AN EYE ON THE MARKETS / Weekend Edition - Part 4
DAILY REVIEW OF NATURAL GAS & CRUDE OIL PRICING / Part A
Article Index
11/13 13:48 NYMEX Hub natural gas ends up Friday on short covering
11/13 13:58 US spot gas flat to lower ahead of warmer forecast
11/13 14:25 Canada natural gas spot prices hold in Alberta on cold
weather
11/13 13:48 U.S. spot natural gas prices
11/13 14:06 Canadian spot natgas domestic prices
11/13 14:07 Canadian spot natgas export prices
11/13 13:48 NYMEX Hub natural gas ends up Friday on short covering
NEW YORK, Nov 13 - NYMEX Hub natural gas futures ended higher across
the board Friday in a moderate session, lifted mostly by some
technical buying and short covering ahead of the weekend, industry
sources said.
December climbed 6.5 cents to close at $2.459 per million British
thermal units after trading between $2.385 and $2.495. January settled
5.4 cents higher at $2.576. Other deferreds ended up one-half to 4.5
cents.
"We saw some technical buying today on the failure to break first
support at $2.37-2.38 (basis December), but there was heavy scale up
selling above $2.48," said one Midwest trader, adding he expected the
complex to be pressured Monday if the latest NWS six- to 10-day
forecast is accurate.
WSC expects normal to slightly below normal Northeast and Atlantic
temperatures Friday and Saturday to warm to normal or slightly above
normal Sunday through Tuesday. In Florida and the Southeast,
temperatures are expected to average normal to slightly below normal
through Tuesday.
In the Midwest, temperatures will range from normal to six degrees F
above normal for the period. In Texas, temperatures at four to 10
degress below normal Friday will gradually moderate to several degrees
above normal Sunday through Tuesday. Below normal Southwest readings
will warm to three to six degrees above normal later in the period.
The NWS six- to 10-day forecast released late Friday calls for above
normal temperatures for the eastern half of the nation, with some much
above normal readings predicted for the upper Midwest. The West Coast
mostly will average below normal, with Southern California dipping to
much below normal. Texas temperatures were expected to hold at about
seasonal levels.
Technical traders agreed December was rangebound, with resistance seen
first at Wednesday's high of $2.51 and then at the double top at
$2.63-2.64. Major selling should emerge at the autumn highs at
$2.715-2.719.
Support was pegged in the $2.35-2.38 area, with next support at last
week's $2.24 low and then at the Sept 2 low of $2.14.
In the cash Friday, Henry Hub weekend quotes on average were little
changed in the low-$2.20s. Midcon pipes were off one to two cents to
the $2.15-2.20 area. In the West, El Paso Permian slipped more than a
nickel to about $2.10.
Swing gas at the Chicago city gate was little changed in low-$2.30s,
while New York was quoted steady in the mid-$2.40s.
The NYMEX 12-month Henry Hub strip gained 2.3 cents to $2.32. NYMEX
said an estimated 50,610 Hub contracts traded today, down from
Thursday's revised tally of 54,340.
11/13 13:58 US spot natural gas flat to lower ahead of warmer
forecast
NEW YORK, Nov 13 - U.S. spot natural gas prices crept lower Friday as
moderating temperatures and the normal drop in weekend demand put
downward pressure on the market, industry sources said.
Gas prices at Henry Hub were quoted mostly unchanged at $2.17-2.25 per
mmBtu. The gap between cash and futures widened once again as December
futures bounded to a high of $2.495.
In the Midcontinent, swing prices slumped to about $2.17-2.19, off
about two cents from Thursday's levels.
Chicago city-gate prices were quoted widely at $2.27-2.37.
In west Texas, Permian Basin gas traded at $2.07-2.13, while the San
Juan market saw deals around $2.07-2.10.
The typical sharp drop in demand ahead of a weekend on the West Coast
pushed southern California border prices to about $2.40-2.45,
indicating a drop of three cents from Thursday.
"We've had this three weekends in a row. The opening deals seem to be
really low. They start dumping gas early, and then there's a panic
late," one Texas-based trader said.
In the East, New York city-gate prices clung to previous levels in the
mid-$2.40s.
