Sharp

As sources had predicted Friday, a sharp rebound from huge weekend price plunges was in store for Monday. Sure enough, all points rallied Monday by amounts ranging from about 40 cents to more than $1.30, with nearly all of the gains of a dollar or more being recorded in the West.

Cash prices slipped another 10-35 cents on average Friday in response to the sharp decline in near-month futures a day earlier, 3.3 Tcf of gas in storage and the typical drop in weekend demand. By the end of the day on Friday, cash was down at least 80 cents from Monday’s levels at many locations.

Cash prices slipped another 10-35 cents on average Friday in response to the sharp decline in near-month futures a day earlier, 3.3 Tcf of gas in storage and the typical drop in weekend demand. By the end of the day on Friday, cash was down at least 80 cents from Monday’s levels at many locations.

Despite the sharp plunge in the futures market Monday, natural gas cash prices moved significantly higher across the country, jumping 75-90 cents in the Northeast, for example, largely in response to some of the season’s coldest temperatures.

Despite the sharp plunge in the futures market Monday, natural gas cash prices moved significantly higher across the country, jumping 75-90 cents in the Northeast, for example, largely in response to some of the season’s coldest temperatures.

Neither FERC nor the Commodity Futures Trading Commission (CFTC) found any evidence of manipulation in sharp upward movement of natural gas prices in late 2003, the agencies announced last Monday. The CFTC blamed fundamentals, including the sudden onslaught of cold weather and storage projections.

Neither FERC nor the Commodity Futures Trading Commission (CFTC) found any evidence of manipulation in sharp upward movement of natural gas prices in late 2003, the agencies announced Monday. The CFTC blamed fundamentals, including the sudden onslaught of cold weather and storage projections.

In sharp contrast with most of the energy forecasts from a few months ago — which called for a hotter than normal summer — this is likely to be one of the milder summers of the past decade, according to a report by Stephen Smith Energy Associates. The report, issued Wednesday, noted that cooling degree days collectively were 16% lower than normal for the past nine weeks.

Western Gas Resources shares tumbled 7% last Thursday and another 5% on Friday to $28.38 after the company reported a 33% decline in quarterly net income to $14 million ($0.19/share) compared to $20.9 million ($0.28/share in 2Q2003) because of one-time special charges for redemption of 10% senior subordinated notes ($6.7 million) and the cost ($7 million) of settling false price reporting charges with the Commodity Futures Trading Commission.