Markets

The PJM Interconnection has more than enough capacity to meet the forecasted peak electricity demand for the upcoming winter, the grid operator said Wednesday.

The power struggle between natural gas market bears and bulls continued Wednesday as futures prices soared as much as 17 cents overnight on a chillier long-range outlook only to plunge into the red as the latest data added a few days of milder temperatures. The Nymex January gas futures contract eventually recovered enough to settle 1.2 cents higher at $4.469 Wednesday, while February rose 2.5 cents to $4.33 and March gained a more substantial 6.9 cents to hit $4.006.

The power struggle between natural gas market bears and bulls continued Wednesday as futures prices soared as much as 17 cents overnight on a chillier long-range outlook only to plunge into the red as the latest data added a few days of milder temperatures. The Nymex January gas futures contract eventually recovered enough to settle 1.2 cents higher at $4.469 Wednesday, while February rose 2.5 cents to $4.33 and March gained a more substantial 6.9 cents to hit $4.006.

The electric grid operator of Texas is facing tighter reserve margins next summer as increasing oil and natural gas development in far West Texas, home of the prolific Permian Basin, continues to drive up electricity demand in the state.

Short-term cold was enough to swing the natural gas market higher Tuesday, boosting January prices more than a dime even as weather data changed very little day/day. The Nymex January futures contract settled at $4.457, up 11.8 cents. February rose 14.8 cents to $4.305, and March edged up 16.9 cents to $3.937.

Short-term cold was enough to swing the natural gas market higher Tuesday, boosting January prices more than a dime even as weather data changed very little day/day. The Nymex January futures contract settled at $4.457, up 11.8 cents. February rose 14.8 cents to $4.305, and March edged up 16.9 cents to $3.937.

January natural gas futures were trading 15.1 cents higher at $4.490/MMBtu shortly before 9 a.m. ET Tuesday, with the weather outlook mostly unchanged overnight for a market that continues to find support from storage concerns.

Ownership of New Brunswick’s natural gas distribution franchise is changing hands in a C$331 million (US$265 million) sale announced Tuesday by Calgary-based Enbridge Inc. The buyer — Liberty Utilities (Canada) LP, a subsidiary of Oakville, ON-based Algonquin Power & Utilities Corp. — added that a C$5 million (US$4 million) service expansion program will begin after the deal’s scheduled close in first-half 2019. Under Enbridge ownership the franchise, New Brunswick Gas, arranged for imports from the eastern United States for its 12,000 customers in 12 communities to replace Nova Scotia offshore wells that are depleted and shutting down. Enbridge retains a 78% ownership interest in the import route, Maritimes & Northeast Pipeline. The Calgary gas and oil transportation conglomerate described the New Brunswick deal as part of continuing asset sales triggered by its C$37 billion (US$28 billion) takeover of Houston-based Spectra Energy in 2016.

January natural gas futures were trading 31.5 cents lower at $4.297/MMBtu shortly before 9 a.m. ET Monday as forecasts over the weekend maintained expectations for a stretch of milder temperatures starting next week.