The Bonneville Power Administration says that customer demandunder new 10-year wholesale power contracts is so strong that itwill have to purchase power on the open market to augment itssupply. To recover its costs, BPA also proposes to add a 15% chargeonto its wholesale rates going into effect Oct. 1, 2001.
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Despite Promising Open, Futures Shuffle Lower Early
After opening on a strong note, natural gas futures tumbledlower in the first half-hour of trading Monday as traders tookprofits following Friday’s surprising 17.1-cent rally. However,once December had etched a $4.80 low for the day, the market wasleft to chop lazily sideways for the rest of the session. Theprompt month finished at $4.849, down 8.2 cents for the day.
Futures See-Saw in Typical Pre-Expiration Volatility
After gapping higher on the open and racing to new highs,natural gas futures were hit with a powerful wave of selling latein the session that trimmed most of yesterday’s gains and lefttraders wondering if more selling is in store for the market on itsexpiration day today.
Open Season on Increased Rate Plans
From coast to coast, utilities and local distribution companies(LDCs) are preparing for the peak natural gas-usage season thiswinter by filing rate hikes with regulators, and bracing theircustomers for inflated gas prices that are still to come.
Options, Fund Buying Nudge Futures Higher
Natural gas futures sagged at the open and then again at theclose yesterday, but in between the price action was positive astraders continued to grapple with disequilibrium of supply anddemand in the physical market. The September contract finished at$4.685, up 5.7 cents on the day and just to the north of the centerof its wide, 20-cent range. Estimated volume was healthy withoptions-related futures dealings boosting the number of contractsthat changed hands to 73,860.
Millennium’s Proposed Route Change Unpopular in NY
If the new route variation that Millennium Pipeline Co. L.P. hasproposed for its facilities in Westchester, NY, were a Broadwayshow, it probably would open and close on the same night, criticscontend.
Millennium’s Route Change in NY Unpopular
If the new route variation that Millennium Pipeline Co. L.P. hasproposed for its facilities in Westchester, NY, were a Broadwayshow, it probably would open and close on the same night, criticscontend.
Sub $4.00 Futures? Not So Fast..
Natural gas futures gapped lower on the open for the second dayin a row Tuesday, but unlike Monday’s session that saw pricescontinue lower, prices rebounded throughout the day yesterday tofinish in positive territory. After putting in a $3.92 low justminutes after the opening bell, the August contract was boosted bya round of short-covering which deposited the prompt month 4.2cents higher to close at $4.044.
Summit an Eye-Opener For Suppliers, Users
The one-day “Natural Gas Summit” held yesterday in Coloradoturned out to be quite an eye-open for industrial gas customers andsuppliers alike, according to participants.
July Unloads 34.9 Cents, Drops Below $4
Futures succumbed to another major technical correctionyesterday as the July contract gapped 2.5 cents lower at the openand dropped a dime early on before plummeting after the AGA gasstorage report came out at 2 p.m. At the end of the regular tradingsession, July was down 34.9 cents, August had dropped 35.1 centsand September was off 33.1 cents. The July contract had a 39-centrange for the day, trading as high as $4.335 and as low as $3.930.