With a weaker screen during the morning and not a lot of solidweather load emerging from the weekend, most of the East was flatto down a few cents Monday. Western points continued a now-familiarpattern bracketing weekends: having suffered the biggest drops onFriday, they saw the biggest rebounds on Monday.
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Prices Fall as Expected, But Another Reversal Seen Today
The market was beginning to show more signs of volatilityWednesday, although the swings weren’t quite as wide-ranging asmost of those last week. Cash numbers fell by 10-15 cents at nearlyall points but were expected to rebound again today after futurestraders treated AGA’s afternoon storage report as bullish.
Slight Movement Seen as Prices Lose Direction
Neither the American Gas Association (AGA) storage report of a25 Bcf withdrawal nor a supportive morning futures screen couldlift cash prices yesterday, as most points stayed within a coupleof pennies on either side of flat.
Small Upticks Seen but Bulls Now on Shaky Ground
Most cash points continued their rise yesterday, but thepredominantly bullish sentiment among traders that was evidentearlier in the week showed signs of cracking. Few gains exceededmore than a nickel, while the scattered declining points fell nomore than a penny or two.
SoCal Demand Seen Exceeding Supply in the Near Term
A new pipeline may be needed in Southern California to eliminateimpending gas supply and infrastructure constraints, which couldbecome critical in the next few years, according to participants ata one-day roundtable set up by the California Public UtilitiesCommission (CPUC) Tuesday in San Diego. Demand is expected to farexceed supply in the burgeoning southern end of California and onboth sides of the U.S.-Mexican border, where population, industrialand energy growth are surpassing expectations,
TransCanada Seeks Rate Increase
TransCanada PipeLines Ltd. has opened a second front in itsfight to stop, before it starts, a revenue hemorrhage seen on thehorizon as a result of new competition in natural gastransportation.
Small Gains Fail to Sway Bearish Sentiment
Modest gains were seen in the natural gas pit yesterday after alocal-led sell-off was stymied by scale-down trade buying. Asidefrom cash prices moving a couple pennies higher, the fundamentalpicture remained overwhelmingly bearish, prompting traders to blametechnical factors for Thursday’s strength. The February contracttraded up 2.8 cents to $2.196 and March bounced 3.6 cents to$2.237. Equally as impressive was the 12-month strip, which gained2.6 cents to $2.391
Bears Ride Negative Forecasts Lower. Again
Natural gas traders were greeted yesterday morning by somethingseldom seen in recent years – a serious blast of below normaltemperatures in the key gas-consuming Northeast U.S. But evensub-freezing temperatures and gale force winds, which are expectedfor much of the eastern seaboard today, were not enough to overcomethe deleterious effects of forecasts calling for a quick return toabove-normal temperatures by the weekend. After an early buyingsurge failed to punch through $2.42, the January contract cameunder a heavy wave of selling that propelled prices lower to finishat $2.304, a 4.8-cent decline for the day.
Big Role Seen for Canadian Gas in 30 Tcf Market
As might be expected at a Calgary conference where producersdominated attendance and the first day’s panels, bullishness onfuture gas prices ran rampant despite last week’s price slump.Emphasizing the challenges and opportunities in reaching aprojected 30 Tcf/year market by the 2010s, speakers at Ziff EnergyGroup’s North American Gas Strategies conference agreed thatCanadian gas is well positioned to benefit both volume-wise andprice-wise in the coming years.
Big Role Seen for Canadian Gas in 30 Tcf Market
As might be expected at a Calgary conference where producersdominated attendance and the first day’s panels, bullishness onfuture gas prices ran rampant despite the current week’s slump.Emphasizing the challenges and opportunities in reaching aprojected 30 Tcf/year market by the 2010s, speakers at Ziff EnergyGroup’s “North American Gas Strategies” conference agreed Mondaythat Canadian gas is well positioned to benefit both volume-wiseand price-wise in the coming years.