Virtually

EnCana Corp. and some of its affiliates agreed to sell virtually all of their gas storage interests to private equity fund Carlyle/Riverstone Global Energy and Power Fund for about $1.5 billion after adjustments.

The downhill slope on which virtually all points were launched Wednesday got even steeper across the board Thursday, and promises to be even more slippery Friday following a dollar-plus swan dive by January natural gas futures. Heating load is diminishing dramatically as the harsh cold in which many markets began the week continues to become past tense.

Prices continued to pad their premiums to first-of-month indexes at virtually all points Thursday. Widespread cold and snowy weather remaining in the forecast through the weekend was supplemented by the screen’s 85.1-cent spike Wednesday as supportive factors in the cash market’s remaining on an upward trek.

The November aftermarket closed out Tuesday much as it spent virtually all of the month — with spot prices at dollar-plus deficits to first-of-month indexes at nearly all points (Questar and NIT [NOVA Inventory Transfer] were the exceptions). The spread of winter-like weather had most points on the rise, although flat to lower numbers were scattered here and there.

Following the long holiday weekend, traders on Monday wasted virtually no time getting their positions across as the December natural gas futures contract plummeted on its final day. After burrowing below the $11.030 support level (from Nov. 7) to record a trade at $10.880 just before 1:30 p.m. EST, the expiring prompt month rallied to go off the board at $11.180, down 44 cents for the day.

Virtually all points were up strongly Tuesday on prospects of a northern cold snap continuing for a while longer. Most of the gains were in double digits, but quite a few points — primarily in the Northeast — rose by dollar-plus amounts.

There were some exceptions of flat to slightly higher prices Thursday, but a large majority of the cash market was moving lower. Virtually all points are expected to fall Friday under the weight of a hefty storage injection, a major screen plunge Thursday prompted by the storage report, generally moderate weather, and the usual weekend drop in industrial load.

Alberta oilsands projects will continue to contribute to upward pressure on natural gas prices as virtually the only industrial sector left in North America where consumption is still rising, Canada’s National Energy Board predicts.

Following two days of mixed numbers, the cash market closed out September business Thursday with virtually all points on the same price page and skyrocketing (except for a flat Florida citygate). Dollar-plus spikes were frequent as quotes were jolted higher by the screen’s $1.251 move higher on Wednesday as October natural gas futures went off the board. Weather fundamentals are generally weak right now as comfortable early-autumn weather gets more firmly established in most areas.