Although the cash market was set to fall significantly Fridayand did not disappoint, many traders were uniform in theirassertion that it could have been worse. A rising futures screen inthe afternoon combined with a bullish National Weather Service six-to 10-day forecast to cause both late jumps in cash prices andanticipation of further increases this week.
Articles from Hope
For the second trading session in a row, early selling pressurewas reversed in afternoon trading allowing the market to close nearits daily high. The July contract notched a $2.325 low both Fridayand Monday, but settled back up above $2.37 both days. Evenestimated volume figures were similar with yesterday’s 43,630falling just short of Friday’s 45,070 mark.
Hungry for gas service in its northeastern region, NorthCarolina is dangling a $200 million carrot before the industry inthe hope of attracting new infrastructure development. Theenticement has attracted the attention of Williams GasPipeline-Transco and six others who recently filed to express theirinterest to the North Carolina Utilities Commission.
It is said that first impressions are lasting ones, and bulltraders hope that adage applies also to futures contracts,following the market’s dramatic price rally as February’s debutedas the spot month yesterday. February opened Wednesday at Tuesday’shigh and moved 10.5 cents higher for the day to finish at $1.886.At 44,020, estimated volume was light considering the double digitprice move.
Providing retail gas customers a choice of suppliers via theInternet is a distant hope of some visionaries in the gas industry,but pioneers at Bay State Gas already have made it happen. TheMassachusetts distributor has upgraded its interactive web site toallow customers to shop for suppliers competing in its supplierchoice pilot program and to provide an easy method for suppliers toenroll new customers and check their daily pooling requirements.The web site also offers customers the option of checking their gasusage, reviewing their bills, and buying additional products andservices.
The Clinton Administration’s electric restructuring proposalreleased this week faced immediate praise and vilification bylobbyists and legislators. “I appreciate the apparent progress onthe Administration taking a position,” said Sen. Frank H. Murkowski(R-Alaska), chairman of the Senate Committee on Energy and NaturalResources. “But the devil’s in the details-and we don’t yet havethe details since DOE has yet to provide Congress with its specificlegislative proposal.” When that is provided “we can begin holdinghearings on their measure and the other bills before the EnergyCommittee,” he added