The assets serve all major metropolitan areas, the largest industrialload centers, and numerous natural gas trading hubs, El Paso said. Theyare also well positioned to serve many of the state’s existing and plannedgas-fired electric generation facilities. Included in the transaction are8,500 miles of natural gas transmission pipelines that transport approximately2.8 Bcf/d, nine processing plants that currently process 1.5 Bcf/d, anda 7.2 Bcf natural gas storage field. The transaction also includes significantnatural gas liquids pipelines and fractionation facilities.
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Market Unable to Shift Out of Neutral
“This gas market is stuck in neutral gear,” lamented a westerntrader Monday. “We’re seeing about the same prices as on Friday, soyou could almost ‘cut and paste’ those notes into today’s report.”Sure enough, except for a moderate spike at Transco Zone 6-NYC thatwas retreating in late action, Monday’s quotes maintained thepredominantly flat market that has prevailed since last Tuesday.
Futures End the Year on a Slippery Slope
After managing minor gains Tuesday and Wednesday, February gasfutures were unable to hold ground and slipped into the holidayweekend at $2.329, down 6.5 cents for the day and nearly back wherethey started the week. Both fundamental and technical indicatorsshowed continued downward momentum on Thursday.
January Shows Early Strength, Then Slips a Little
Futures traders were unable to maintain upward momentum earlyyesterday after an initial push above the 40-day moving average toa high of $2.715. January futures fell back sharply in the morningand then traded sideways throughout the rest of the day to end down2.6 cents at $2.629. February lost 1.7 cents to settle at $2.609.The 12-month strip only lost eight-tenths of a cent.
Traders Say $2.30 No Problem for May Futures
For the second trading session in a row yesterday the Maycontract dipped lower at the open, but was unable to completelyfill in the chart created between last Wednesday’s $2.18 high andThursday’s $2.20 low. And once that early selling pressure driedup, the market was free to rally on waves of buying by both localand commercial traders. The May contract pressed higher throughoutthe session, spiking above the $2.30 level at the closing bellbefore settling at $2.299, a 7.3-cents advance on the day. Atechnical difficulty at Nymex last night suspended the after-hourscomputer-only Access trading session.
Winter Weather Worsens, But Prices a Bit Weaker
As many traders had expected, prices were unable to sustain thestrong upward momentum with which they began the week. Even asblizzard conditions got worse Tuesday in several major marketareas, quotes for today’s gas flow were flat to as much as a nickellower. Apparently utilities and other end-users started leaningmuch more heavily on their storage accounts after Monday’s cashrun-up left many points trading well above first-of-month indexes,especially in Eastern markets, one source said.
Maine Markets Stall, Force Maritimes To Defer Laterals
Unable to complete final agreements with many of its U.S.markets, Maritimes & Northeast Pipeline is expected to file anamended certificate application for Phase II of its pipelineproject with FERC this month that will defer construction of nearlyall of its previously planned pipeline laterals in the U.S. It alsois expected to show an increase in rates because of newcalculations of construction costs.
January Unable to Buck Downtrend
After spiraling down in the last 30 minutes of last Thursday’sabbreviated trading session, the spot January contract gapped lowerand traded in a tight 6-cent trading range Monday as traderscontinued to test the downside of the market. The nearby cashmarket, which was trading 5-10 cents lower on many pipes, had anundeniable affect when the futures market opened at 10 AM EST,traders said. Estimated volume was robust, with 86,466 contractschanging hands.
Unable to Hold Gains, Futures Tick Lower
Fresh off Wednesday’s advance the futures market looked poisedto continue higher Thursday as early buying prompted the market upat the open. However, a 25-cent gain in two days was more than eventhe greediest of bulls could handle, and the market reacted bytrending down. That left the November contract with a 1.9 cent lossto settle at $2.414 at the final bell.
Futures Adhere to Adage: ‘What Goes Up….’
For the second week in a row, the futures market was unable tobuild on advances posted early in the week, and after the Septembercontract flirted with, but did not break through resistanceTuesday, again came under significant selling pressure that leftthe prompt month down 8.3 cents to settle at $1.812.