Producers must have thought the Grinch was stealing Christmasearly when they saw the abyss-like depths to which December swingprices were sinking Monday. “I’ve never seen it [the spot market]dump so hard in my life!” exclaimed a Midcontinent trader.
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High volatility continued in the natural gas pit Tuesday whentraders tested both sides of the market during a session that sawlittle in the way of fresh fundamental news. In the end, supportivecash prices-that were up 20 or more cents in mostlocations-provided the incentive for futures to trend higher. TheDecember contract led the way, eeking out a 4.9 cent gain to settleat $2.436 in light to moderate trading activity yesterday.
The $2.08-10 level has been a magnet for November futures pricesthis week, and yesterday was no exception when buyer and sellersmatched up just about evenly to produce a $2.095 settle. Sourcessaid strong selling above $2.10 was enough to thwart the earlymomentum produced from follow-through buying carried over from theWednesday evening Access session. Despite the relatively narrow8-cent trading range, estimated volume registered a hefty 62,079.
High intra-day volatility continued at Nymex Tuesday whennatural gas futures came under selling pressure early in the dayonly to rebound late in the trading session to nearly unchangedlevels. Weak cash market prices were the talk of the market in themorning and it wasn’t until after pipeline nomination deadlines at12:30 PM eastern that futures were able to begin to recoup losses.The November contract settled for the day at $2.084, down 0.5 centsfor the day.
The Alliance Pipeline project crossed one of its last remainingregulatory hurdles on Friday when Canada’s National Energy Boardconcluded it is not likely to cause significant adverseenvironmental effects provided 41 environmental recommendations areimplemented.
At a time when the gas distributors and marketers are spendingbig bucks importing celebreties to popularize their brand names inthe retail market, Yankee Gas in Meriden, CT has engineered a swapwith one – none other than the ultimate TV homemaker, MarthaStewart – in its own back yard.
At a time when the gas distributors and marketers are spendingbig bucks importing celebreties to popularize their brand names inthe retail market, Yankee Gas in Meriden, CT, has engineered a swapwith one – none other than the ultimate TV homemaker, MarthaStewart – in its own backyard.
Anadarko Petroleum lamented low oil prices when it reportedsecond quarter net income that was about one-fifth what it was inthe same period last year. For the second quarter net incomeapplicable to common stockholders was $2.7 million Revenues were$137.6 million. By comparison, net income for the second quarter of1997 was $13.8 million on revenues of $139 million.
FERC turned the heat on pipeline competition in the Colorado andWyoming markets up a notch or two last week when it gave KNWattenberg Transmission the go-ahead to start work on its proposed109-mile Front Runner pipeline project, and gave competitorsWyoming Interstate (WIC) and Colorado Interstate Gas (CIG) thegreen light to carry out the construction of new compression andmetering facilities.
Marketers lost a battle against LDCs last month when theMichigan Public Service Commission (MPSC) sided with MichiganConsolidated Gas (MichCon) and Consumers Energy in a dispute overfees charged for tracking title to gas that changes hands on theLDCs’ systems. The MPSC found it had no jurisdiction to regulatetitle transfer tracking fees.