Due to much warmer than normal temperatures during the first quarter in California, Nevada and Arizona, Southwest Gas Corp. announced consolidated earnings of $0.76 per share for 1Q2003, a $0.56 decrease from the $1.32 per share earned during the first quarter of 2002. The company’s consolidated net income was $25.5 million, compared to $42.9 million in the prior period.
Articles from Warmer
Citing forecasts of warmer weather in the state of Florida, Florida Gas Transmission issued an Overage Alert Day for its market area Wednesday with 5% tolerance for negative daily imbalances. FGT also said that due to maintenance in progress on its system, it was not scheduling more than 1,850,000 MMBtu/d into the market area for the gas days of Wednesday and Thursday.
In a market practically mandated by the weather forecasts, non-Rockies prices dropped by double-digit amounts in nearly all cases Friday. A winter storm approaching the upper Rocky Mountains from Northern California and the Pacific Northwest boosted area load enough to keep most Rockies points flat to mildly lower and even raise numbers at the highly temperature-sensitive Cheyenne Hub.
Citing warmer weather in its market area and lower overall linepack, Florida Gas Transmission issued an Overage Alert Day notice with 5% tolerance for negative imbalances Tuesday. FGT bases its decision on whether to extend an OFO on a review of the situation prior to the start of each gas day.
Propelled by forecasts calling for a warmer-than-normal summerand following on the heels of Thursday’s technical rebound, naturalgas futures finished the week on a positive note Friday, ascommercial and speculative traders covered shorts ahead of theweekend. After gapping higher at the open, the April contracttraded quietly for much of the session Friday, finishing 10.8 centsstronger at $5.035.
Amid revised forecasts calling for warmer-than-normal weatherthrough mid-month, natural gas futures prices plunged yesterday astraders took advantage of a gap lower open and quickly pushed theMarch contract to its $1.00 lock-limit down. After being halted forthe Nymex-mandated 15 minutes, trading resumed at 11:15 a.m. (ET)yesterday with new $2.00 limits on either side of Friday’s $6.743March close. Additional selling was seen at the close, demoting theprompt month to $5.706, a $1.037 loss for the day.