FERC Chairman Pat Wood on Wednesday told federal lawmakers his agency hopes to be able to hand over to Congress in the next two weeks an interim report on the status of its five-month investigation into allegations that suppliers manipulated natural gas and electricity prices in California and other western energy markets.
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FERC Will Report on Pricing Probe in 2 Weeks
FERC Chairman Pat Wood on Wednesday told federal lawmakers his agency hopes to be able to hand over to Congress in the next two weeks an interim report on the status of its five-month investigation into allegations that suppliers manipulated natural gas and electricity prices in California and other western energy markets.
Second Blast of Cold Air Puts Traders in Buying Mood
Higher Over-the-Counter Access pricing, combined with stronger cash market levels set the tone at the New York Mercantile Exchange early yesterday, and bull traders did not waste the opportunity to pressure the natural gas market higher. After gapping up 6.5 at the opening bell, the April contract tested recent highs at the $2.50-51 mark before closing with a 12.9-cent advance on the day at $2.488.
Waiting for Weather and Storage, Traders Play it Safe Tuesday
Despite higher early morning over-the-counter and cash market pricing, natural gas futures managed only to check sideways yesterday as traders were content to wait on the sidelines ahead of today’s release of fresh storage and weather information. The February contract closed at $2.281, 0.9 cents above Monday’s close and just about in the middle of its tight, $2.23-32 trading range. By comparison, the gains in the out months were larger, enabling the 12-month strip to post a 2.6-cent gain to finish at $2.585.
All Markets Finally Succumb to Bearish Influences
After some dalliance with flat pricing over the previous couple of days, the cash market Friday finally assumed the total softening mode that many had believed was its rightful status all along. Few points failed to fall less than a dime, but drops of more than 20 cents were largely confined to the San Juan/Rockies and border-SoCalGas markets.
CA Spot Markets, Pricing Shrink Dramatically
California electricity costs and volumes in the spot market dropped dramatically in June and the first two weeks of this month, according to state officials releasing figures during a conference call last week initiated by the governor’s press secretary. The percentage of daily and hourly spot market purchases by the state has dropped to less than 10%, compared to 45% in May.
CA Spot Markets, Pricing Shrink Dramatically
California electricity costs and volumes in the spot market dropped dramatically in June and the first two weeks of this month, according to state officials releasing figures Sunday during a conference call initiated by the governor’s press secretary. The percentage of daily and hourly spot market purchases by the state has dropped to less than 10%, compared to 45% in May.
California Plunges Lead Continuing Price Softness
May aftermarket pricing continued to erode Tuesday nearly across the board. Most declines were between about a nickel and a little more than 20 cents, with a majority of them toward the upper end of that range. The non-Malin California points plunged more than a dollar.
Most Cash Points Gain Solid Ground, San Juan Tumbles
Most of what was lost in spot market pricing on Monday wasrather quietly regained yesterday, as storage buying started tokick back in and the weather situation in the Gulf of Mexico onceagain looked ominous, with the possibility of another tropicalstorm or two developing.
2001 Futures Offer Buyers Some Price Relief
Buoyed by strength in summer 2001 pricing, the natural gasfutures market rumbled higher yesterday afternoon, retracing lossesincurred earlier in the session. The August contract finished 2.9cents stronger at $4.257 after notching a $4.14 low earlier in theday. Estimated volume was light, with only 50,870 contractschanging hands.