade before zigzagging for the remainder of the session. Futures appeared a little confused during the session as scattered weather forecasts pointed to cold weather penetrating the East following the weekend. The prompt month ended up settling at $6.001, down 4.8 cents on the day and 14.8 cents lower than Thursday’s $6.149 settle from the previous week.
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Warmth in Midwest, Northeast Keeps Pressure on Prices
Warm weather and continued strong demand from gas-fired generators filling in for downed nukes and coal units took most of the blame for cash price increases of 5 to 10 cents at most locations and stronger Northeast and Midwest basis on Tuesday. Sable Offshore Energy Project supply remained constrained due to ongoing repairs on a compressor at the Goldboro Plant in Nova Scotia, which held back about 23% (up to 105 MMcf/d) of Maritimes & Northeast volumes.
Allegheny: Unit Filling Power Gap with ‘Costly’ Spot Purchases
The effects of terminations of trading agreements by counterparties left Allegheny Energy Supply short of power during the first two quarters of 2003 and covering these short positions with spot purchases has been more costly than expected due to increases in prices, Allegheny Energy told the Securities and Exchange Commission last Thursday in a filing seeking new financing authorizations as Allegheny looks to stave off joining the growing list of energy companies having to file for bankruptcy.
After Wild Ride, Traders Ponder Next Direction
After gapping higher at the opening bell and quickly filling in a gap from the daily bar chart, natural gas futures shifted lower Wednesday as traders positioned themselves ahead of what could be another bearish storage report this morning. Although the price direction was down most of the day Wednesday, the absence of strong selling allowed the market to escape the session with a modest gain. February finished at $5.161, up 3.4 cents for the day. Volume was moderate, with an estimated 86,303 contracts changing hands.
CA’s ‘Perfect Electrical Storm,’ Has Passed, But What Next?
With the “perfect electrical storm” of 2000-01 having moved past California, and continuing low demand and prices filling the void, what is next on the horizon? The short answer is no one knows, according to an Oakland, CA-based energy consultant who has studied events of the past two years. But some clearer ideas on the physical challenges have emerged, while the state and industry’s economic future is clouded.
Brownell Joins FERC to Complete Commission
Former Pennsylvania regulator Nora Mead Brownell was sworn in as a FERC commissioner last Tuesday, filling out the ranks of the five-member federal agency. Brownell attended Wednesday’s regular open FERC meeting, but did not vote.
Brownell Joins FERC to Complete Commission
Former Pennsylvania regulator Nora Mead Brownell was sworn in as a FERC commissioner yesterday, filling out the ranks of the five-member federal agency. Brownell will be attending today’s regular open FERC meeting, although she has said she will not be voting.
Wanted: 3,000 Field Hands for Canadian Winter Drilling
Canadian production is expected to fall short of filling itsexpanded export pipeline capacity by 1.5 Bcf/d in 2001 and 1 Bcf/din 2002, according to the Canadian Energy Research Institute’s(CERI) annual deliverability survey.
Wanted: 3,000 Field Hands for Canadian Winter Drilling
Canadian production is expected to fall short of filling itsexpanded export pipeline capacity by 1.5 Bcf/d in 2001 and 1 Bcf/din 2002, according to the Canadian Energy Research Institute’s(CERI) annual deliverability survey.
Labor May Play Role in Filling CPUC Seats
Political forces are prevailing over economics in California’songoing efforts to finish the job of unbundling its natural gas andelectricity industries, and no one in the newly elected Gov. GrayDavis’s administration so far is getting involved, according toenergy industry observers in the state capital in Sacramento. As aresult, three months into 1999, the five-member California PublicUtilities Commission is operating with two vacant seats, stillawaiting gubernatorial appointments.