Sunday

Futures Dip on Weak Crude, Technicals; Bulls Find Solace in Storage Estimates

Pressured by weakness in the Sunday night Access trading session, the natural gas futures market turned lower Monday in sympathy with losses in the crude oil market and amid bearish short-term technical factors. However, chilly temperatures and stronger Northeast cash prices was enough to slow the downside momentum, leaving the April market with a modest 3.6-cent decline and $5.546 close.

March 23, 2004

Transportation Notes

Pacific Gas & Electric issued a systemwide Stage 2 high-inventory OFO for Sunday with 3% tolerance for positive daily imbalances, then discontinued it Monday. SoCalGas did not extend its declaration of a high-linepack OFO beyond Saturday.

March 16, 2004

Transportation Notes

Northern Natural Gas kept a System Overrun Limitation in place Saturday and Sunday, then lifted it Monday. NNG said early Monday afternoon that a mechanical problem caused a force majeure situation at the Chatfield (MN) Compressor Station. Based on weather forecasts, there was potential for some level of curtailment on the LaCrosse/Tomah branchline as a result, NNG said. Preliminary indications are that the force majeure could last for up to a week, it added. See the bulletin board for a list of affected points on the LaCrosse/Tomah branchline.

February 18, 2004

Transportation Notes

After declaring a System Overrun Limitation for all market-area zones Friday and Saturday, Northern Natural Gas let Sunday and Monday slide with no SOL, then issued a new one affecting Zone E/F only for Tuesday. However, on Monday afternoon NNG said it had “expired” the SOL posted for Tuesday “due to increasing Zone E/F forecasted temperatures.”

February 10, 2004

Transportation Notes

Due to colder than normal temperatures and system conditions, Northern Natural Gas issued a System Overrun Limitation Sunday. It remains in effect through at least Wednesday’s gas day.

January 21, 2004

Transportation Notes

Northern Natural Gas declared a System Overrun Limitation in all market-area zones for Sunday, Monday and Tuesday. This is only the second SOL posted by NNG so far this winter; the other was in effect Dec. 11-12.

January 6, 2004

Screen Dive Expected to Keep Cash Quotes Tumbling

Winter made its official debut Sunday, but outside of the Rockies and Upper Plains there was little evidence of the season Monday. Forecasts of continuing relatively mild weather through the weekend helped accelerate the price declines that had begun Friday. Monday’s losses were generally in the range of 35-85 cents, with most exceeding half a dollar.

December 23, 2003

Shell Said to Offer Anadarko $19.5B

Royal Dutch/Shell Group has an offer on the table to buy Anadarko Petroleum Corp. for $19.5 billion, according to London’s Sunday Times. Both Shell and Anadarko officials could not be reached for comment, but Anadarko apparently hired Credit Suisse First Boston to negotiate with potential buyers over the summer.

September 23, 2003

Transportation Notes

NOVA declared force majeure Sunday after a backhoe caused a line rupture on the 8-inch Hamilton Lake Mainline in eastern Alberta. The line was isolated and flows at Veteran Meter Station (typically just under 2 MMcf/d) and Hamilton Lake Meter Station (12.5 MMcf/d) were cut to zero until further notice.

September 9, 2003

Transportation Notes

Columbia Gas extended a Critical Day designation for Market Area 34 in southeastern Virginia, initiated on Sunday (see Daily GPI, Sept. 2), through at least Thursday.

September 4, 2003