Saying

Saying linepack had stabilized, El Paso canceled an Unauthorized Overpull Penalty alert late Wednesday afternoon. The OFO had been initiated Monday.

If you are a futures bear, it goes without saying that you have had quite a run over the past eight months. After all, the market has repeatedly given you price-negative technical and fundamental news on which to trade. And even when the market was hit with a bullish influence such as a tropical storm or a round of short-covering, the rally has been short-lived. In possibly the crowning example of this bearishness, the American Gas Association announced yesterday not only that a whopping 86 Bcf had been injected into storage last week, but also that they were forced to revise — as many market participants had expected — the refill from the week prior from 3 Bcf to 50 Bcf.

Saying its overall linepack was low because Tropical Storm Barry had “significantly affected receipt gas” and market area demand was strong, Florida Gas Transmission issued an Overage Alert Day for Monday’s gas day with a 10% tolerance for negative daily imbalances.

The Western Governors’ Association (WGA) is urging Congress to move quickly on federal electricity reliability legislation, saying that such a move is needed to ensure reliability in the western interconnection. Meanwhile, Western governors last week are expected to receive a draft report that will detail where in the region it is economically feasible to build transmission lines in order to relieve congestion.

Florida Gas Transmission discontinued an Overage Alert Day notice Wednesday, saying total linepack and operating conditions had improved.

The Western Governors’ Association (WGA) is urging Congress to move quickly on federal electricity reliability legislation, saying that such a move is needed to ensure reliability in the Western interconnection. Meanwhile, Western governors this week are expected to receive a draft report that will detail where in the region it is economically feasible to build transmission lines in order to relieve congestion.

Saying linepack had stabilized, El Paso canceled an Unauthorized Overpull Penalty alert late Tuesday afternoon.

Saying linepack had stabilized, El Paso canceled an Unauthorized Overpull Penalty alert Wednesday, one day after it had gone into effect. The pipeline also said it will take Line 1100 between the Eunice and Pecos River stations down for repairs June 26. Six interconnects will be unable to deliver into El Paso that day, and the total flow of gas through Eunice Station to the South Mainline will be limited to 245 MMcf/d. Plants upstream of Eunice and in the Monument area will compete for space with San Juan and Anadarko gas moving south from Plains Station.

Saying it wants to avoid the uncoordinated development of market mitigation proposals, FERC last week rejected a proposal by Consolidated Edison Co. of New York (ConEd) to make revisions to the utility’s localized market power mitigation measures. Among other things, the Commission voiced concerns over the fact that ConEd’s proposal failed to use the New York Independent System Operator’s (NYISO) stakeholder process.