Citing mild market area weather and high linepack, Florida Gas Transmission declared an Underage Alert Day Tuesday with 10% tolerance for positive daily imbalances. FGT also said it will be performing unplanned maintenance today and Thursday at an off-system interconnect with Tennessee at Carnes, MS. Interconnect volumes are limited to 30 MMcf/d during the work.
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Articles from Mild
Plant Outage Spurs Rockies Spikes; Mild Rebound Elsewhere
A moderate rally at eastern points Monday, combined with spikes in the Rockies and at the Southern California border, must have surprised at least a few traders who were not anticipating any respite from last week’s softness.
Mild Firmness Marks Most of Weekend Market
A quiet market week showed no inclination for change going intothe weekend. Most points ranged from flat to up a dime, but only afew rose more than a nickel or so. Major departures from theoverall market trend were (where else?) in California, where Malinpushed nearly a dollar higher while the border and PG&Ecitygate slipped about 35-40 cents each.
Storage and Weather Deal Market Combo-Blow
Amid mild weather forecasts and on the heels of another in astring of relatively small storage withdrawals, natural gas futuresprices tumbled lower yesterday as traders continued to liquidatelong positions. The selling was seen in two distinct surges —first on the open as traders increased their activity as pricesdipped to new 3-month lows and then again shortly after the releaseof fresh storage news, when the prompt March contract free-fell 15cents lower from 2:00 to 2:05 p.m. (EST). The March contract closedat $5.146, down 13.2 cents for the session.
Low-Priced Heating Oil Replaces Gas
A mild European winter with accompanying low heating oil priceswas the saving grace for U.S. industrials that took advantage ofthe flood of heating oil imports to switch off high-priced naturalgas. Revised estimates by Raymond James Associates show industrialsswitching at 5 Bcf/d during the coldest part of the winter, ratherthan the 3 Bcf/d originally estimated.
Mild Forecast, Technical Weakness Push Dec. Expiry Lower
Fueled by moderating weather forecasts and following Monday’s21-cent decline, natural gas futures tumbled lower in a classicexpiration-day long liquidation Tuesday, as traders rolled theirprompt month positions into back months. After a back-breakingsell-off in the last five minutes of trading Monday, the Decembercontract gapped lower at the open and tumbled 35.2 cents to itsfinal resting place at $6.016 yesterday.
Mild Weather Again Weighs Heavily on Prices
A popular Mark Twain quotation goes, “Everybody talks about theweather but nobody does anything about it.” Well, utilities andend-users don’t want anybody doing anything at all about theweather because it was the primary reason (again, for the umpteenthtime) for prices to return to double-digit descents Friday in mostcases.
Weather, Crude Oil Pressure Gas Prices Lower
After gapping lower on the open, natural gas prices continueddownward Monday amid weakness in crude oil prices and continuedmild temperatures expected this week and next. Bears saved theirbest for last and punctuated yesterday’s price statement with a4-cent sell-off in the last five minutes of trading. The Novembercontract closed at $5.364, down 17.3 for the session.
Futures Correction Continues Amid Bearish Weather
What do you get when you pair a fizzling Gulf Coast tropicalstorm with mild temperatures across much of the U.S.? If youanswered “lower natural gas prices,” then you were right yesterday.
Mild Firmness Expected to Yield to Price Blowout
This week’s climb in the cash market slowed down Wednesday, butwatch out for the fireworks that are virtually a certainty today.