The severe winter cold snap last week triggered unprecedentedprice spikes at spot points in the Pacific Northwest and NorthernCalifornia. PG&E Citygate prices hit $6.18/MMBtu on Monday andwere near $5 on Tuesday. Prices jumped to $11.05/MMBtu at Sumas onthe previous Friday for weekend flow, and on Monday and Tuesdaystayed north of $6.
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Nova Supply Forecast Justifies Winter Price Spike
Canadian price spikes last week following a supply/demandforecast released by Nova Corp. indicate the market north of theborder could be in for a wild ride this winter. While marketobservers have long expected supply to fall short of new exportcapacity, marketers acted as if surprised when Nova forecast 13.8Bcf/d of throughput this winter, 700 MMcf/d more than winter1997/98 but far short of the 1.1 Bcf/d increase in export capacityplanned by Northern Border (700 MMcf/d) and TransCanada (417MMcf/d).
Gas Reliability Looking Good Compared to Electricity
The recent price spikes and generation outages in the Midwestpower market have opened the door wide for the natural gas industryto capture a greater share of the industrial energy market, says asenior economist.