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Gold/Mining/Energy : KERM'S KORNER -- Ignore unavailable to you. Want to Upgrade?

To: Kerm Yerman who wrote (13426)	11/11/1998 7:46:00 AM
From: Kerm Yerman	Respond to of 15196

REPORT / Weekly API Stats Summary -- Tue, 10 Nov 1998 21:38 EST Washington-Nov. 10-FWN--THE FOLLOWING IS A SUMMARY OF closely watched weekly American Petroleum Institute data. GASOLINE STOCKS PADD Nov. 6 Oct. 30 1 (East) 55,420 54,099 2 (Midwest) 49,914 48,478 3 (Gulf) 61,158 62,136 4 (Mountain) 6,610 6,893 5 (West) 29,009 28,858 TOTAL U.S. 202,111 200,464 DISTILLATE STOCKS PADD Nov. 6 Oct. 30 1 71,829 72,264 2 27,860 27,947 ANALYSTS CALL API DATA NEUTRAL; WAIT FOR DOE New York-Nov. 10-FWN--TRADERS THIS AFTERNOON SAID THE weekly API inventory report is largely a non-event. They said the wide variation between the industry and government reports over the past few weeks will encourage traders to wait for the DOE data on Wednesday morning. The drop of 1.913 million barrels of crude oil stocks was mitigated by the fact most of the draw came in PADD 5. While gasoline stocks rose a larger than expected 1.647 million barrels this past week, implied demand improved to 8.4 million barrels per day. The 332,000-barrel increase in distillate stocks was termed a little disappointing. However, traders agreed the small rise was not devastating to a market already down sharply in the past week.

To: Kerm Yerman who wrote (13426)	11/11/1998 8:46:00 AM
From: Kerm Yerman	Respond to of 15196

REPORT / USWC Refinery Maintenance - Tosco updated The following list details West Coast refineries and their main operating units and processing capacities, with outages and operational problems listed parenthetically. "" indicates maintenance or outage confirmed by company. The list is compiled on a "best efforts" basis using market sources where the company does not confirm and may not be definitive. "+" indicates market source or company source. COMPANY, LOCATION, REFINERY DETAILS ------------------------------------------------------------- ----- ARCO 1)Carson, California Oct 8 1998: Fire at 20,000 bpd coker, shut for 2 weeks. * May 1998: FCC in two-week planned shutdown. - crude distillation: 265,000 bpd - vacuum distillation: 128,000 bpd - Fluid cat cracking: 96,000 bpd - Coker: (2 units) 48,000 bpd/20,000 bpd - Catalytic reforming: 52,000 bpd - Cat hydrocracking: 43,000 bpd - Cat hydrotreating: 181,000 bpd 2)Ferndale, Washington + Sept. 7-Oct 10/11 1998: Hydrocracker in turnaround. * July 28 1998: Crude unit in two-week unplanned shutdown. - crude distillation: 202,000 bpd - Vacuum distillation: 101,000 bpd - Coking: 51,000 bpd - Catalytic reforming: 57,000 bpd - Cat hydrocracking: 60,000 bpd - Cat hydro-refining: 20,000 bpd - Cat hydrotreating: 69,000 bpd -----CHEVRON CORP 1)El Segundo, California + Oct 15 1998: traders said 180 kbpd CDU shut Oct 10-17/18. * Sept. 1 1998: FCC running at reduced rate for undetermined period. + June 16 1998: FCC in three-day unplanned shutdown. + July 6 1998: Crude unit in one-week unplanned shutdown. + Late July 1998: Hydrocracker reduced for undetermined