Flat

San Diego-based Sempra Energy Tuesday reported flat second quarter results but boosted its 2005 earnings-per-share guidance to $3.20-$3.40 from the previous $3.10-$3.30 range.

The cash market was a mishmash of higher, lower and flat quotes Monday as varying points reacted to a variety of weather outlooks and capacity constraints. There was little consistency of price movement within individual market areas other than the Northeast tending to see the greatest strength and Midwest citygates being solidly softer. The return of industrial load after a weekend hiatus provided a little support in all areas.

Cash prices saw a few instances of flat to moderately higher numbers Tuesday amid an overall slippage that ranged from 2-3 cents to about 30 cents. The sell-off in the futures market slowed Tuesday with the near-month contract dropping only 6.6 cents to $7.586. Quotes were generally only a few pennies lower in the Northeast with slightly larger drops in the Midcontinent, Midwest and Gulf Coast regions, but some western points slid more than 20 cents.

BP plc on Tuesday estimated 2Q2005 oil and natural gas production will be about 4.101 MMboe/d, flat sequentially, but up about 3.5% from the 3.971 MMboe/d reported for the same period a year ago. The London-based major reiterated that its average full-year production is expected to range between 4.1 and 4.2 MMboe/d.

In quiet trading for the Independence Day weekend, prices fell at nearly all points Friday, with a few cases of flat to slightly higher numbers interspersed. Losses ranged from a couple of pennies to about 40 cents.

A few points, nearly all in the West, were flat to up as much as about a quarter Monday, but only one advanced more than a dime. There was a solid retreat across the rest of the market, with losses ranging from less than a nickel to a quarter or so. The Northeast recorded most of the declines of 20 cents or more.

Prices remained mixed in most of the market Thursday, with a majority of points either flat or moving only small amounts up or down. The much-cooled-down Northeast citygates were an exception in recording double-digit losses across the board.

Although its wholesale natural gas costs have remained relatively flat at the $6.50/dth level, NorthWestern Energy on Thursday filed with Montana state regulators for an annual retail gas utility rate adjustment that could increase charges by about 12%. The hike is due largely to the elimination of a rate credit that retail customers have been receiving, the South Dakota-based utility holding company said.

As demand continues to be strong but conventional production stays flat and northern supplies remain uncertain, Canadian authorities are betting that liquefied natural gas import terminals proposed for re-exports to the United States will make it into construction.