Reversing

As Canadian natural gas exports to the United States turn up again, reversing shrinkage experienced in the last contract year, supply questions are moving out of the realm of theory and into practical cases.

Just as it seemed Georgia’s deregulated natural gas marketer list was ready to shrink by one more, the Georgia Public Service Commission said Tuesday that it has approved the application of Coweta-Fayette EMC Natural Gas Inc. to be a gas marketer. With the commission’s latest action, Georgia now has 10 certified gas marketers in the state.

Reversing the old saying, “if it ain’t broke, don’t fix it,” Ben Schlesinger of Benjamin Schlesinger and Associates said last week that unfortunately the energy market is broken and desperately needs to be fixed soon.

Reversing the old saying, “if it ain’t broke, don’t fix it,” Ben Schlesinger of Benjamin Schlesinger and Associates said that unfortunately the energy market is broken and desperately needs to be fixed soon.

Amid stronger cash market prices and another round of blackoutsin California, natural gas prices finished on a positive note forthe third session in a row Monday, as traders covered shorts in anotherwise quiet day. April finished 2.8 cents better at $5.063.

Once again softening cash prices followed the lead of theprevious afternoon’s screen movement, and if that tendencycontinues to hold true, expect another falling cash market today.Wednesday’s declines ranged from about a nickel to 20 cents, andCalifornia stood out again with losses greater than those in thegeneral market.

It was short but sweet for bulls in Wednesday’sholiday-abbreviated trading session as gas futures rebounded froman early and brief foray into negative territory to notch its 15thgain in 17 trading sessions. Adding to a $2.00-plus price spike offlows etched Oct. 31, December clawed 16.9 cents higher Wednesday toclose at $6.577. Meanwhile January finished up 15.2 cents at $6.584after posting a new all-time commodity high at $6.70.

The Florida Supreme Court dealt a serious blow to thedevelopment of merchant power in the state in a 6-1 decision issuedThursday, reversing the state Public Service Commission’sauthorization for Duke Energy’s construction of a 514 MW powerplant at New Smyrna Beach.

The futures market followed-through on its usual hurricanescript Wednesday by reversing early week price spikes to plummetlower as Hurricane Earl plodded toward Florida and away from gulfcoast production. “Buy the rumor, then sell the fact,” is the adageoften bandied about when there is the potential for a hurricane todisturb supplies in the gulf and yesterday the phrase rang true asdismal fundamentals factors once again took center stage in themarket. That carried the October contract down 13.4 cents to settleat $1.652.