Prices continued to fall at nearly all points Friday due to generally mild weather forecasts and the previous day’s 9.4-cent decline by May futures. The typical weekend decline of industrial load was an additional bearish factor.
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Dominion’s 4Q Earnings Increase Despite Economy, Weather
Despite absorbing the two-headed blow from mild weather and the economic recession, Richmond, VA-based Dominion Resources posted 4Q2008 unaudited net income of $348 million, or 60 cents per share, up 16% from net income of $299 million, or 52 cents per share, for the same period in 2007.
Midcontinent, West Strong Again, Most of East Softer
Thursday’s cash market largely resembled the one a day earlier, with mild softness dominating in the East outside the Midcontinent and the West and Midcontinent continuing to see mostly strong increases. The primary differences were that virtually all western points advanced Thursday, and there were several flat to slightly higher locations in the Gulf Coast and at Midwest and Northeast citygates.
Most Prices Drop; Northeast Point Hits $11
Prices fell at most points Friday due to cool but relatively mild weekend weather being predicted across the southern third of the U.S., a small prior-day futures decline and the dropoff of industrial load over a weekend. Northeast citygates, forecast to see sub-freezing lows Saturday, realized gains of up to nearly 75 cents. Three flat points in the Midcontinent/Midwest also were exceptions to the overall softness.
WxRisk Forecast: Winter Weather to Remain Mostly Mild
Weather during the coming winter months will be mild but active, with above-normal temperatures across the deep South, Mid Atlantic and New England regions, according to forecasters at WxRisk.com.
Most Prices Up, But Rockies Crash and Burn Again
Prices rose moderately in most of the cash market Monday despite generally mild weather forecasts, but for the third week in a row quotes plunged to sub-dollar levels in the Rockies. A series of pre-dawn explosions on several gas pipelines in Mexico helped stoke some bullish sentiment as U.S. gas may be called upon to help replace Mexican supply shortfalls, although the U.S. export capability is limited (see related story).
Mixed Pricing Mostly Higher; Dean Evacuations Start
Despite mild weekend weather forecasts for northern market areas, most points rallied Friday as concerns about potential supply disruptions by Hurricane Dean in the coming week spurred purchases targeted for storage injections. Although heat levels were receding slightly in some sections of the South, especially west of the Mississippi River, they remained high enough there and in the desert Southwest to keep cooling load at respectable levels.
Most Prices Fall; Mild Firmness Evident at Some West Points
As expected, Thursday’s 17.8-cent advance by August futures was outweighed in Friday’s cash market trading by relatively mild weather outside the interior West and the loss of industrial load over a weekend. The result was falling prices at nearly all points. Flat to a little more than 20 cents higher quotes at several western points kept mixed price movement in play.
IEA: Global Gas Supplies Tight; Henry Hub Is Price to (Easily) Beat
A “very mild winter” in 2006-2007 took a lot of pressure off gas demand in what is becoming a strong suppliers’ market, according to a new report by the International Energy Agency (IEA), “Natural Gas Market Review 2007.” However, the study also found that the supply-demand balance is still tight.
IEA: Global Gas Supplies Tight; Henry Hub Is Price to (Easily) Beat
A “very mild winter” in 2006-2007 took a lot of pressure off gas demand in what is becoming a strong suppliers’ market, according to a new report by the International Energy Agency (IEA), “Natural Gas Market Review 2007.” However, the study also found that the supply-demand balance is still tight.