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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Lost in New York who wrote (18577)	4/9/1998 10:18:00 AM
From: Czechsinthemail	Respond to of 95453

More news on strong natural gas market, should benefit land drillers and offshore Gulf drillers: U.S. Spot Natural Gas Prices Surge After NYMEX Rally NEW YORK, April 8 - U.S. spot natural gas prices gained more than 10 cents Wednesday following a sharp incline in May futures on Tuesday, traders said. After setting new highs on Tuesday, NYMEX's May contract soared to another new high of $2.725 today. However, some traders speculated that cash prices may be on the retreat Thursday after a downward move in futures this afternoon and an anticipated drop in demand over the holiday weekend. Henry Hub swing gas traded mostly in the mid-$2.60s, up about 15 cents from Tuesday. Similarly in the Midcontinent, prices jumped 16 cents to the $2.50s in active trade. A volatile trading session on Northern resulted in Demarcation prices ranging anywhere from $2.38 to $2.68, with most business reported done in the low-to-mid $2.50s. Chicago city-gate values were also seen much higher around $2.70. In the West, southern California border prices surged more than 20 cents to the high-$2.60s, propped up in part by an operational flow order (OFO) in northern California, sources said. Permian Basin prices were also higher at $2.44-2.47, while San Juan prices were talked mostly at $2.35-2.39. In the Northeast, New York city-gate prices tacked on about 10 cents to the mid-$2.80s, while Appalachian values on Columbia were quoted at $2.75-2.79. Separately, estimates for today's American Gas Association storage report ranged from a draw of 12 bcf to a build of 50 bcf, with most seen at plus 10-20 bcf. Forecasts are calling for cooler weather later this week in the Midwest and East. But another warming trend is expected to follow on Sunday and Monday, with temperatures seen at eight to 15 degrees above normal in the Chicago area.