Negative

Florida Gas Transmission issued an Overage Alert Day notice with 10% tolerance for negative daily imbalances Tuesday. “Please be advised that FGT’s capacity is being fully utilized and with current events considered, there are reports that gas trading activities may be difficult,” the pipeline said in its bulletin board posting.

Following on the heels of Thursday’s measly one-day, 0.2-cent price retracement, natural gas bears were up to their old tricks Friday as they pressured the futures market to a gap lower open on the daily charts. However, that would prove to be just about the extent of the selling because prices were able to ratchet higher from that point forward as traders covered shorts amid constructive weather outlooks. The October contract finished 1.5-cents weaker at $2.38 in holiday abbreviated trading.

Due in part to the company’s limited exposure in California and “overdone negative market sentiment” pertaining to the decline in spark spreads and fears of regional capacity overbuild situations, UBS Warburg analyst James Yannello said Dynegy is a company that is on the move, upgrading its rating from ‘buy’ to ‘strong buy’ last week.

Florida Gas Transmission extended an Overage Alert Day notice through at least Wednesday but loosened the tolerance for negative daily imbalances from 10% to 15%.

Its merger with MCN Energy had a significant negative impact on second quarter earnings, DTE Energy reported, but it was able to partially mitigate the impact of electric restructuring costs. It also expects improved results during the third and fourth quarters.

Florida Gas Transmission extended an Overage Alert Day notice for its market area through at least Tuesday but loosened the tolerance for negative daily imbalances from 10% to 15%.

Florida Gas Transmission extended an Overage Alert Day notice through at least Tuesday, maintaining the tolerance for negative daily imbalances at 10%.

Florida Gas Transmission issued an Overage Alert Day notice Monday with 10% tolerance for negative daily imbalances. The pipeline said its capacity was fully utilized and overall linepack was lower while warmer weather was being experienced in the market area.

Despite their success in keeping the market in negative territory for most of Thursday’s trading session, natural gas bears had very little to show for their efforts. Since plummeting 13 cents in the minutes following a larger-than-expected storage injection Wednesday, July natural gas futures have actually gained ground, with prices rising late Wednesday and then hanging around the $3.80 level yesterday. Although the change column shows a 1.1-cent decline for the day, it belies the market’s inability not only to test support at $3.67, but also to make a lower-low on the day.