After ending a previous one Friday, Florida Gas Transmission issued a new Overage Alert Day to market-area customers Monday, citing forecasts of below-freezing temperatures in Florida during the next couple of nights. The pipeline set a 20% tolerance for negative daily imbalances.
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Cold Fails to Keep Nearly All Points From Falling
All but a few locations retreated Tuesday from the previous day’s overall strong gains despite falling temperature forecasts for much of the Midwest and South. They appeared to be outweighed by significant warming trends in the Northeast, Midcontinent, Rockies and desert Southwest. There was an additional bearish factor in Monday’s 18.9-cent plunge by January futures.
Williams Partners Buys Cabot’s Marcellus Gathering System
Williams Partners LP grabbed more business in the Marcellus Shale late Thursday after agreeing to pay Cabot Oil & Gas Corp. $150 million for 75 miles of gathering pipelines and two compressor stations in Susquehanna County, PA.
PG&E Rate Cases Not Slowed by San Bruno Tragedy
Pacific Gas and Electric Co. recently reached an “unprecedented uncontested” settlement in its $1.1 billion pending general rate case, and a previous settlement on its natural gas transmission pipeline and storage system that was reached in August before the deadly San Bruno pipeline rupture is not expected to be delayed, according to utility President Chris Johns.
Most Points Fall as Milder Weather Starts to Return
After strong gains over the previous two days based on a widespread cold spell, prices began retreating at nearly all points Friday as forecasts indicated a return to more seasonal temperatures in most areas. The normal weekend drop of industrial load was another bearish influence, while the prior-day uptick of 2 cents by December futures had no appreciable impact on the physical market.
Transportation Notes
After ending a previous systemwide Stage 2 high-inventory OFO Thursday, Pacific Gas and Electric issued a new one for Friday. Penalties again were set at $1/Dth for exceeding a 12% tolerance on positive daily imbalances.
Transportation Notes
Pacific Gas and Electric allowed a systemwide high-inventory OFO to expire Sunday after it had been in effect for the previous three days.
Futures Rebound Into the Mid-$3.80s Ahead of Fresh Storage News
Natural gas futures added to the previous day’s gains Wednesday as the November contract traded between $3.748 and $3.888 before coming to a close at $3.865, up 12.2 cents from Tuesday’s finish.
Global Reserves Up in 2009 — First Time in Five Years
Worldwide upstream investment fell 23% in 2009 from the previous year, but total hydrocarbon reserves increased 3%, with both oil and natural gas reserves up for the first time in five years, IHS Herold reported on Monday.
Weak Influences Gang Up to Depress All Points
Prices fell across the board Friday as the continuing dearth of either heating or cooling load, the previous day’s 9-cent futures drop and the usual weekend dip of industrial demand combined to soften the cash market. The lack of any credible tropical storm threat to offshore production was another bearish factor.