period. - Crude distillation: 258,000 bpd - Coker: 64,000 bpd - Fluid catalytic cracking: 61,000 bpd - Hydrocracking: 47,000 bpd - Reforming: 40,000 bpd 2)Richmond, California + July 9 1998: Hydrocracker in three-week unplanned shutdown. - crude distillation: 235,000 bpd - coking: 44,000 bpd - fluid catalytic cracking: 65,000 bpd - hydrocracking: 40,000 bpd, 30,000 - reforming: 45,000 bpd - hydrotreating: 184,000 bpd -----EXXON 1)Benicia, California - crude distillation: 128,000 bpd - vacuum distillation: 65,000 bpd - fluid cat cracking: 66,000 bpd - coker: 25,000 bpd - cat hydrocracking: 29,000 bpd - catalytic reforming: 33,000 bpd - cat hydro-refining: 33,500 bpd - cat hydrotreating: 111,500 bpd - Alkylation: 13,000 bpd -----MOBIL 1)Torrance, California + Feb. 1998: Cat hydrocracking in four-week planned shutdown. - crude distillation: 130,000 bpd - vacuum distillation: 95,000 bpd - fluid cat cracking: 85,000 bpd - coking: 47,500 bpd - catalytic reforming: 42,000 bpd - cat hydrocracking: 23,500 bpd - cat hydro-refining: 93,000 bpd - cat hydrotreating: 49,200 bpd ----- TESORO (takes over from Texaco Sept. 1) 1)Anacortes, Washington - crude distillation: 108,200 bpd - vacuum distillation: 45,000 bpd - cat cracking: 44,800 bpd -- Fluid cat cracking 42,000 bpd -- Other cat cracking 2,800 bpd - coking: 22,050 bpd - catalytic reforming: 24,300 bpd - cat hydrotreating: 69,300 bpd -----SHELL 1)Martinez, California + July 15 1998: Coker in two-week unplanned shutdown. - crude distillation: 155,200 bpd - vacuum distillation: 103,300 bpd - fluid cat cracking: 67,100 bpd - coking: 38,900 bpd (2 Units) - catalytic reforming: 29,000 bpd - cat hydrocracking: 34,200 bpd - cat hydrotreating: 197,400 bpd -----TEXACO 1)Anacortes, Washington + August 4 1998: Coker in one-week unplanned shutdown. - crude capacity: 147,000 bpd - catalytic cracking 53,000 bpd - coker: 2)Bakersfield, California - crude capacity: 6,000 bpd 3)Wilmington, California + Late May 1998: Crude unit in two-week planned shutdown. - crude distillation: 98,000 bpd - catalytic cracking: 32,300 bpd -----TOSCO 1)Avon-Rodeo, California + Oct/Nov 1998: Rodeo, Calif., 77K Rodeo crude unit in planned shutdown, with run cuts. + Oct/Nov: Rodeo hydrocracker run cuts due to unplanned problem. + Oct/Nov: Rodeo Vacuum tower, reformer also rumored shut. + Oct/Nov: Avon, Calif., hydrotreater rumored shut. + August 4 1998: Rodeo, Calif., hydrocracker in indefinite unplanned shutdown. + July 29: Avon, Calif., crude unit in two-week unplanned shutdown. - distillation: 250,000 bpd (60,000 bpd at Avon) - coker: 42,000 bpd - cat hydrocracking: 32,000 bpd 2)Wilmington & Carson, Calif (connected by 4 mile line) - Refining capacity: 90,000 bpd 3)Ferndale, WA - crude capacity: 95,000 bpd -----ULTRAMAR DIAMOND SHAMROCK 1)Wilmington, California * Q4 planned shutdown of FCC, alkylation units. Runs cut to 108,000 bpd from 122K. * Oct 12-15 1998: FCC unplanned shutdown. * July 5 1998: FCC in one-week unplanned shutdown. + August 5 1998: FCC in one-week unplanned shutdown. - crude distillation: 68,000 bpd (2 units) - coker: 22,000 bpd - cat cracker: 45,000 bpd

