Triple

Despite continuing profitability with 3Q earnings nearly triple those of 3Q 2007, Equitable Resources is approaching continued development cautiously, given the current financial environment, pulling back on midstream projects to emphasize drilling wells to fill current capacity.

Despite continuing profitability with third quarter earnings nearly triple those of 3Q2007, Equitable Resources is approaching continued development cautiously, given the current financial environment, pulling back on midstream projects to emphasize drilling wells to fill current capacity.

Prices fell across the board again Friday, with some losses in the Midcontinent and West expanding to triple-digit levels. Seasonal shoulder-month weather in most areas (with its relative lack of weather-based load) and the usual weekend loss of industrial demand drove the continuing softness. The previous day’s 4.5-cent gain by October futures provided scant support for cash numbers.

Triple-digit plunges by Northeast citygates led a second straight day of prices falling across the board Friday. The South was an exception, but warming trends were due to continue into the weekend in many other areas. The previous-day decline of 7.4 cents by March futures and the typical weekend loss of industrial demand were other bearish factors.

Spot prices soared as high as $16 Monday at Transco Zone 6-New York City as triple-digit spikes at Northeast citygates were way out in front of strong gains across the board. The weekend blast of cold across the Midwest and Northeast is proving to have more staying power and be more severe than forecasts had indicated late last week. The cash market also had support from last Friday’s 19.9-cent advance by March futures and the return of industrial load from weekend hiatus.

Triple-digit gains at Northeast citygates led strong advances across the board in the cash market Monday as a siege of cold weather was established in nearly all of the U.S. and Canada and threatened to grow even more severe later in the week.

Triple-digit spikes at Northeast citygates led advances at nearly all points in last Friday’s trading for the first two days of January. The coldest and most widespread frigid weather of the winter season so far is expected to be in place in most of the U.S. and Canada as the new year begins.

For a regional market that couldn’t seem to buy a price break all week, the Rockies came roaring back Friday with triple-digit spikes. That was in sharp contrast to falling prices at virtually all other points as above-normal temperatures were expected to be in place by the end of the weekend in nearly all of the U.S. except its northwest corner. The weekend retreat of industrial load was a minor bearish factor.

Prices soared by triple-digit amounts in the Rockies Thursday as the regional market continued a recovery from extreme weakness that featured low-end quotes of less than a dime in the previous two days. Most points elsewhere achieved moderate gains, but Thursday was likely to be the last day of this week’s overall market advances.