Prices

Despite a 14% increase in average residential gas utility rates, a survey by J. D. Power and Associates found that customer satisfaction among the nation’s largest gas utilities is unchanged from 2003.

Despite a 14% increase in average residential gas utility rates, a survey by J. D. Power and Associates found that customers satisfaction among the nation’s largest gas utilities is unchanged from 2003.

Two of the larger U.S.-based independents, Murphy Oil Corp. and Newfield Exploration Co., on Tuesday both reported higher net income for the second quarter. Production-wise, Murphy’s oil and gas volumes increased substantially on the strength of higher output in the Gulf of Mexico, while Newfield’s remained flat over 2Q2003.

The imposition of mandatory reporting of natural gas prices would cause producers and end-users to cut their fixed price trading, undermining liquidity and the price indexes that are relied on by 92% of the market, industry leaders told FERC Friday.

The imposition of mandatory reporting of natural gas prices would cause producers and end-users to cut their fixed price trading, undermining liquidity and the price indexes that are relied on by 92% of the market, industry leaders told FERC Friday.

The slide that started Wednesday in cash prices got quite a bit steeper Thursday in trading done through the end of the month because of the Memorial Day holiday. Friday’s deals will be done for flows next Tuesday.

In a quiet weekend market prelude to the beginning of June bidweek, prices fell in mostly moderate amounts Friday. However, OFOs declared for Saturday by both of California’s huge distributors (see Transportation Notes) had an impact felt throughout much of the West, where all of the declines of more than 20 cents were recorded.

Prices managed to eke out more mostly small gains Thursday in decidedly non-volatile trading as weather support continued to turn slightly more bullish. A few scattered points turned in essentially flat performances. Nearly all of the gains were in single digits, but they ranged to a little more than 20 cents in the Rockies, where some of the coldest U.S. temperatures — and even a bit of snow — currently reside.

While municipal utilities remain unconvinced that the voluntary system of reporting natural gas prices to publications is sufficient, they filed recommendations with FERC last Tuesday for improvements to the voluntary system in the absence of a mandatory reporting system (PL03-3).