Point

Citing “current weather conditions” on its system, TGT said it is not allowing Hourly Overrun Transportation, Delivery Point Loan or Imbalance Payback from the pipeline services north of Jeffersontown Compressor Station until further notice.

CIG canceled Wednesday the force majeure that it had declared Feb. 25 at Kim Compressor Station near the Picketwire Constraint point (PWC) in southern Colorado following an unforeseen mechanical outage of one compressor unit. Capacity at PWC was restored to 414 MMcf/d from 355 MMcf/d, CIG said.

CIG canceled Monday the Strained Operating Condition that it had implemented Friday.

Chevron Corp. has backed off an earlier commitment to increase worldwide natural gas and oil production by 3% in the long-term because of the “uncertain point in the global economy,” but 2009 output should jump 4% from 2008 levels because of the slate of new projects nearing completion, CEO Dave O’Reilly said last week.

After allowing a one-day systemwide Stage 2 low-inventory OFO to lapse Friday, Pacific Gas & Electric issued a systemwide Stage 2 high-inventory OFO on its California Gas Transmission system for Saturday. A tolerance of 9% was set for positive daily imbalances, with noncompliance penalties of $1/Dth.

ANR reported that based upon review of its operations and an increase in hydrocarbon dew point (HDP) levels experienced from processing plant operations, it has determined that hydrocarbon liquid fallout is anticipated absent an HDP posting. Thus, effective Friday ANR is establishing an HDP limit of 25 degrees F for receipts between the Defiance and Eunice monitoring points in South Louisiana. This limit, which will not apply to receipt meters flowing 500 Dth/d or less, will remain in effect through Dec. 31, ANR said. See the bulletin board for further details.

Even with their first prior-day futures support in more than a week, cash prices fell at all but one point Friday. Several triple-digit plunges were observed in the West. The market was depressed by the long-standing lack of significant heating or cooling load in most areas, full pipes, rapidly declining storage injection options and the loss of industrial load that accompanies a weekend.

One day after the Dow Jones Industrials recorded one of the largest single-day point losses ever, the feeling on Tuesday was that investors might have gotten a little bit carried away. Bargain hunters rushed to Wall Street and to commodity markets on Tuesday, resulting in significant climbs on the day.

Natural gas futures trading took a back seat Monday to the wild day of action in the expiring October crude contract, which at one point was trading more than $25 higher than Friday’s close. October crude ended up going off the board at $120.92/bbl, up $16.37, or nearly 16% from Friday’s close, while October natural gas gained 13.7 cents to finish at $7.658/MMBtu.