A great majority of the cash market ranged from flat to nearly 20 cents higher Monday as traders watched a skyrocketing screen and heard a great deal of talk about nuclear plant outages. But CIG, Cheyenne Hub and Questar led Rockies/San Juan Basin declines sparked largely by a major one-day constraint on Rockies gas moving eastward and also by light weather load.
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Weakness Dominates Weekend Market at Nearly All Points
With the exception of a few scattered flat to barely lower points, nearly all the market was on the same softening page Friday, showing the most unity of price movement since the previous week. Lack of heating load in many areas, the delayed impact of a bearish storage report Thursday and the demand dropoff typical of a weekend produced overall declines ranging from about a nickel to more than 40 cents but concentrated in the teens.
Futures Flat in Quiet Friday Trade
With little fresh news on which to trade, natural gas futures chopped sideways Friday in light pre-weekend book squaring. Bears were content that Thursday’s gains did not carry over into Friday’s trading. Bulls, meanwhile, rested on their 47-cent gain for the week. May finished at $5.411, down a trifling 0.8 cents for the session.
AGA Estimates Gas Reserves Slipped in 2002
A new study released by the American Gas Association indicates that gas reserve levels remained flat or dropped slightly last year compared to the 183.5 Tcf recorded in 2001. Reserves rose in six out of the last eight years.
AGA Estimates Gas Reserves Slipped in 2002
A new study released by the American Gas Association indicates that gas reserve levels remained flat or dropped slightly last year compared to the 183.5 Tcf recorded in 2001. Reserves rose in six out of the last eight years.
Futures Finish Flat as Bearish Storage and Bullish Weather Cancel Out
After closing below the $5.00 mark last Thursday for the first time since early January, natural gas futures traded quickly sideways Friday as neither bull nor bear could muster the buying or selling required to budge the market.
Overall Softness Expected to Continue for Weekend
With a few flat to barely higher points thrown into the mix, most of the cash market was mildly softer Thursday. A majority of declines were capped at a little more than a nickel, although falls of about 12-15 cents were recorded at scattered points such as Texas Eastern M-3, San Juan-Blanco and the PG&E citygate.
Flat California, Sumas Contrast with Overall Weakness
Although freezing temperatures lingered on in Midwest and Northeast markets, weather-related demand was fading in the rest of the nation Monday, and it was only a matter of time before the Midwest and Northeast got their own warm-ups going. With a highly negative screen providing an extra push over the edge, it was hardly surprising to see cash prices falling between about 15 and 70 cents at nearly all points.
Revenues Rise, But Peoples Energy Posts Flat 1Q Profits
Despite fiscal first quarter 2003 revenues that surged to $549,111 from the $377,548 posted during the similar period of 2002, Peoples Energy reported a stagnant net income of $31 million or $0.87 per diluted share for its first quarter 2003 ended December 31, 2002, compared with $31 million or $0.87 per diluted share last year.
Large Declines in Northeast Lead Continuing Overall Softness
A few flat to modestly higher points were arrayed against a wave of further declines Wednesday. Northeast citygates led the way lower with drops that exceeded half a dollar in some cases, although elsewhere the softness was considerably milder with numbers down between 2-3 cents and about a quarter.