People that had been dismissing Tropical Storm Frances as barelya blip on the gas market’s radar screen Wednesday were paying muchcloser attention Thursday as production outages grew and cashprices went up in the neighborhood of a dime at nearly all points.Prices in areas not directly affected by the storm outages werebeing pulled up largely by the futures screen’s big jump, sourcessaid. Also, the AGA’s Wednesday afternoon report of a smallish 35Bcf in storage withdrawals last week helped set the stage for priceincreases everywhere, a Texas marketer said.
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Utility Stocks Weathering Storm
Just like a hurricane sends offshore rig crews to shore, atempest on the stock market can drive investors to the relativesafety of utility stocks. While many energy company stock pricesare buckling under the weight of the declining market, some utilitystocks are faring rather well, thank you. Duke Energy is anexample.
September 2, 1998
Storage Refill Sends Futures Lower
After taking Tuesday’s small gain in stride, the bears were atit again yesterday pushing the August contract to test the bottomof a descending channel that has limited movement in the contractsince July 1. However, support held and light buying ensued pushingthe contract up to close at $2.231, down 3.5 cents for the day.
July 16, 1998
Early Dose of Summer Sends May Futures Above $2.40
The May Nymex contract rallied 5.7 cents to settle Monday at$2.409, thanks to what sources said was good peak demand buying inthe physical market. “There was definitely some peak airconditioning demand in Texas today, and that’s exactly where youwant to see it to influence natural gas prices,” one of the sourcessaid. Buoyed by that strength, May had no problem rising from itsopening trade of $2.345, which also turned out to be its low pricefor the day.
March 31, 1998
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