MARKET ACTIVITY/TRADING NOTES FOR DAY ENDING WED., JANUARY 7, 1998 (10)
THIS IS WHY BEV HAS BEEN UNABLE TO PUBLISH HER MORNING NOTES COLUMN
January 8, 1998
Ice storm knocks out power
MONTPELIER, Vt., Jan 8 (Reuters) - A crippling ice storm, already blamed for one of the biggest blackouts in Quebec history, is creeping across the U.S.-Canada border into neighboring Vermont.
Trees glazed with heavy ice have brought down power lines to some 20,000 customers throughout Vermont, most of them "in the northwest part of the state north of Burlington up towards Canada," said Richard Sedano, commissioner of the Department of Public Service for Vermont.
"Flooding is keeping emergency crews from reaching many people," he said.
Citizens Utilities , the state's smallest utility, is having trouble getting the emergency crews they need from the other utilities, "because all the other utilities in region are having the same problem," Sedano said.
He said Central Vermont Public Service Corp and Green Mountain Power Corp were also experiencing scattered customer outages due to the ice storm.
About 925,000 customers in Quebec, or some 2.5 million people, were without power Thursday as the four-day-old storm kept a firm grip on the region.
Bev's farm is one of those 925,000 customers. We hope whatever grief brought on by the storm is held to a minimum. That also goes for the other 924,999 customers. I want to know what the general mood of the market is and without Bev, I'll never know - because all I read is Kerm's Korner stuff, and more stuff.
For more detail; canoe.ca
EARLY NYMEX UPDATE
NYMEX natgas loses ground early despite stock data
NEW YORK, Jan 8 (Reuters) - NYMEX Hub natgas futures mostly lost ground early Thursday in moderate trade despite Wednesday's supportive weekly inventory data, still undermined by some very mild weather in the East, market sources said.
At 1210 EST, February slipped 3.5 cents to $2.11 per million British thermal units, while March was 3.4 cents lower at $2.10. Other months were narrowly mixed.
"The market is underperforming after the AGA number. It's going to get colder (in the East next week), but it's only going to be slightly below-normal. There's still no Arctic weather on the horizon," said one New York-based trader.
AGA said Wednesday U.S. gas stocks fell last week by 138 bcf, well above expectations in the 105-115 range. The decline erased the surplus to last year, leaving overall inventories 17 bcf, or about one percent, below 1997 levels.
But traders noted significant stock draws in the next two weeks last year, raising the prospect the surplus will again grow as mild weather this year limits usage.
Cooler weather is forecast for most of the U.S. by the weekend, with the Midwest expected to stay slightly below-normal for several days. The East is expected to cool to about normal levels, but warmer weather is expected to return later next week.
Chart traders pegged February support at Monday's low of $2.085 and then at $2.05, with psychological support at $2. Resistance was seen at $2.25 and $2.34, with further selling likely at $2.46, $2.515 and the double top at $2.68.
NYMEX said an estimated 22,484 Hub contracts traded at 1138 EST. Hub open interest on January 7 fell 781 contracts to 191,164.
STOCKS END SHARPLY LOWER ON FRESH ASIAN WOES
NEW YORK(Reuters) - Blue-chip stocks were hammered Thursday on new jitters over the Asian economic crisis, this time in Indonesia and Thailand. Based on early and unofficial data, the Dow Jones industrial average ended down 99.65 points, or 1.2 percent, at 7,802.62. The Nasdaq composite index lost 6.15 points at 1,555.55. In the broader market, declining issues led advances 18 to 10 on active volume of 654 million shares on the New York Stock Exchange.
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