Saying its linepack was low and cold weather was in the Florida forecast for Thursday night and Friday morning, Florida Gas Transmission issued an Overage Alert Day notice for market-area customers Thursday with 20% tolerance for negative daily imbalances.
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With freezes expected to penetrate much of the South Wednesday night and not lightening up much Thursday, there was plenty of cold weather to go around in sending cash prices skyrocketing Wednesday. Triple-digit gains were recorded across the board, and several points soared by $3 or more. The impact on NGI’s Daily Cash Market price chart was significant, with $9 and $10 readings replacing the $7 and $8 marks that dominated trading Tuesday.
As previewed late last week, the Port of Long Beach’s Harbor commissioners Monday night agreed to release a joint draft environmental impact report (EIR) on the proposed liquefied natural gas (LNG) receiving terminal in the harbor and established four public hearings on the document between Nov. 14 and Dec. 1 Comments are due to the port or the document’s joint author, FERC staff, by Dec. 8.
Citing lower linepack and forecasts of near-freezing temperatures in the northern half of Florida Thursday night, Florida Gas Transmission issued an Overage Alert Day notice for its market area Thursday at 25% tolerance for negative daily imbalances.
In declaring that “four years of debate is enough,” President Bush Wednesday night urged both houses of Congress to pass broad energy legislation during the upcoming months.
Noting that freezing temperatures were being forecasted for the northern half of Florida through at least Monday night and that its total linepack was down, Florida Gas Transmission initiated a new Overage Alert Day notice for market-area customers Sunday with 20% tolerance for negative daily imbalances Sunday. The notice was kept in place Monday with tolerance tightened to 10%.
After coming out of the gates lower following the Wednesday night Access trading session, February natural gas used Thursday to tread water as the weather and storage situations continue to play out.
Beginning with Wednesday night’s state-of-the-state address by California Gov. Arnold Schwarzenegger, more information on the state’s energy plans are expected to emerge, along with indications from the state legislature on whether separate new comprehensive energy bills will be pushed separately by the Democratic majority and Republicans. Speculation is high since the governor named two new members of the California Public Utilities Commission late last month.
Pressured by weakness in the Sunday night Access trading session, the natural gas futures market turned lower Monday in sympathy with losses in the crude oil market and amid bearish short-term technical factors. However, chilly temperatures and stronger Northeast cash prices was enough to slow the downside momentum, leaving the April market with a modest 3.6-cent decline and $5.546 close.