FERC voted out a final rule that imposes a major (price and volume) reporting requirement on natural gas transporters and sellers to California until September 2002 in an attempt to bring gas prices there in sync with other major markets around the country.
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FERC Bows to Capitol Hill Pressure with Reporting Requirement
FERC’s plan to impose a (price and volume) reporting requirement on transporters and sellers into the California natural gas market (RM01-9) has drawn mixed reactions from industry, but most agree that the Commission was pressed by Congress to take this action.
Prices Plunge on Bearish Screen, Storage Data, OFO
After another large storage injection volume from AGA and the screen’s accompanying plunge Wednesday, it wasn’t a very tough call to predict falling cash numbers Thursday. Sure enough, a price rout was on as nearly all points fell by about a quarter or more when fundamental demand factors proved unable to make up for the twin depressants of a further futures drop Thursday and the record-setting pace of storage refills so early in the injection season.
Price Drops Moderate at Most Points, Biggest in California
As expected after the big injection volume in AGA’s weekly storage report and the Nymex downturn in reaction, cash prices resumed softening Thursday at all points. But outside of California declines ranging from nearly a quarter (border-SoCalGas) to a little more than a dollar (Malin), other markets fell generally between a nickel and 15 cents with only a few scattered points exceeding 15 cents.
Trading Activity at Dawn Picks Up
Union Gas said the Dawn gas market hub in Ontario set newrecords in 2000 for the volume and number of title transfers. Thehub recorded over 2.7 Tcf of title transfers last year, more thandouble the 1999 total of 1.3 Tcf. On average about 7.6 Bcf/d of gaschanged hands up from 3.7 Bcf in 1999.
January Plummets on Light Volume, Heavy Selling
Feeding off last Thursday’s late sell-off, natural gas futurestumbled lower yesterday as traders liquidated January positionsahead of the contract’s expiration Tuesday. After gapping lower atthe open, January dropped below key support levels at $2.38-39 and$2.32-34 en route to its $2.271 settlement. Including yesterday’s12.8-cent decline, the January contract has plummeted 45 cents fromMonday’s $2.715 high of a week ago.
Futures Filter Lower in Quiet Session
For bull traders yesterday’s natural gas futures session was acase of “no news is bad news” as prices chopped lower in a raresub-50,000 volume session. As usually is the case the promptmonth-September-took the biggest hit, slipping 4.5 cents to finishat an even $2.70.
Texaco Stock Up on Merger Rumors
Texaco stock closed up a healthy 5 1/16 Friday amid rumors thecompany is a takeover target in the sights of Chevron. Texacoclosed at 67 ¬ on the New York Stock Exchange on volume more thantwice the average. The stock’s 52-week range is 44 9/16 to 65 7/8.Chevron shares closed down 2 15/16 at 94 7/8. The stock’s 52-weekrange is 73 to 104 15/16. A Texaco spokesman could not be reachedat press time, and Chevron declined to comment on the rumor.
Briefs
Texaco stock closed up a healthy 5 1/16 Friday amid rumors thecompany is a takeover target in the sights of Chevron. Texacoclosed at 67 ¬ on the New York Stock Exchange on volume more thantwice the average. The stock’s 52-week range is 44 9/16 to 65 7/8.Chevron shares closed down 2 15/16 at 94 7/8. The stock’s 52-weekrange is 73 to 104 15/16. A Texaco spokesman could not be reachedat press time, and Chevron declined to comment on the takeoverrumor.
Volume Hikes, Exchange Rates Favor Canadians
Rising sales volumes and favorable currency exchange rates morethan made up for erosion of prices fetched by Canadian exports inthe last natural gas contract year.