weather

Despite having two tropical storms and a number of other disturbances on the weather radar, the nonthreatening tracks of the storms combined with a healthy storage build to help November natural gas futures work lower in its first regular session action as front month. On Thursday, the contract settled at $6.919, down 12.7 cents from Wednesday.

Citing Florida forecasts of 90-degree weather, Florida Gas Transmission issued an Overage Alert Day for market-area customers Wednesday with a 25% tolerance for negative daily imbalances. The pipeline said it would not interrupt previously scheduled market-area ITS-1 service “below the elapsed prorated scheduled quantity.”

With 90-degree weather in the Florida forecast, Florida Gas Transmission (FGT) issued an Overage Alert Day for market-area customers Wednesday. It had a 25% tolerance for negative daily imbalances. FGT said it would not interrupt previously scheduled market-area ITS-1 service below the elapsed prorated scheduled quantity for Wednesday’s gas day.

Entering 2008, U.S. gas prices could rebound to a 7:1 or even 6:1 ratio with crude oil, depending on the weather, according to analysts at Raymond James & Associates Inc. So $70 oil could mean $10 gas or better. For this bullishness on prices, thank Raymond James’ pessimism about the exploration and production (E&P) industry’s ability to grow production.

Despite mild weekend weather forecasts for northern market areas, most points rallied Friday as concerns about potential supply disruptions by Hurricane Dean in the coming week spurred purchases targeted for storage injections. Although heat levels were receding slightly in some sections of the South, especially west of the Mississippi River, they remained high enough there and in the desert Southwest to keep cooling load at respectable levels.

With the start of another week of what promises to be widespread extra-hot weather combining with last week’s futures rally being extended by another 23.4 cents Friday, it was hardly surprising that cash prices were up strongly Monday at most points. Further stirrings of tropical activity in the Atlantic, including the formation of Tropical Depression 4, and the return of industrial load from its usual weekend hiatus also lent strength to the cash market.

With 90-degree weather forecasted for Florida and low linepack levels, Florida Gas Transmission issued an Overage Alert Day for market-area customers Tuesday, setting the tolerance for negative daily imbalances at 35%. The pipeline did not interrupt previously scheduled market-Area ITS-1 service for Tuesday’s gas day.

Citing forecasts of 93-degree weather in Florida and lower linepack, Florida Gas Transmission issued an Overage Alert Day for market-area customers Thursday. The tolerance for negative daily imbalances was set at 25%. The pipeline said it would not interrupt previously scheduled market-area ITS-1 service for Thursday’s gas day.

With 90-degree weather forecasted in Florida Monday, Florida Gas Transmission notified market-area customers of the issuance of an Overage Alert Day at 25% tolerance. FGT said it would not interrupt previously scheduled market-area ITS-1 service for Monday’s gas day.