The bears didn’t waste much time Tuesday evening. Minutes after Claudette was downgraded to a tropical storm, traders took the bull by the horns and were able to steer prices in overnight Access trading below key technical and psychological support at $5.00. When the regular, open-outcry session opened Wednesday morning, there was little question which direction prices were headed.
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Kinder, Calpine Waste No Time on Sonoran Pipeline
With so many proposed new pipelines and expansions in the works to serve the wild demand growth in California, Kinder Morgan Energy Partners LP and Calpine Corp. wasted no time last week in marketing space on their massive $1.7 billion gas pipeline project, which was announced last week (see Daily GPI, May 3). The companies launched an open season on Monday to take binding market requests for service through June 1 on their 1,030-mile Sonoran Pipeline.
Kinder, Calpine Waste No Time on Sonoran Pipeline
With so many proposed new pipelines and expansions in the works to serve the wild demand growth in California, Kinder Morgan Energy Partners LP and Calpine Corp. wasted no time this week in marketing space on their massive $1.7 billion gas pipeline project, which was announced last week (see Daily GPI, May 3). The companies launched an open season yesterday to take binding market requests for service through June 1 on their 1,030-mile Sonoran Pipeline.
Bulls Waste Little Time After ‘Surprising’ Storage Release
After trading within an extremely tight, 3.5-cent range for mostof yesterday’s session, natural gas futures were lifted by a waveof buying that hit the market literally seconds after the AmericanGas Association released one of its most bullish storage reports sofar this injection season.
Prices Waste No Time in Shedding Storm Spikes
Almost as fast as they had gone up Tuesday, cash prices headedback down Wednesday. In one of the quickest hit-and-run operationsever mounted on Gulf of Mexico production, Earl achieved hurricanestatus but was already leaving offshore platforms behind afterveering sharply eastward overnight. While the storm appeared to beheaded into Florida’s Panhandle, workers were returning toplatforms off Louisiana and Texas and the estimated 8 Bcf/d ofshut-in gas gradually started to flow again.