Virtually

NGI sources generally were correct Thursday in predicting a moderate cash rally for Friday, but not entirely accurate. Prices fell at virtually all Northeast citygates Friday as a cold front took regional temperatures lower for the weekend, and at scattered points elsewhere. Otherwise quotes ranged from flat to as much as 20 cents higher.

Prices were flat to mildly softer at virtually all points Thursday, but market weakness was expected to grow substantially Friday following a decidedly bearish storage report and large declines in energy futures.

This year’s omnibus energy bill sashayed through three major House committees last week, virtually unchanged from the Republican drafts which had been offered by committee chairmen. The bill that is expected to go to the House floor for consideration this week calls for drilling on the coastal plain of the Arctic National Wildlife Refuge (ANWR) and gives FERC sole authority over the siting of liquefied natural gas (LNG) import terminals.

The Republican draft energy bill was close to emerging from three House committees Wednesday with provisions affecting natural gas virtually unscathed by a host of defeated amendments offered by Democrats.

The American Gas Association (AGA) on Tuesday denounced the Bush administration’s fiscal year 2006 budget proposal that would “virtually” scrap federal research into new techniques for finding and producing natural gas at a time when tight supplies have sent prices soaring.

A generally quiet market week came to a close Friday with anticipated softening at virtually all points (a flat Westcoast Station 2 was the exception). The lack of significant heating load in all market areas, the previous day’s bearish storage report and its accompanying screen loss of 22.7 cents, all played a part, with the usual weekend reduction in industrial load in a minor role.

California’s governor virtually bypassed energy issues in his state of the state message last week and information on energy plans is expected to emerge slowly, along with indications from the state legislature on whether separate new comprehensive energy bills will be pushed separately by the Democratic majority and Republicans.

Prices soared at virtually all points Monday after a frigid mass of air from Canada had invaded much of the U.S. and sent temperatures plunging, even in the previously mild South. Some Northeast citygates led the price climb with gains around a dollar or more, and most other points rose by at least half a dollar.

Prices soared at virtually all points Monday after a frigid mass of air from Canada had invaded much of the U.S. and sent temperatures plunging, even in the previously mild South. Some Northeast citygates led the price climb with gains around a dollar or more, and most other points rose by at least half a dollar.