Slipped

April natural gas futures slipped a little lower temporarily in morning trade immediately after the Energy Information Administration (EIA) reported Thursday that only 55 Bcf was removed from underground storage for the week ended March 10. However, the prompt month came roaring back in the afternoon, recording a high of $7.370 before settling at $7.267, up 12.4 cents.

Dominion shares slipped Thursday morning after the company failed to meet its own fourth quarter earnings guidance and most analysts’ estimates because of lower utility sales due to warmer-than-normal weather, unrecoverable utility fuel expenses, low contributions from unregulated wholesale operations and a delay in the purchase of the Kewaunee nuclear plant. However, operating earnings were still up 45% from 4Q2003 levels.

Dominion shares slipped Thursday morning after the company failed to meet its own fourth quarter earnings guidance and most analysts’ estimates because of lower utility sales due to warmer-than-normal weather, unrecoverable utility fuel expenses, low contributions from unregulated wholesale operations and a delay in the purchase of the Kewaunee nuclear plant. However, operating earnings were still up 45% from 4Q2003 levels.

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.

Nicor Inc.’s net income slipped 18% for the year and 11% for the fourth quarter of 2003 in part because of lower distribution results and the adoption of an accounting change on wholesale gas marketing partially offset by higher equity investment income and improved operating results in the company’s shipping segment and other energy ventures businesses. Earnings per diluted share were down 17% for the year to $2.38 and were down 11% to 79 cents for the fourth quarter.

Weighed down by falling cash market prices, the natural gas futures market slipped lower Wednesday as traders took profits following a two-day, 90-cent rally earlier in the week. Bearish expectations ahead of Thursday’s storage report were also seen as a factor, and the market was quick to react with a gap-lower opening Wednesday morning. The February contract finished at $6.878, down 20.4 cents for the session.

While futures slipped a few cents Wednesday, cash prices managed gains of 5-20 cents mainly on the continuing wide gap between current cash and November futures and the cool temperatures and slightly stronger demand in the Midwest and Northeast market areas.

Natural gas prices slipped lower for the third-straight session Wednesday as traders continued to lighten their longs ahead of the release of weekly inventory data Thursday. Similar to the early weakness exhibited on Monday and Tuesday, the market experienced its heaviest selling in the morning Wednesday, forcing bulls to battle back in the afternoon from a deep deficit.