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Back from the three-day weekend, bulls took up where they left off last week as they managed to propel natural gas futures prices higher Monday for the second-straight session. But in contrast to last Thursday’s technical short-covering advances, Monday’s uptick was more basic in nature as buyers bid up the market on the first signs tropical storm activity.

Taking over where FERC left off, the Minerals Management Service (MMS) said last week that it is testing the waters for possibly putting a new regulatory framework in place to ensure non-discriminatory open access to offshore gas and oil pipeline systems.

Taking over where FERC left off, the Minerals Management Service (MMS) is testing the waters for possibly putting a new regulatory framework in place to ensure non-discriminatory open access to offshore gas and oil pipeline systems.

In effect on an interim basis since Feb. 26, Washington Gas Light Co.’s (WGL) new rates will go through a public hearing on Sept. 15 where it will be decided whether the rates are just, according to the Virginia State Corporation Commission (SCC). By law, interim rates can become effective, subject to refund, while the SCC fully investigates the reasonableness of the request.

The Big Apple was where the big prices were Monday. Transco’s Zone 6-New York City pool spiked as high as $18 and rose more than $2 on average to lead more modest gains at most other Northeast points as a new winter storm took aim at southern portions of the region. However, spreading cold in the rest of the U.S. gave little price support to the general market, which ranged from a few cents higher to down about 15 cents.

Los Angeles, CA–(NGI News)–Nov 26, 2003–A California Superior Court in San Diego is expected to rule the first week of December in the $1.6 billion settlement between El Paso Corp. and four western states, the principal one being California. Two separate court approvals are needed before the Federal Energy Regulatory Commission-approved deal can be made final, both of which could come before the end of the year.

Putting its stock where it business strategy is focused, Bellevue, WA-based Puget Energy Friday announced it was selling about $100 million of common stock to mutual funds managed by Franklin Advisers, based in San Mateo, CA, at a discount to the Oct. 30, 2003 price at $22/share. Net proceeds will go entirely to support Puget’s regulated combination utility, Puget Sound Energy (PSE).

NGPL said the start of integrity testing on its mainline Segment 2 where a pipe failure occurred earlier this month (see Daily GPI, Aug. 13) has been delayed by one day to Friday instead of Thursday as previously planned. The testing is still expected to last approximately six weeks. As it progresses, various receipt points will become unavailable for receipt of gas into the pipeline. Once a point is impacted, it may remain unavailable until the entire Segment 2 has been returned to service, NGPL said. However, the actual in-service dates for each point may vary depending on the progress of the testing. See the bulletin board for a schedule of points being shut in and related transport restrictions.

Borrowing from Mark Twain in summing up the current wholesale natural gas market and where it is headed, DC Public Service Commission’s (PSC) Dr. Jeffrey V. Conopask, quoted, “Predicting is pretty risky business, especially about the future.” He said he believes wholesale prices for the 2003-2004 heating season “continue to suggest that natural gas expenses will be higher for consumers than those of the most recent winter.”