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Gold/Mining/Energy : Range Resources (RRC)

RRC 37.85

+1.1%

Jan 30 3:59 PM EST

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To: doug doan who wrote (11)	12/4/1998 4:31:00 PM
From: Bucky Katt	Read Replies (1) of 82

Canadian natgas prices break down through C$1/GJ NEW YORK, Dec 4 Canadian natural gas spot prices stretched even lower on Friday as excess gas supply flooded Alberta and no forecasts were on the horizon for any drastic cold, industry sources said. The flooding of gas into Alberta from the U.S. export points resulted in a linepack on NOVA of 13.164 billion cubic feet (bcf) as of Thursday evening, according to the pipeline company. This is well above the pipeline target of 12.8 bcf. ''NOVA was still packing this morning. Now they're just trying to sell that gas into the market. It's supposed to be a little cooler Monday and Tuesday but another Chinook is supposed to move in by Thursday,'' one Calgary-based trader said. As a result, weekend prices at Alberta's AECO storage hub fell to about C$0.95 per gigajoule (GJ), down another 70 cents, or about 42 percent from Thursday, before rebounding to as high as C$1.10 by late morning. Trade at Westcoast Energy's Station 2 compressor was discussed widely at C$1.40-1.60 per GJ, down another 55 cents on the day. Conversely at the Sumas/Huntingdon border point, prices remained steady at US$1.62-1.68 per million British thermal units (mmBtu) as northwestern buyers demanded more gas.

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