The November aftermarket failed to surprise anyone by startingout Tuesday generally well below monthly indexes andlast-of-October prices. Only the Southern California border andMalin managed to stay close to bidweek levels.
November
Articles from November
Like November, December no Treat for Bulls
Despite a strong showing early in the trading session, naturalgas futures finished lower yesterday as traders grappled withcontinued low seasonal heating demand and an increasingly negativetechnical picture. At the closing bell, the newly crowned spotmonth December was 16.7 cents lower at $4.485, its lowest pricesince mid-August.
CRE Hearing Addresses Rapid Demand Growth
Mexico’s energy regulatory commission, the Comison Reguladora de Energia (CRE), intends to hold a public hearing in November to discuss measures to deal with gas price volatility, strong demand growth and future improvements in Mexican natural gas industry competition.
Canadian Exports Up 12.9% Since November
The optimists are turning out to be right as Canadian naturalgas exports to the United States continue to climb, laying to restpessimistic productivity forecasts a year ago.
FERC Approves Transco’s SouthCoast Project
Williams’ Transco pipeline has received approval for itsSouthCoast Expansion, a project to deliver up to 204 MMcf/d ofadditional supplies starting in November, primarily in Georgia andSouth Carolina. The Federal Energy Regulatory Commission issued acertificate for the project last Monday, accepting Transco’salternate incremental rate scheme, requiring signed 15-yearcontracts for 100% of capacity, and dismissing protests (see FERCDocket CP99-392)
Canadian Exports Up 12.9% Since November
The optimists are turning out to be right as Canadian naturalgas exports to the United States continue to climb, laying to restpessimistic productivity forecasts a year ago.
FERC Approves Transco’s SouthCoast Project
Williams’ Transco pipeline has received approval for its SouthCoastExpansion, a project to deliver up to 204 MMcf/d of additionalsupplies starting in November, primarily in Georgia and SouthCarolina. The Federal Energy Regulatory Commission issued acertificate for the project Monday, accepting Transco’s alternateincremental rate scheme, requiring signed 15-year contracts for 100%of capacity, and dismissing protests (see FERC Docket CP99-392)
Natural Must Re-Vamp Auction Procedures
Natural Gas Pipeline Co. of America’s (NGPL) interpretation of aNovember order addressing its auctioning practices was dead wrong,FERC said last week in denying the pipeline’s request forrehearing.
Futures Rally Then Recede Ahead of AGA Data
The November natural gas futures contract closed down 3.1 centsyesterday at $2.824 after trimming gains notched earlier in thesession. After a spirited sell-off in Tuesday’s Access trading, thenewly crowned prompt month erupted higher Wednesday to print a$2.94 high as buyers picked up contracts which they hope willrepresent bargains heading into the winter heating season. Byafternoon, however, the market banter had turned once again tobearish storage predictions and that pressured the market lower inlight trade.
PDC Hedging at Attractive Winter Prices
Petroleum Development Corp. of Bridgeport, WV, said it haslocked in November to March prices at an average of about$2.95/MMBtu based on NYMEX futures quotes that have reached “thehighest average price we’ve seen for any winter in the past 10years.”