Rode

The cash market rode the support of widespread cooling load and two prior trading days of rising futures to record sizeable increases at all points Monday except in the Rockies. The return of industrial demand from weekend hiatus also contributed to price strength.

Cash prices rode the twin wave of Hurricane Rita’s threat to already hurting Gulf of Mexico (GOM) production and a record-setting screen spike the day before to further large gains Tuesday. A moderate warming trend across the southern states also chipped in some renewed power generation load.

Spot prices rode the power generation load-boosting impact of hot weather to further gains Wednesday. With the exception of a couple of flat Midcontinent pipes, quotes were much like the day before in finding a range of about a nickel to nearly 20 cents. The Northeast recorded most of the larger upticks as regional temperatures continued to creep higher.

A now-estimated $18 billion, 10-year energy tax package rode through the Senate last Tuesday on the coattails of a broader corporate tax bill (S. 1637), which passed 92 to 5. It marked the first victory for the energy bill this year.

The $14 billion, 10-year energy tax package rode through the Senate Tuesday on the coattails of a broader corporate tax bill (S. 1637), which passed 92 to 5. It marked the first victory for the energy bill this year.

Cash prices rode the Nymex higher again on Friday with the help of continued colder temperatures across most of the Midwest and East and little change in the forecast for most of the country. Nymex soared 60 cents to $7.22 and many cash points were up 10-20 cents.

Becoming increasingly unique in the troubled energy sector, San Diego-based Sempra Energy rode the consistency of its two large utility subsidiaries and solid growth in its merchant energy units, except trading, to increase its net income by 26% to $150 million, or 73 cents/diluted share, for the third quarter, compared to $96 million, or 46 cents/diluted share, the same period last year, which included a 12-cent/share charge for the sale of its Nova Scotia natural gas project. Energy trading, while remaining profitable, was the only business line with substantially decreased earnings.

Cash prices rode a soaring October futures contract,stilll-strong power generation demand and the remote threat ofTropical Storm Floyd to higher levels again Thursday. Gains wereslowing down from Wednesday’s pace but ranged from 2-3 cents at afew points to about a dime at many of them.

Cash prices rode the continuing tropical storm news and aninitially higher screen to further gains Wednesday, but there weresigns that the big run-up had just about run its course. Mostincreases in the East were between about a nickel and a dime. Whilethat range also held true in much of the West, northern Californiaonce again tended to outpace the general market with dime-or-moreupticks at Malin and the PG&E citygate.