Sunday

Pacific Gas & Electric extended into Sunday a Stage 3 high-inventory OFO that had been implemented Saturday, then expanded it Monday into a Stage 4 OFO with greatly increased penalties of $25/Dth for positive imbalances exceeding a 1% tolerance. No OFO was in effect Tuesday, but the utility reinstituted a Stage 3 order for today with $5/Dth penalties and an 8% tolerance.

Projecting linepack above its maximum target level through Sunday, Pacific Gas & Electric issued a customer-specific OFO for today.

Adding to losses that began in the Sunday evening/Monday morning Access trading session, natural gas futures accelerated lower Monday as traders continued to price in the impact of seemingly plentiful supply in a market that is lacking a strong demand component. At the closing bell, the prompt June contract was 25.1 cents lower at $4.239. The July contract followed suit, also tumbling 25.1 cents to close at $4.314.

For the third week in a row, natural gas futures came underheavy selling pressure in the Sunday evening/Monday morningovernight Access trading session, initiating a gap lower open whenregular open-outcry trading resumed Monday at 9:30 a.m. (ET). As itturned out, that was about all the excitement the market couldhandle for one day because prices remained almost unchanged,slipping only 2.9 cents through the session as traders elected toremain mostly on the sidelines. Although the change throughout theday was small, the damage done overnight was significant, demotingthe March contract to $5.821, 38.9 cents beneath Friday’s close.

El Paso canceled an Unauthorized Overpull Penalty situation Tuesdayafter linepack was stabilized. The OFO had been declared Sunday (seeDaily GPI, Jan. 30).

El Paso declared an Unauthorized Overpull Penalty situationSunday. It is effective until further notice.

Pacific Gas & Electric had a customer-specific OFO in effectSunday but did not extend it.

Citing “decisive customer response,” effective with Sunday’s gas day Northwest lifted a Stage I Overrun Entitlement Period that had begun Thursday (see Daily GPI, Sept. 29). A Deficiency Period associated with a compressor outage at the Soda Springs Station in Wyoming (see Daily GPI, Oct. 2) remains in effect until further notice.

Pacific Gas & Electric, projecting above-target linepacktoday through Sunday, issued a customer-specific OFO effectivetoday until further notice.