The bullishness that had been a feature of the cash market sincemidweek slowed down considerably Friday. Most eastern points rangedfrom flat to about a nickel higher, while several Northeastcitygates joined the Rockies and Southern California border insmall declines.

Once again San Juan Basin numbers recorded the biggest losses ofover a dime.

The market’s uphill climb started to level off chiefly due tolower weekend demand and the unexpected delay in the Northeast andMidwest market areas returning to normal summer weather, sourcessaid. However, some strength was garnered from moderately highergas futures and the first legitimate Atlantic Basin event of the2000 hurricane season, they said. Other energy futures also werestronger, with the crude oil contract for September soaring by$1.30 to finish just below $30/bbl.

The “Waiting for Alberto” play mentioned earlier in the week by aproducer (see Daily GPI, Aug. 3)introduced its title character. After two months of a hurricaneseason with no action on the Atlantic side, Tropical Storm Albertoformed south of the Cape Verde Islands off West Africa and was movingwestward Friday, according to the National Weather Service. It wasexpected to strengthen and could become a hurricane over the weekend,NWS said.

A marketer said Rockies prices were trending higher as themorning went on. But Calgary traders noted that intra-Albertaprices, after starting the morning only mildly softer in the highC$4.50s, “cratered” to the C$4.30 level that afternoon despite apositive screen reading. Higher than expected field receipts werepacking NOVA’s system and threatening to overwhelm weekend storageinjections, they said. However, NOVA had not altered imbalancetolerances from their normal levels as of late Friday afternoon.(Today is a provincial Alberta-only holiday called Heritage Day, sosome Canadian gas was traded through Tuesday. However, a number ofCalgary traders are expected to work at least part of today.)

For most of Friday it appeared that California’s heat problemswere over as the state’s Independent System Operator failed toissue even a Power Watch. But that afternoon Cal-ISO issued a StageOne Electrical Emergency (voluntary energy conservation) “due tothe mechanical failure of two Southern California generatingunits.”

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