With the prospect for widespread shuttering of the oldest, most inefficient coal-fired power plants in the face of stiffer federal clean air requirements, the Tennessee Valley Authority (TVA) said Friday it will close 18 coal-fired boilers, or 16% of its coal-based capacity, during the next five years. Shutdowns are to start next year.
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Sabine Pass Liquefaction Receives Wide Support at FERC
Widespread support has been expressed at FERC for Sabine Pass Liquefaction LLC’s application to add a new liquefaction operation to its liquefied natural gas (LNG) terminal in Cameron Parish, LA, transforming it into a “bidirectional facility” for the purpose of exporting LNG. Some parties, such as Chevron U.S.A. Inc., said their support was conditioned on Sabine Pass responding to a series of questions. A trade group representing municipal gas utilities lodged the only protest to the project.
Prices Rally With Winter Chill on Its Way Again
As the general weekend respite from a widespread spell of cold weather proved to be fleeting, prices rebounded strongly Monday from their only overall softness of the previous week. Besides the prospects of heating load shooting higher again, the previous Friday’s 15.7-cent gain by December futures and the return of industrial demand from its typical weekend lull contributed to cash market increases.
Most Points Fall as Milder Weather Starts to Return
After strong gains over the previous two days based on a widespread cold spell, prices began retreating at nearly all points Friday as forecasts indicated a return to more seasonal temperatures in most areas. The normal weekend drop of industrial load was another bearish influence, while the prior-day uptick of 2 cents by December futures had no appreciable impact on the physical market.
EIA: January Lower 48 Production Up from Year Ago
It is clear that the widespread producer cutbacks that began last fall to combat falling prices have not yet translated into reduced natural gas supplies as production in the Lower 48 states was 63.01 Bcf/d in January, down 0.29 Bcf/d, or half of a percent from December, but up 2.7 Bcf/d, or 4.5% compared with January 2008, according to Energy Information Administration (EIA) estimates released Thursday. In longer-term projections also released last week EIA forecast rapid shale growth but a lesser role for imports of liquefied natural gas (LNG) in coming decades.
EIA: January Lower 48 Production Up from Year Ago
It is clear that the widespread producer cutbacks that began last fall to combat falling prices have not yet translated into reduced natural gas supplies as production in the Lower 48 states was 63.01 Bcf/d in January, down 0.29 Bcf/d, or half of a percent from December, but up 2.7 Bcf/d, or 4.5% compared with January 2008, according to Energy Information Administration (EIA) estimates released Thursday.
It’s Still Very Cold, But Most Points Fall Again
The market demonstrated once again Thursday that widespread severe cold is not necessarily a gas price booster. Prices dropped at nearly all points as two prior days of major futures weakness took their toll on the cash market. Increased use of storage was still believed to be supplanting potential new purchases of spot gas, and while frigid weather will last into the weekend in northern market areas, it would be less cold than before in many sections.
Supportive Factors Fail to Rally Mostly Softer Prices
Widespread hot weather, a major production outage in the Gulf of Mexico and prior-day screen support were unable to arouse most of the cash market out of its recent swoon Wednesday.
Most Points Rise Again, But Hints of Softness Appear
Prices continued to rise at most points Tuesday on the support of widespread cooling load and the previous day’s 15.5-cent advance by August futures. However, there were signs that this week’s overall bullishness so far in the cash market could be starting to fade as many of Tuesday’s gains were about a dime or less and there was a sharp increase of sizeable losses, especially in the Southwest basins, California and Midcontinent.
Futures Back Above $13 as Traders Debate Heat, Storms and Crude
Piggybacking on the $2.69/bbl July crude futures gain, stifling heat in a number of key regions and widespread speculation on storm rumblings in the tropics, July natural gas futures on Monday once again punched above the psychological $13 barrier. After trading between $13.029 and $13.266, the prompt-month contract finished the day’s regular session at $13.203, up 20.9 cents from Friday’s finish.