Adding to losses notched in Monday’s open-outcry session,natural gas futures gapped lower at the open yesterday and neverlooked back, as traders liquidated positions ahead of today’sstorage report. The February contract took the selling squarely onthe chin, tumbling 51.1 cents to close at $6.946. Estimated volumewas weak as only 42,671 contracts changed hands.
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Reactions Mixed to California Governor’s Plan
While careful not to use the word “re-regulation” CaliforniaGov. Gray Davis on Monday clearly indicated his desire to give thestate more direct control over energy operators, utilities and theusage of all the state’s 34 million residents (see Daily GPI, Jan. 9). He barely had time to clarify orget reactions for his plans before flying to Washington, D.C., wherelate Tuesday he huddled with Clinton Administration and industryofficials.
Expanding Cal-ISO Cap Draws Mixed Reviews
Independent power marketers are opposed to any extension of theCalifornia Independent System Operator’s (Cal-ISO) purchase pricecap authority, saying it would give the Cal-ISO “unfettered”control over wholesale electric market prices in the state. Butinvestor-owned utility, Southern California Edison, and theCalifornia Power Exchange (Cal-PX) see an upside to the Cal-ISO’srequest.
Prices Mostly Flat But Mixed With Big Gains, Losses
The cash market was a mix of ups and downs as far as priceaverages went Thursday, but sources agreed that the overall trendwas downward as trading proceeded through the morning. Flat quotesdominated again at many points, while sizeable gains and losseswere scattered.
Weekend Market All Mixed Up; Keith Debuts as Storm
In the hodgepodge of trading for split weekend periods Friday,little trend was evident other than the October aftermarket wasstarting out below indexes in nearly all cases. However, a fellownamed Keith could play a large part in reversing the generallysofter market as early as today.
Weekend Market Mixed; Tropical Storm Alberto Debuts
The bullishness that had been a feature of the cash market sincemidweek slowed down considerably Friday. Most eastern points rangedfrom flat to about a nickel higher, while several Northeastcitygates joined the Rockies and Southern California border insmall declines.
Prices Down as Anticipated; Weekend Expectations Mixed
Cash prices plunged as expected Thursday, with nearly everypoint in all markets down between 20 and 30 cents.
El Paso Allocation Case Elicits Mixed ADR Reviews
A group of natural gas producers has called on FERC to step in and settle once and for all the controversial issue of re-designing the capacity-allocation procedures of El Paso Natural Gas so that “firm” capacity on El Paso would really come to mean firm, and the practice of overbooking firm primary transportation capacity would become history at the pipeline’s SoCal/Topock delivery point into California.
Cash Mixed, But Screen Seen Boosting All Points Today
With a weaker screen during the morning and not a lot of solidweather load emerging from the weekend, most of the East was flatto down a few cents Monday. Western points continued a now-familiarpattern bracketing weekends: having suffered the biggest drops onFriday, they saw the biggest rebounds on Monday.
Big Futures Jump Likely to Give Boost to Cash
The cash market was very much a mixed bag Monday, with largerebounds in the West arrayed against small price movements up anddown (but more down than up) in the East. However, because thegreat majority of the screen’s dazzling display of strengthoccurred following the close of cash business, sources found reasonto expect a bullish market in physical gas today even without muchweather-related support.