Numbers

Cash gas numbers were pushed higher almost across the board Tuesday by rising power generation load, which also increased electricity prices at most trading pools. Flatness was limited to the Florida citygate and FGT Mobile Bay in the East and to San Juan-Blanco in the West. Otherwise, most points were up between a nickel and about a dime, but larger gains were recorded in the Rockies and at Northeast citygates.

Cash gas numbers were pushed higher almost across the board Tuesday by rising power generation load, which also increased electricity prices at most trading pools. Flatness was limited to the Florida citygate and FGT Mobile Bay in the East and to San Juan-Blanco in the West. Otherwise, most points were up between a nickel and about a dime, but larger gains were recorded in the Rockies and at Northeast citygates.

Despite the positive spin Mirant put on its quarterly earnings report, the numbers show it was a very tough quarter for the energy merchant and power producer. It reported a 9-cent/share ($42 million) net loss after special charges, compared to net income of 53 cents/share ($180 million) in the first quarter of last year. Mirant said its net income from continuing operations exceeded by 10% its prior guidance, but it still fell 35% to 33 cents per share from the 51 cents per share it earned in 1Q2001.

“Flat” was the word of the day in the gas market Thursday. No point varied by more than a nickel from unchanged, and a large majority of them either showed no change or were up or down by only a penny or two.

Except for moderate declines at Northern California points, the market remained bullish for cash traders Tuesday. Rising heat levels in much of the East, Midcontinent/Midwest and Southwest combined with another morning of stronger futures to push cash higher by double digits at nearly all points, sources said.

Canadians are cheering on the tight “continental” natural gas market in growing numbers, as gains owed to high sales volumes and prices — driven by expanding exports to the United States — spread and multiply. The seller’s market for gas is behind Alberta government projections of a stunning budget surplus in the range of C$10-$12 billion (US$6.8-$8.2 billion) for the fiscal year that ended March 31 — or about C$4,000 (US$2,750) each for every man, woman and child living in the province. Virtually all the surplus is owed to oil and gas royalties, and the gas share of them is about 70%.

Canadians are cheering on the tight “continental” natural gas market in growing numbers as gains owed to high sales volumes and prices — driven by expanding exports to the United States — spread and multiply. The seller’s market for gas is behind Alberta government projections of a stunning budget surplus in the range of C$10-$12 billion (US$6.8-$8.2 billion) for the fiscal year that ended March 31 — or about C$4,000 (US$2,750) for every man, woman and child living in the province. Virtually all the surplus is owed to oil and gas royalties, and the gas share of them is about 70%.

Except for still-exploding Northern California numbers, the cash market was mostly in standpat mode Thursday. Eastern prices tended to move little if at all, and there was generally moderate softness in the Southwest basins and Rockies.

Except for falling San Juan Basin and Malin numbers, prices sawfairly substantial rebounds in post-weekend trading Monday. Coldweather prevailing throughout most of the eastern U.S., highlightedby a potentially severe winter storm developing in the Northeast,plus a large loss of offshore production, were primarilyresponsible for the firmness, sources said.