Within hours of a FERC vote yesterday ratifying proposed changesin its interruptible transportation (IT) queue, PG&E GasTransmission Northwest announced new procedures effective today.
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Futures Eke Out Small Gain After Early Storm Spike
After dropping a quick nickel in Thursday’s after-hours Accesstrading session, natural gas futures did an about-face Friday astraders learned of the first named storm in the 2000 Atlantichurricane season. The September contract was fast out of the chute,notching a gap-higher open on the daily charts and climbingthroughout the morning. However, after reaching fresh five-weekhighs at $4.39, it came under steady profit taking, which trimmedgains into the closing bell.
Futures Crumble Amid Bearish Storage Report, Outlook
The price see-saw continued yesterday in the natural gas pit atNymex as traders made quick work of Tuesday’s advance with a latesession sell-off. The August contract was dealt the most severeblow, tumbling 16 cents to finish at $3.884. Estimated volume wasmoderate, with 71,148 contracts changing hands.
CA Merchant Storage Gains 11th-Hour Reprieve from Regulators
In what is becoming a bizarre case of concern to future merchantenergy project proponents, California regulators rescued a secondmerchant underground natural gas storage project from the trashheap Thursday by refusing to support a recommendation to deny theproposal and postponing the item for a future meeting. Analternative to the proposed administrative law judge (ALJ) decisionis likely to be developed by one of the members of the CaliforniaPublic Utilities Commission.
Cash, Techncal Support Boosts Futures into Expiration Day
After a negative opening and a quick check lower, natural gasfutures battled back Tuesday, as traders gleaned support fromstrength in nearby physical market prices and technical buying inout months. But despite yesterday’s positive price direction, theNovember contract never fully recovered from early its earlysluggishness and finished off 0.5 cents at $3.011. Meanwhile,December and January contracts closed up 2.6 cents and 2.1 cents at$3.148 and $3.158 respectively.
Speculators Make Quick Work of Thursday’s ‘Retracement’
Feeding off bullish weather forecasts, the natural gas futuresmarket snapped back yesterday as local and fund traders added totheir growing long positions. That enabled the November contract toerase Thursday’s 13.6-cent downward retracement and retest the$3.00 level in active, pre-weekend dealings. The prompt monthfinished strongly and closed at $2.975, a 14.1-cent advance on theday.
$3.00 November Futures? Not So Fast
Fueled by strong cash prices, a constructive technical picture,and lingering storm concerns the natural gas futures market wasquick out of the gates yesterday as traders lifted the market toits highest point in over a month. However, the buying pressuredropped off as November prices crossed the $3.00 threshold, whichprompted participants to trim gains into the close. After notchinga $3.03 high, the November contract finished at $2.97, a 4.3-centadvance on the day.
Interim Restructuring Proposal Floated in Southern CA
The possibility of a quick-fix, interim settlement that wouldopen up receipt points on the Southern California Gas Co.transmission system emerged as the only positive development fromanother round of all-party talks last week, according to one of themajor shippers attending the session. It came at the conclusion ofthe all-day session in a downtown LA hotel. Talks are expected toresume Sept. 23, with a counter-proposal from Enron being offeredfor discussion prior to a SoCalGas all-parties meeting. Othermeetings among some of the parties will be held Sept. 15.
Salt Removal Stalls NE Storage
Once touted as a quick fix for peak demand in the Northeast,salt cavern storage has stumbled over the problem of what do withthe salt that is removed to make the cavern, which appears to beabout as popular as nuclear waste. At this point one project hasbeen delayed and two others appear to have stalled.
Salt Removal Stalls NE Storage
Once touted as a quick fix for peak demand in the Northeast,salt cavern storage has stumbled over the problem of what do withthe salt that is removed to make the cavern, which appears to beabout as popular as nuclear waste. At this point one project hasbeen delayed and two others appear to have stalled.