Highest

After raising its IT availability into the Zone 6-NYC pool to itshighest level in more than a month Tuesday (see Daily GPI, Jan. 11), Transco said that effectiveFriday there will be only about 25,000 dth/d of IT available throughthe Linden (NJ) Regulator Station and zero IT upstream of Station 90and on the Leidy Line for deliveries downstream of Centerville, NJ.

After a spirited rally Tuesday that propelled the Augustcontract to its highest level since July 15, the market took abreather Wednesday as traders elected to wait on the sidelinesahead of fresh fundamental news. The prompt month finished down 0.6cents at $2.394 in choppy, range-bound trading.

For the second day in a row, the futures market raced off to afast start as steady buying bolstered prices to their highest marksince December. But in contrast to Tuesday’s price action, whichfeatured the May contract finishing near its daily high,Wednesday’s rally ran into heavy overhead selling that trimmedthose gains into the close. May finished up 3.5 cents to $2.013,after notching a $2.07 high.

Vastar Resources replaced 215% of its 1998 production with newreserves, its highest-ever reserve replacement rate. Provedreserves additions totaled 1,052 Bcfe, or 1,023 Bcfe inclusive ofdivestitures. Year-end total reserves were a record 3,700 Bcfe, up17% over the year-end 1997 base. Average reserve replacement costs,including acquisitions, were $1.11/Mcfe.