Similar

The cash market Tuesday looked quite similar to the one a day earlier: prices again softening at most locations in the East and at some in the West, but with many in the Midcontinent and Rockies continuing to recover from the bargain basement levels to which they had descended for the weekend.

“Just Do It,” is what its advertisements encourage consumers to do, so Beverton, OR-based Nike Inc. followed similar advice on energy matters from California officials and has converted its cargo-hauling fleet at the Long Beach-Los Angeles Port from diesel to liquefied natural gas (LNG)-fueled vehicles.

In a move reminiscent of similar extreme weakness in early June, most Rockies points plummeted by more than a dollar Monday and saw low-end quotes dip to less than a dollar. However, the price carnage wasn’t quite as severe as on the trade date of June 4 (see Daily GPI, June 5) when a CIG deal at 15 cents tied NGI’s all-time lowest quote.

Looking very similar to a carbon copy of the previous day’s market, prices fell at a large majority of points (most often by double digits) Tuesday, with the firming exceptions occurring at a few Rockies points. The same influences remained in play: a lack of substantive cooling load for gas in many areas and a continuing slide by August futures.

In an effort to establish targets for energy efficiency — similar to the existing Renewable Portfolio Standard intended to reverse the pattern of increasing energy use in New York — the New York State Public Service Commission (PSC) initiated a proceeding to design an electric and natural gas Energy Efficiency Portfolio Standard (EPS).

In an effort to establish targets for energy efficiency — similar to the existing Renewable Portfolio Standard intended to reverse the pattern of increasing energy use in New York — the New York State Public Service Commission (PSC) initiated a proceeding to design an electric and natural gas Energy Efficiency Portfolio Standard (EPS).

Reading the handwriting on the waves from state rejections last month of a similar project, the sponsors of the Clearwater Port liquefied natural gas (LNG) project off the Southern California coast late Tuesday offered to take stepped-up air emissions mitigation measures. They made the pledge to federal and state air quality regulators.

Tuesday’s cash trading was remarkably similar to that on Monday: mixed price movement with quite a bit of flatness and rising points commanding a bare majority over falling ones. A return of chilly weather in northern market areas was the chief instigator of the market’s continuing overall modest firmness.

Taking a trading path similar to the one seen last Friday, April natural gas futures traded a slim 14.5-cent range during Monday’s regular trading session before settling at $7.254, up 1.1 cents on the day. Trading on Globex prior to the regular session also featured another failed attempt at breaching support down near $7.100.