For the second day in a row the futures market openeddramatically higher en route to posting a $2.08 daily high in thefirst hour of trading. And similar to Wednesday’s topsy-turvysession, no new buying was seen to help lift the May contract overresistance in the $2.07-09 area, which paved the way forprofit-taking activity yesterday afternoon. However in contrast tothe day prior, Thursday’s trading saw a late rally, which buoyedthe market into settlement and put a positive spin on the day’sevents. The May contract finished up 4.5 cents to $2.069.
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Articles from High
Vector Continues High-Speed Progress
While most of the Vector Pipeline project remains dormant,Vector Pipeline L.P. recently announced an open season forshort-term firm transportation service from its proposedinterconnect with Michigan Consolidated Gas at Belle River, MI, tothe Union Gas Ltd. system at Dawn, ON. The company also said itexpects final regulatory approval for the entire Chicago-to-Dawnproject from both the Canadian National Energy Board (NEB) and theU.S. Federal Energy Regulatory Commission (FERC) by early April.
February 22, 1999
No Expiration Day Heroics for Beleaguered Bulls
Natural gas futures at the New York Mercantile Exchange haveconsistently featured choppy trading, high daily volatility, andprice erosion for the last several months. And expiration dayTuesday was no different as traders tested both sides of a largetrading range before depositing the January contract 2.3 centslower to its final resting place at $1.765. And in doing so, theJanuary contract tumbled over a half dollar during its reign as theprompt month.
December 30, 1998
Energy Industry to Have Friend High in House
The anticipated election of Rep. Robert Livingston (R-LA) as thenext speaker of the House of Representatives could be very good forthe natural gas and oil industries.
November 10, 1998
Futures Receive Boost from Rocketing Cash Prices
High volatility continued in the natural gas pit Tuesday whentraders tested both sides of the market during a session that sawlittle in the way of fresh fundamental news. In the end, supportivecash prices-that were up 20 or more cents in mostlocations-provided the incentive for futures to trend higher. TheDecember contract led the way, eeking out a 4.9 cent gain to settleat $2.436 in light to moderate trading activity yesterday.
November 4, 1998
Short-Covering Spurs Late Rally in Futures
High intra-day volatility continued at Nymex Tuesday whennatural gas futures came under selling pressure early in the dayonly to rebound late in the trading session to nearly unchangedlevels. Weak cash market prices were the talk of the market in themorning and it wasn’t until after pipeline nomination deadlines at12:30 PM eastern that futures were able to begin to recoup losses.The November contract settled for the day at $2.084, down 0.5 centsfor the day.
October 14, 1998
Offshore Rig Rates Falling Fast on Soft Prices
It wasn’t long ago that producers bemoaned sky-high offshore rigday rates and said a turnaround in climbing rates was needed toprevent harm to the industry. Well, that turnaround seems to beunderway.
October 12, 1998
Transportation Note
Citing continuing reduction of capacity by unseasonably hightemperatures, PG&E Gas Transmission-Northwest said it wouldagain be necessary to limit volumes today to 2,450 MMcf/d atKingsgate and to 1,870 MMcf/d at Station 14 (the last one upstreamof Malin) in order to return the system to optimum performance.
September 9, 1998
FERC Fact-Finding Team to Probe High Power Prices
FERC Chairman James Hoecker announced yesterday the Commissionhas formed a fact-finding team to delve into the events thatprecipitated the pricing turbulence and volatility in the Midwestelectricity market in late June.
July 16, 1998
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