Varying

As expected, most points continued to soften by varying amounts Friday. Losses ranged from as little as about a dime to just over a dollar, with many gradations in between represented. The few upticks tended to be associated with the Midwest market, such as Chicago citygates, Dawn, and Northern Natural-Ventura.

With much of the U.S. and Canada still frigid from last week and renewed cold having returned to the South and Northeast, there was no surprise when prices rose nearly across the board Monday. There was quite a bit of variation among the amounts of increase, however. The Midcontinent/Midwest, Rockies, California and a few Gulf Coast points measured their gains generally in the vicinity of a dime or slightly more. The rest of the Gulf Coast tended to rise by either side of 20 cents, while Northeast citygates were up 30-55 cents.

Prices leveled off Tuesday in the East with few points varyingby more than a couple of cents in either direction from flat.Western markets generally were softer except for flat numbers inthe Pacific Northwest and a gain of more than a dollar at theSouthern California border. The Golden State’s power situationremained dire enough that a second straight day of rollingblackouts was ordered (see related story).

Dynegy Inc. told FERC last week it’s becoming alarmed at thegrowing number of varying Y2K contingency plans being filed bypipelines. The Commission should agree to allow one set ofprocedures for the entire industry, Dynegy suggested. Otherwisethere could be a state of panic on New Year’s eve when shippershave to deal with multiple sets of Y2K emergency nominationprocedures.

Dynegy Inc. told FERC this week it’s becoming alarmed at thegrowing number of varying Y2K contingency plans being filed bypipelines. The Commission should agree to allow one set ofprocedures for the entire industry, Dynegy suggested. Otherwisethere could be a state of panic on New Year’s eve when shippershave to deal with multiple sets of Y2K emergency nominationprocedures.

Weekend prices drifted lower by varying degrees Friday, rangingfrom barely a penny down on a couple of Gulf Coast pipes todouble-digit decreases throughout much of the West. A flat screenprovided no cash guidance, traders said, so it was primarily milderweather plus the typical drop in weekend load that promptedmoderate declines of about a nickel or less at most eastern points.

The cash market was stronger by varying degrees Tuesday withprice movement ranging from flat to about a dime higher. Butsources didn’t expect the firmness to last, since many points wereheading back down along with the screen in late business. Theiroutlook was reinforced when the June futures contract continued todrop in afternoon Access activity.