BP plc remained atop the leader board for physical natural gas sales in North America in the first quarter, with 24.5 Bcf/d in gas sales, a 22% hike year-over-year. Sempra Energy retained second place, gaining 1% in gas sales over 1Q2003.
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BP Leads 1Q Gas Sales, But Parity Shows Signs of Returning
BP plc remained atop the leader board for physical natural gas sales in North America in the first quarter, with 24.5 Bcf/d in gas sales, a 22% hike year-over-year. Sempra Energy retained second place, gaining 1% in gas sales over 1Q2003.
SoCal Border Plunge Leads Weekend Softening
In a quiet weekend market prelude to the beginning of June bidweek, prices fell in mostly moderate amounts Friday. However, OFOs declared for Saturday by both of California’s huge distributors (see Transportation Notes) had an impact felt throughout much of the West, where all of the declines of more than 20 cents were recorded.
Fading Support Leads to Swing Cash Softness
The western heat and Midwest/Northwest cold that had combined with energy futures strength to push prices higher earlier in the week were unable to sustain further increases Wednesday. Moderating weather trends and an initially softer screen caused swing quotes to range from flat to a little more than 15 cents lower; most dips were mild at less than a dime.
Busy Week Leads to Futures Confusion Friday; Settlement Up 4.7 Cents
After closing down 16.8 cents at $5.765 on Thursday, the natural gas futures May contract went for a run Friday morning, notching a high of $5.920 in morning trading, before settling down to close at $5.812, up 4.7 cents on the day.
Winter Still Around; Northeast Leads Continued Gains
Friday’s nosedive in petroleum-based energy futures (along with a modest retreat in the natural gas contract) failed to exercise its usual belated “following the screen” appeal in Monday’s cash market. Instead, physical prices extended their weekend gains Monday, boosted by fresh incursions of winter weather in the northern market areas and in the late going by renewed surges in Nymex’s energy products.
Power Generation Business Leads TransCanada Improvements in 2003
TransCanada PipeLines broke with tradition in letting its power business take the spotlight last year. The company said Tuesday that it raised its dividend by C2 cents/share to C29 cents and reported higher net income for the fourth quarter and the full year of 2003 mainly due to improvements made possible by its power plant acquisitions. Its full-year C$1.66/share earnings from continuing operations beat analysts estimates of C$1.59/share.
Power Generation Business Leads TransCanada Improvements in 2003
TransCanada PipeLines broke with tradition in letting its power business take the spotlight last year. The company said Tuesday that it raised its dividend by C2 cents/share to 29 cents and reported higher net income for the fourth quarter and the full year of 2003 mainly due to improvements made possible by its power plant acquisitions. Its full-year $1.66/share earnings from continuing operations beat analysts estimates of $1.59/share.
NYC Leads Northeast Uprising; Other Regions Mildly Softer
The Big Apple was where the big prices were Monday. Transco’s Zone 6-New York City pool spiked as high as $18 and rose more than $2 on average to lead more modest gains at most other Northeast points as a new winter storm took aim at southern portions of the region. However, spreading cold in the rest of the U.S. gave little price support to the general market, which ranged from a few cents higher to down about 15 cents.
Northeast Keeps Plunging, Leads Overall Market Lower
The cash market was predictably weaker Friday, with continuing triple-digit and quadruple-digit plunges at Northeast citygates leading the trek downward. Non-Northeast losses were as small as a nickel, but mostly ranged between 20 and 90 cents.