Although Friday’s price declines were neither universal nor as severe as those on some Fridays earlier in October, Monday’s market did match up with a couple of predecessors in seeing large rebounds across the board. Gains were as small as about 35 cents, but a big majority were half a dollar or more and ran as high as a little more than 90 cents at the PG&E citygate.
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Big Post-Weekend Rallies Return to Monday Market
Although Friday’s price declines were neither universal nor as severe as those on some Fridays earlier in October, Monday’s market did match up with a couple of predecessors in seeing large rebounds across the board. Gains were as small as about 35 cents, but a big majority were half a dollar or more and ran as high as a little more than 90 cents at the PG&E citygate.
Quiet Weekend Trading Yields Mostly Moderate Drops
An absence of severe weather threats, lower industrial load over a weekend, and the screen’s previous-day quarter decline set the stage for further mostly moderate softening in a sedate Friday market. A small uptick in Tennessee Zone 6 ran contrary to losses at all other points ranging from less than a nickel to nearly 30 cents.
Forecaster Sees Two More Weeks of Severe Cold in New England
After solidly predicting the Arctic cold front that has frozen New England (see NGI, Jan. 12), Joe Bastardi, senior meteorologist for AccuWeather.com, said last week that the region is not out of the woods yet.
Consultant: Prices Poised to Fall Below $4 Unless Severe Cold Arrives
Only a much colder than normal winter would stop gas prices from falling below $4 in the next few months, according to consultant Stephen Smith, who sees a significant supply surplus built into the market because of lasting demand destruction and new supply from non-traditional resources.
Consultant: Prices Poised to Fall Below $4 Without Severe Winter Cold
Only a much colder than normal winter would stop gas prices from falling below $4 in the next few months, according to consultant Stephen Smith, who sees a significant supply surplus built into the market because of lasting demand destruction and new supply from non-traditional resources.
EVA: Demand Destruction Still Occurring, Some Will Be Permanent
High gas prices have caused severe and lasting demand destruction in the industrial sector, wiping out at least 2.8 Bcf/d of industrial consumption so far. But the situation is likely to get even worse before it gets better, according to Energy Ventures Analysis (EVA).
EVA: Demand Destruction Still Occurring, Some Will Be Permanent
High gas prices have caused severe and lasting demand destruction in the industrial sector, wiping out at least 2.8 Bcf/d of industrial consumption so far. According to Arlington, VA-based Energy Ventures Analysis’ (EVA) annual Fuelcast long-term outlook, industrial demand probably will decline another 2.5 Bcf/d before it begins to recover, and the recovery isn’t likely to happen soon.
Rupture News Helps Boost Screen and Also Cash
Other than severe heat in the Southwest and inland California, gas wasn’t getting much weather support Wednesday, as much of the South turned decidedly mild in the wake of a cool front moving southeastward. But prices still managed fairly strong rebounds that were between 10 and 29 cents in most cases, and up to about 30 cents at the PG&E citygate and above 40 cents in San Juan Basin.
Transco Sets New Throughput Records During Eastern Chill
The records continue to fall in the East from severe winter cold. After numerous utilities reported record breaking demand on the systems in New York and the Mid Atlantic region last week, Williams subsidiary Transcontinental Gas Pipe Line (Transco), which serves the entire East Coast region, said it set a new peak delivery record seven out of 10 days from Jan. 15-24.