Dominion Resources Inc. and Consolidated Natural Gas Co. (CNG)have agreed to sell CNG’s Virginia Natural Gas (VNG) distributionsubsidiary in exchange for Virginia regulators’ support for theirproposed merger.
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Prices, Returns Must Rise to Produce 30 Tcf
The magical 30 Tcf annual natural gas market goal is very much arealistic prospect on the demand side, but much more problematicfrom a U.S. supply perspective, according representatives of largeand small producers addressing a national meeting of stateregulators this week.
Futures: What Can’t Go Up Must Come Down
After three consecutive days marked by the bullish pattern ofhigher highs and higher lows, the futures market receded yesterdayon a wave of selling pressure by both commercial and local traders.June wilted into its daily close, tumbling 8.1 cents lower tofinish at $2.262.
Cash Uses Screen as Springboard for Small Increases
Fundamental weather demand didn’t change much, so it must havebeen the impetus from a rising Henry Hub futures contract thatallowed cash prices to post widespread small gains Tuesday, sourcessaid. Few of the increases were much more than 1-3 cents except forSumas, where prices rose as a force majeure remained in effect atWestcoast’s McMahon Processing Plant (see Transportation Notes).
No Holiday Cheer for Producers in Plunging Prices
Producers must have thought the Grinch was stealing Christmasearly when they saw the abyss-like depths to which December swingprices were sinking Monday. “I’ve never seen it [the spot market]dump so hard in my life!” exclaimed a Midcontinent trader.
Pipes Should Drop SFV; Volumetric Rates
If pipelines want the freedom to negotiate competitive deals,they must first get rid of the “most notorious symbol of marketpower” – the straight-fixed variable rate design (SFV) – and offervolumetric rates, Dynegy Marketing and Trade told FERC last week.
August Futures Post Solid Gain
ÿBetter late than never, bullish traders must have thought onTuesday. After posting a extremely light trading session on Monday,the spot August Nymex futures contract exploded 8.0 cents higher tosettle Tuesday at $2.469. The contract managed to hit a high of$2.485 amid a session when a robust 52,644 estimated totalcontracts changed hands.
Price Rout Has Suppliers Hollering ‘Mayday!’
May 1 is known as May Day, celebrated as a springtime festivalin some countries, according to Webster’s. But Friday must haveseemed like “Mayday” (international distress call) to many tradersas they watched cash prices crumble to levels that were virtuallyunimaginable last month. A few Gulf Coast points were sinking below$2 in widely ranging quotes.