Prior-day screen dive, slight retreats in southern heat have only minor impact.
Retreats
Articles from Retreats
Cold Forecasts, Screen Boost Nearly All Points
Retreats by three New England citygates were the only exceptions to advancing spot prices Friday. The continuation of frigid weather into the weekend in several market areas or the impending return of it after a brief period of moderation, along with the spike of nearly 40 cents by March futures the day before, were chiefly responsible for the cash market strength.
Cold Boosts Most Points; Some Northeast Citygates Retreat
Prices rose at nearly all points Tuesday as a cold snap continued in much of North America. The exceptions were major retreats at four Northeast citygates following regional spikes the day before.
Screen, Weather Concerns Keep Most Points Rising
Prices continued to rise at nearly all points Wednesday, but retreats of up to about 15 cents at a couple of Rockies points interrupted to some extent the meteoric rise that the regional market has seen since its latest crash last Thursday. The 37.7-cent spike by November futures on Tuesday had a lot to do with the cash strength, but it was supplemented by concerns about whether a low-pressure area in the eastern Gulf of Mexico (GOM) might affect any production and whether a recently identified La Nina event might result in a colder than normal winter.
Small Gains Continue at Most Points, But Northeast Retreats
As predicted, there was enough cold weather load in combination with a rebounding screen to extend mild firmness at most points Thursday. However, Northeast citygates fell by amounts ranging up to either side of 20 cents based on forecasts of moderating weekend weather, and a few other points were flat to down a nickel or so.
Swing Gas Retreats, But Bidweek Quotes Keep Rising
As NGI sources had predicted, late declines in Monday’s swing trading were a strong indicator that the cold weather-induced price spikes that began the week had little staying power. Sure enough, quotes Tuesday ranged from flat to down about a quarter in deals covering through the end of the month.
TXU Investors Still Head for Exit, but Most of Sector Also Retreats
TXU Corp.’s investors continued to sell off their stock in record numbers on Wednesday, despite the third conference call in four business days by the executive management team. The hour-plus conference call offered a lot of plain speaking, but to no avail, and by the market’s close, the shares had tumbled another 15% and the European subsidiary had been downgraded by Moody’s Investors Service.
Gulf Prices Sag After Screen Retreats From Peak
May prices remained firm in morning business Thursday but weregetting softer in the afternoon after the June futures screenstarted retreating from a dalliance around the $2.40 level, a GulfCoast producer reported. However, a marketer saw little movementeither way for May numbers in western markets. And another tradersaid intra-Alberta prices “are getting wild,” reporting themstraddling the C$2.80 level Thursday.
AGL Refunds $14.5 Million, Retreats to Old Pricing Method
Atlanta Gas Light Co. (AGL) reached an agreement with theGeorgia Public Service Commission (GPSC) last week to return to itspre-deregulation billing methods, avoiding a Feb. 3 Commissionhearing intended to charge the utility with disregarding marketconstraints in its rate-charging practices. The utility alsoagreed to refund $14.5 million to overcharged customers. Thereformed bills and the refunds will be sent out in February.
AGL Retreats to Old Pricing Method
Atlanta Gas Light Co. (AGL) reached an agreement with theGeorgia Public Service Commission (GPSC) Wednesday to return to itspre-deregulation billing methods, avoiding a Feb. 3 Commissionhearing intended to charge the utility with disregarding marketconstraints in its rate-charging practices. The utility also agreedto refund $14.5 million to overcharged customers. The reformedbills and the refunds will be sent out in February.