Traders were scratching their heads Friday morning as CME Globex natural gas futures and options markets went dark at 10:04 a.m. EDT.
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Prices Up Strongly Without Fundamental Support
It wasn’t in the forecasts or on the weather map, so where was that monster blizzard hiding? Doubtless many traders were scratching their heads over that question Tuesday as nearly all points recorded major gains despite the lack of severe cold or severe heat in almost every region.
SemGroup Implosion Brings More Questions than Answers
SemGroup LP’s bankruptcy filing last Tuesday produced a fair amount of head scratching from its creditors, subsidiaries and even federal officials after the company reportedly racked up $3.2 billion in trading losses in crude deals on the New York Mercantile Exchange and over-the-counter energy derivative markets.
Cash Points Continue to Climb; Traders See Fundamental Disconnect
After logging another day of strong gains across the board in the natural gas cash market, industry insiders were scratching their heads in confusion over the firmness, especially in light of bearish fundamentals. While some industry veterans said Tuesday’s strength was likely tied to the 47.1-cent climb in futures on Monday, others saw the mercurial rise in crude futures as having a “trickle down” effect on natural gas futures and cash prices.
Dynegy Has Solid Week but Investor Confidence Still Shaky
Dynegy Corp. executives have to be scratching their heads at what it’s going to take to restore investor confidence. The Houston-based energy trader by all accounts had a stellar week: a bold restructuring plan to shed non-core assets, sale of 25 million shares of its stock, winning the first legal round in battle with Enron Corp., and an expanded multi-year natural gas marketing agreement with ChevronTexaco.
Enron’s Absence Helps Prop Up Futures, Cash Markets
Many observers have been scratching their heads lately over the inability of the futures and cash markets to show significant declines despite overwhelming fundamental reasons to do so. There’s been very little cold weather to speak of this heating season and gas storage levels are at record highs with 37% more gas in storage than at the same time last year, yet January gas futures remained in the mid $2.60s on Tuesday, down only 2.9 cents on the day to $2.657.
SoCalGas Posts $223 Million in Gas-Cost Savings
California regulators may be scratching their heads about what to do with gas purchasing incentives for the state’s major utilities following Southern California Gas Co.’s filing that claims its purchases over a 12-month period ending last June were $223 million below market prices.