Positive

Pacific Gas and Electric declared a new systemwide Stage 2 OFO for Saturday on its California Gas Transmission system, setting penalties of $1/Dth for exceeding a 5% tolerance on positive daily imbalances.

Pacific Gas and Electric issued a systemwide Stage 2 high-inventory OFO for Thursday on its California Gas Transmission system, setting penalties of $1/Dth for exceeding a 5% tolerance on positive daily imbalances.

Pacific Gas and Electric issued a systemwide Stage 2 high-inventory OFO for Thursday on its California Gas Transmission system. The penalty for exceeding a 5% tolerance on positive daily imbalances is $1/Dth.

After ending a high-linepack OFO Friday, Southern California Gas issued another one for Saturday, retaining the same 10% tolerance for positive daily imbalances.

June natural gas futures gained ground Friday as traders cited a lack of sellers, a positive employment report and a market divorced from the shell-shocked petroleum and equities markets.

BP plc’s positive earnings in the first three months of 2010 were smothered last week by the company’s involvement in the Gulf of Mexico (GOM) oil spill, which threatens to cut into the oil major’s future operational performance for months to come and diminish its reputation for even longer.

After allowing a previous high-linepack OFO to expire Monday, Southern California Gas (SoCalGas) declared a new one for Wednesday, setting a positive daily imbalance tolerance of 10%. However, the e-mailed OFO notice did not get sent until shortly after 7:30 a.m. CDT Wednesday morning. Spokeswoman Denise King confirmed that despite the late announcement, Wednesday was the effective date of the OFO. SoCalGas also said Wednesday it had completed the final tie-in of field Line 159 at its Goleta storage facility; the work previously had been expected to last through Friday. The early finish allowed the utility to restore 140 MMcf/d of withdrawal capacity and 60 MMcf/d of injection capacity at Goleta.

BP plc on Tuesday beat Wall Street’s earnings expectations in 1Q2010 by more than doubling adjusted profits from a year ago, but the positive news was overwhelmed by the company’s Gulf of Mexico oil spill, which threatens to cut into future operational performance for months to come.

BP plc on Tuesday beat Wall Street’s earnings expectations in 1Q2010 by more than doubling adjusted profits from a year ago, but the positive news was overwhelmed by the company’s Gulf of Mexico oil spill, which threatens to cut into future operational performance for months to come.