Movie

Borrowing the premise from the 1993 movie Groundhog Day in which Bill Murray’s character is doomed to continually repeat the same day of his life forever, natural gas futures traders find themselves continuing to assault $8 psychological resistance in the December contract only to experience the same result each time — failure. On Monday the prompt month reached a high of $8 in afternoon trading before sinking to close at $7.894, up a dime from Friday’s close.

No movie was involved, but “The Big Chill” descended on the Northeast Tuesday and sent delivered prices in New England skyrocketing as high as $30. Outside the Northeast, the market was decidedly mixed around flatness with numbers ranging from a quarter down to half a dollar higher.

California’s movie actor-turned-governor, Arnold Schwarzenegger, late Tuesday targeted energy for job creation, market restructuring and government streamlining as part of his state-of-the-state address to the legislature in Sacramento, kicking off a year in which the state faces unprecedented budget deficits. Schwarzenegger emphasized the need to cut and consolidate government, including oversight of the energy sector.

In an election day promise, Arnold Schwarzenegger, California’s newly elected governor, movie actor and former body-builder, vowed Tuesday to try to use market-based approaches on the state’s ailing wholesale energy markets.

Using the baseball movie Field of Dreams as a metaphor for the energy industry, Ocean Energy Inc.’s CFO William Transier told producers they have to “go the distance” if they believe the North American natural gas market will grow to 30 Tcf within 20 years. By overcoming the challenges, producers can build a “supply of dreams.” But, he warned, it won’t be a shutout.

Using the baseball movie Field of Dreams as a metaphor for the energy industry, Ocean Energy Inc.’s CFO William Transier told producers they have to “go the distance” if they believe the North American natural gas market will grow to 30 Tcf within 20 years. By overcoming the challenges, producers can build a “supply of dreams.” But, he warned, it won’t be a shutout.

Like a monster at the end of horror movie that refuses to die,natural gas futures sprung back to life Friday following Thursday’squiet trading session that led some to believe the bull-run wasover. It didn’t take the market to prove them wrong Friday, as theJune contract gapped higher at the open and then erupted 11.5 centsto close at $3.825.

Gas buyers could have been forgiven Monday for modifying apopular movie’s catchphrase and screaming, “Show me the weather!” Autility buyer reporting “beautiful” conditions outdoors in theNortheast said it seemed odd that prices could continue to rise inthe face of moderate weather in most major market areas outside theSouth. Cash quotes ranged from flat to barely higher at Northeastcitygates to as much as 15 cents up at the PG&E citygate. Mostgains tended to be on either side of a nickel.