Prevented

Only the Florida citygate’s drop of a quarter prevented an across the board cash rally Thursday that was largely abetted by a 21.1-cent gain in November futures the day before and to a lesser degree by modest to occasionally substantial heating load in most areas outside the desert Southwest.

In a split decision, the Ninth U.S. Circuit Court of Appeals last week rejected a request to expand an injunction that would have prevented coalbed methane (CBM) development on additional lands in the Powder River Basin in Montana and Wyoming.

In a split decision Tuesday, the Ninth U.S. Circuit Court of Appeals rejected a request to expand an injunction that would have prevented coalbed methane (CBM) development on additional lands in the Powder River Basin in Montana and Wyoming.

Several moderate gains in the Rockies and a few other instances of flat quotes prevented an across the board run of price softness Thursday, but it was clear that the cash market was weakening as a large majority of it recorded falling numbers. Power generation buying for cooling load is dwindling across the southern U.S., and heating load in northern market areas is fairly minimal and largely confined to overnight low-temperature periods.

BP plc CEO John Browne abruptly resigned Tuesday after a British court removed an injunction that had prevented a newspaper group from publishing stories about his personal life. Tony Hayward, slated to move into the top spot this summer, was named CEO effective immediately.

Several flat to marginally lower prices (mostly in the West) again prevented the cash market from making it a clean sweep of increases Tuesday. Otherwise, lingering heat, although not anywhere near as bad as in late July and early August, allowed prices to ignore a dime drop in futures the day before and record gains of anywhere from 2-3 cents to nearly 45 cents.

A modestly higher Gulf Coast point prevented a clean sweep of continuing price softness Thursday. A lack of weather-related demand, the additional loss of industrial load associated with a long holiday weekend and prior-day screen weakness combined to send prices lower at all other points.

Modest gains at a few Gulf Coast points prevented across the board weakness in Thanksgiving Eve spot prices. The OFO-depressed West led an overall slide Friday that was attributed to forecasts of slight moderation of cold temperatures in northern market areas and the extra loss of industrial load over a four-day holiday weekend.

Canadian pipeline deliveries to the United States held firm as strong drilling prevented a widely forecast supply decline during the 2003-04 natural gas contract year, according to records at the National Energy Board.