Weather Services Corp.'s (WSC) forecast for next week starting Tuesday
shows seasonal weather throughout most of the U.S., with slightly
above-normal temperatures seen in the Great Lakes region and southern
Florida and below-normal temperatures in southern Texas.
Meanwhile, the WSC 30-day outlook calls for above-normal temperatures
in Florida and most of Texas and stretching into the southern Rockies
and along the southern part of the Southwest. Cooler-than-normal
weather is forecast for the northern plains, while near-normal
temperatures are expected to cover the remainder of the U.S.
11/13 14:25 Canada natural gas spot prices hold in Alberta on cold
weather
NEW YORK, Nov 13 - Canadian natural gas spot prices remained stable in
Alberta Friday as colder weather was forecast for the region this
weekend and supplies were still fairly tight, industry sources said.
Prices at Alberta's AECO storage hub were quoted again at C$2.59-2.60
per gigajoule.
Temperatures in Calgary are expected to reach highs only in the 20s
(degrees Fahrenheit) on Saturday and the low-30s on Sunday, according
to Weather Services Corp.
Also, NOVA said the outage at its Gold Creek Compressor Station has
been extended through Monday due to the discovery of blade damage on
the Unit 2 gas generator.
The company also reported that Unit 6 at its Princess B Compressor
Station was back in service following an unplanned outage.
Trade at Westcoast Energy Station 2 compressor was talked at
C$2.60-2.62 per GJ.
At the Sumas/Huntingdon export point, prices eased six cents to
US$1.88-1.94 per million British thermal units (mmBtu) in anticipation
of a weaker weekend demand.
To the east, trade at the Niagara export point was quoted at US$2.35
per mmBtu, down about five cents from Thursday.
----------------------------------------------------------------------
11/13 13:48 U.S. spot natural gas prices
NOVEMBER ($/mmBtu) 11/13 11/12
U.S. GULF OFFSHORE 2.08/2.13 2.09/2.14
TEXAS COAST 2.10/2.15 2.12/2.17
WESTERN TEXAS 2.07/2.12 2.14/2.19
LOUISIANA COAST 2.15/2.20 2.15/2.20
NORTHERN LOUISIANA 2.17/2.22 2.17/2.22
OKLAHOMA 2.15/2.20 2.17/2.22
APPALACHIA 2.40/2.45 2.40/2.45
SO. CALIFORNIA BORDER 2.40/2.45 2.43/2.48
HENRY HUB 2.19/2.23 2.19/2.23
WAHA HUB 2.10/2.15 2.16/2.21
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11/13 14:06 Canadian spot natural gas domestic prices
DOMESTIC (NOV SWING) $CDN/GJ $US/MMBTU
ALBERTA PLANT-GATE 2.45/2.50 1.70/1.73
ALBERTA BORDER - EMPRESS 2.75/2.80 1.91/1.94
STATION 2, B.C. 2.59/2.64 1.79/1.83
SASK. PLANT-GATE 2.45/2.50 1.70/1.73
TORONTO CITY-GATE 3.32/3.39 2.30/2.35
1-YR PCKGS - EMPRESS 2.72/2.77 1.89/1.92
AECO 2.57/2.62 1.78/1.82
N=notional. One yr package beginning Nov. 1, 1999.
Canada/U.S. dollar conversion based on Bank of Canada noon rate.
One year packages converted to U.S. dollars at a 12-month forward
rate.
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11/13 14:07 Canadian spot natural gas export prices
EXPORT (NOV SWING) $CDN/GJ $US/MMBTU
HUNTINGDON B.C. 2.73/2.80 1.89/1.94
KINGSGATE B.C. (TO PNW) 2.79/2.86 1.93/1.98
MONCHY SASK 2.58/2.66 N 1.79/1.84 N
EMERSON MAN 3.03/3.10 N 2.10/2.15 N
NIAGARA ONT 3.36/3.44 2.33/2.38
Canada/U.S. dollar conversion based on Bank of Canada rate.
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NYMEX HENRY-Hub NATURAL GAS PRICE CHARTS
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WEST Tx WAHA-Hub NATURAL GAS PRICE CHARTS
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OIL INDUSTRY COMBINED GRAPH CHARTS
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