After trading within a wide, 58-cent trading range over the past10 trading days, November futures could barely eke out a nickelrange during the regular open-outcry session Tuesday, as traderselected to remain mostly on the sidelines ahead of fresh weatherand storage news expected this afternoon. The prompt month finisheddown 1.6 cents at $5.134 in a session that saw a scant 48,674contracts change hands.
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Prices Fall; El Paso South Mainline Out Indefinitely
All cash points retreated Wednesday within a range of about anickel to 20 cents, with most declines occupying the middle groundat 8-15 cents. Sources attributed the softening to the screen’sweakness a day earlier, a general dearth of cooling load, anddoubts about production risks from downgraded Tropical Storm Debby.
Suncor Energy Repositioning Gas Business
Suncor Energy Inc. of Calgary said it will reposition its gasbusiness to achieve at least a 10% return on capital within fiveyears. Suncor intends to build competitive operating areas, improvebase business efficiency and create new, low-capital businesses.
Suncor Energy Repositioning Gas Business
Suncor Energy Inc. of Calgary plans to reposition its gasbusiness to achieve at least a 10% return on capital within fiveyears. Suncor intends to build competitive operating areas, improvebase business efficiency and create new, low-capital businesses.
Storage Bulls Fast Out of Chute
After stabilizing within a tight, 10-cent trading range for thepast week, natural gas futures finally broke to the upsideWednesday amid a post AGA buying surge. May received the largestboost of any month, rallying 7.2 cents to post its first $3.00-plus settlement at $3.021. According to the American GasAssociation 2 Bcf was injected into underground storage facilitieslast week, bringing the total to 1,033, or 31% full. “Its alwaysdifficult to predict the way the market will react to the firstinjection of the season,” a Chicago trader said. “Expectationscalled for net change of plus or minus 10 Bcf and that’s what wegot. If you ask me, I am a little surprised by the market’sreaction,” he said.
Futures Rumble Higher as Late Rally Pierces Resistance
After trading within a tight, 20-cent range for almost theentire month of March, natural gas futures finally broke throughstubborn resistance just before the closing bell yesterday in alocal and fund led rally. Advancing 7.8 cents to finish at $2.914,the April contract narrowly edged out the 7.6 gain achieved by theMay contract. Estimated volume was moderate with 74,886 contractschanging hands.
Group Calls For Demand-Side Management in PJM
Power shortages and price spikes within the PJM Power Pool areas likely this summer as barbecues and sunburns, according to aPennsylvania public interest group.
Group Calls For Demand-Side Market in PJM
Looking ahead to summer within the PJM Power Pool meansanticipating power shortages and price spikes. With virtually nonew generation coming on line for this summer, Pennsylvania publicinterest group PennFuture says it’s time to create a demand sidemarket for electricity and give consumers an incentive to conserve.
Transportation Notes
Despite projecting linepack within its operating limits targetrange, Pacific Gas & Electric extended a high-inventory OFO (seeDaily GPI, March 15 and March 16) into its third day today butloosened the tolerance for positive imbalances slightly from 1% to2%. The utility expects linepack to exceed its upper limit targetagain Saturday.
EnronOnline Strikes Again
Expanding its fast-growing sphere of influence within theindustry, EnronOnline, the Internet-based wholesale energytransaction platform sponsored by Enron, announced that it willhold the first online sulfur dioxide (SO2) emissions allowanceauction in the U.S. from March 13-16.