It was pretty much a nothing day at the New York MercantileExchange on Friday, as the spot June contract could only move 2.2cents lower to settle the day at $2.178. Trading was limited to atight 4 cent range.
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British Columbia Development on the Move
The apparent success of the Alliance Pipeline Project islighting a fire under government and industry plans to build upnatural gas production behind its starting point, in northeasternBritish Columbia, into a mainstay of supplies for markets east ofthe Rocky Mountains.
Northern Border Will Jiggle Market
The coming Foothills/Northern Border expansion will impact gasprices and gas flows in several ways, according to a new report byPIRA Energy Group. Foothills/Northern Border will carry 700 MMcf/dfrom Alberta to the Midwest. Completion is expected Nov. 1.
Edison Buys Options on 740 Bcf to Hedge Power Sales
In a move that could be replicated as other states open theirelectric markets, Southern California Edison, the nation’s secondlargest electric utility, has purchased options on 740 Bcf offuture natural gas supplies for an undisclosed price as a means ofhedging against what is expected to be a highly volatile wholesaleprice for electricity in California’s newly established mandatorywholesale spot market, called the Power Exchange (PX).
April Futures Reach Key $2.30 Level
The April Nymex contract gained another 6.1 cents to $2.300 onThursday, as the contract continued to move higher following thebreakout from its recent technical trading range. Despite thestrong rally and heavy estimated volume of 72,113 contracts, theupsurge stopped just short of breaking through its next resistancelevel at $2.305.