Rose

The bloom was off the Northeast price rose Friday as weekendcitygate quotes began plunging back to earth. The non-Northeastmarket ranged from flat to a little more than a nickel higher.

Fueled by the fundamental one-two of bullish storage and weathernews, the natural gas futures market rose Thursday as tradersunloaded shorts and added to longs. After dropping a dime lowerWednesday, the January contract opened higher at $2.53 Thursday andnever looked back as prices climbed into the mid-$2.60s. The promptmonth finished near its daily highs, up 15 cents to $2.636.

Much like the day before, cash prices rose by a dime or moreTuesday almost purely on weather fundamentals. Unlike the daybefore, western points failed to lag behind the overall marketlargely due to some supply shortness. The result was generallytight basis all around, ranging from the Rockies in the $2.30sthrough the Gulf Coast and Midcontinent in the $2.40s and Midwestcitygates in the $2.50s to Appalachia and California in the $2.60s.Only Northeast citygates in the $2.80s and $2.90s put muchappreciable difference between themselves and the rest of themarket.

Most cash points rose 1 to 5 cents yesterday on the strength ofa futures rally fired by a bullish American Gas Association storagereport. Traders were in agreement that prices were flat toWednesday until the futures screen picked up in the late morning.

Supported by the largest increase in imported Canadian gas since1995, total natural gas imports rose for the 11th straight year in1998, according to a recent Department of Energy (DOE) report.

Supported by the largest increase in imported Canadian gas since1995, total natural gas imports rose for the 11th straight year in1998, according to a recent Department of Energy (DOE) report.

Enron Corp. reported a 16% increase in 1998 earnings per dilutedshare, led by wholesale energy marketing operations. Earnings roseto $2.01/share from $1.74 in 1997. Corresponding net incomeincreased 36% to $698 million from $515 million during the year.The comparisons are before non-recurring items and last year’s gainof $61 million, related to the sale of a 7% interest in EnronEnergy Services.

Cash prices rose by a nickel to a dime virtually across theboard Monday in what sources saw as “purely a weather play.”Liquidity was a bit tighter than usual as many traders hurried tofinish and head for this week’s trade fair in Houston, one pointedout. Also, a fair amount of gas had already been committed throughthe end of the fair, he said.