To: Kerm Yerman who wrote (13426)	11/11/1998 9:20:00 AM
From: Kerm Yerman	Respond to of 15196

GOOD MORNING NORTH AMERICA / General News Today In History By The Associated Press Today is Wednesday, Nov. 11, the 315th day of 1998. There are 50 days left in the year. This is Veterans Day in the United States, Remembrance Day in Canada. Today's Highlight in History On Nov. 11, 1918, fighting in World War I came to an end with the signing of an armistice between the Allies and Germany. On this date In 1620, 41 Pilgrims aboard the Mayflower, anchored off Massachusetts, signed a compact calling for a ''body politick.'' In 1831, former slave Nat Turner, who had led a violent insurrection, was executed in Jerusalem, Va. In 1889, Washington became the 42nd state. In 1921, President Harding dedicated the Tomb of the Unknown Soldier in Arlington National Cemetery. In 1939, Kate Smith first sang Irving Berlin's ''God Bless America'' on network radio. In 1965, Rhodesia proclaimed its independence from Britain. In 1966, Gemini 12 blasted off from Cape Kennedy, Fla., with astronauts James A. Lovell and Edwin ''Buzz'' Aldrin Jr. In 1972, the U.S. Army turned over its base at Long Binh to the South Vietnamese army, symbolizing the end of direct U.S. military involvement in the Vietnam War. In 1992, the Church of England voted to ordain women as priests. Ten years ago: Police in Sacramento, Calif., found the first of seven bodies buried on the grounds of a boardinghouse. Landlady Dorothea Puente was later charged in the deaths of nine people; she was convicted of three murders and sentenced to life in prison. Five years ago: A bronze statue honoring the more than 11,000 American women who had served in the Vietnam War was dedicated in Washington, D.C. One year ago: Retired Gen. Colin Powell announced he would not seek the Republican presidential nomination or any other office in 2000, saying he lacked ''the passion'' for political life. Photography giant Eastman Kodak announced it was cutting 10,000 jobs because of fierce competition from Japan's Fuji Photo Film Co. Today's Birthdays: Former Sen. William Proxmire, D-Wis., is 83. Author Kurt Vonnegut Junior is 76. Comedian Jonathan Winters is 73. Jazz singer-musician Mose Allison is 71. Jazz-country musician Hank Garland is 68. Country singer Narvel Felts is 60. Sen. Barbara Boxer, D-Calif., is 58. Singer Jesse Colin Young is 54. Rock singer-musician Vince Martell (Vanilla Fudge) is 53. Golfer Fuzzy Zoeller is 47. Pop singer-musician Paul Cowsill (The Cowsills) is 46. Rock singer-musician Andy Partridge (XTC) is 45. Singer Marshall Crenshaw is 44. Rock singer Dave Alvin is 43. Rock musician Ian Marsh (Human League; Heaven 17) is 42. Actress Demi Moore is 36. Actress Calista Flockhart (''Ally McBeal'') is 34. Actor Philip McKeon is 34. Rock musician Scott Mercado is 34. Actor Leonardo DiCaprio is 24. Thought for Today ''When you make your peace with authority, you become authority.'' - Jim Morrison, American rock singer (1943-1971). Today's Holiday Status WEDNESDAY, NOVEMBER 11 CANADA - Public holiday, government offices closed, Remembrance Day. Bond markets will be closed and there will be diminished trading in foreign exchange although dealing rooms will remain open. Stock exchanges will be open as usual. UNITED STATES - Public holiday and partial market holiday, Veterans' Day. Treasury market and debt-related instruments markets will be closed. Foreign exchange markets will see diminished activity as most banks will be closed. The New York Stock Exchange, American Stock Exchange and Nasdaq will be open. The NYSE will observe two minutes silence at 1500 GMT. Chicago Board of Trade financial debt futures, catastrophe insurance and electricity contracts will be closed but all other CBOT markets, including agricultural, stock index futures and metals, will remain open. Trading at the Chicago Mercantile Exchange and the Chicago Board Options Exchange will also remain open. CBOT financial futures trading will reopen on Wednesday night on the overnight portion of Project A. Only CBOT U.S. stock index futures will trade on Project A's afternoon session on Wednesday. All New York commodities markets will open as usual, including the New York Mercantile Exchange, which trades contracts in crude oil, heating oil, gasoline, natgas, electricity, palladium and platinum, the COMEX, which trades gold, silver and copper, and the New York Board of Trade, which trades coffee, sugar, cocoa, cotton and orange juice. Canadian Energy Weather - As of 07:35 GMT SUMMARY- Temperatures 3-6F (2-3C) above normal. IMPACT- Very mild conditions as a storm passes west of the major southeastern cities today. Cooler air will flow into the region behind the storm Thursday, Friday, and Saturday, when heating demand will increase to above normal levels. FORECAST- 48 HOUR...Temperatures 5-10F (3-5C) above normal today, dropping to near to slightly below normal on Thursday. 3 TO 5 DAY...Temperatures 2-4F (1-2C) below normal Friday and Saturday moderating to near to slightly above normal Sunday. 6 TO 10 DAY...Temperatures near to above normal. Today in the energy markets - Nov 11th TOKYO - International oil symposium on the challenges facing the petroleum industry, hosted by the Japan Cooperation Center for Petroleum (To November 12). CHENNAI, India - Energy Summit organised by the Confederation of Indian Industry (CII) (To November 14). MELBOURNE - VicGas 98 Summit (Second day). LYON, France - UNCTAD Partners for Development Summit (Third day). BUENOS AIRES - "Expominar" international mining industry seminar (Sixth day). BUENOS AIRES - International conference on climate change (Tenth day). CORK, Ireland - World's Energy Unions meet to discuss how to tackle industry change (Final day). DUBAI - Middle East Power Generation Summit (Final day). HARRISBURG, Pa. - Energy 2000: Creating a Clean Energy Future (Final day). KUALA LUMPUR - Petroleum Industry holds Third Coral Malaysia Seminar "Success From Working Together" (Final day). LONDON - Algeria, Libya and Egypt Oil and Gas conference (Final day).

To: Kerm Yerman who wrote (13426)	11/11/1998 9:39:00 AM
From: Kerm Yerman	Read Replies (7) \| Respond to of 15196

MARKET BRIEF / North American Focus Toronto stocks extend fall to end 1.3 pct TORONTO, Nov 10 - Toronto stocks headed downward on Tuesday, closing lower for the second straight day as investors eagerly sold issues to harvest profits following the recent rally. The Toronto Stock Exchange's keenly watched TSE 300 Composite Index fell 83.28 points or 1.31 percent to finish at 6258.11 points. Toronto gave up more ground than did the New York market. The Dow Jones Industrial Average slipped 33.98 points to 8863.98 points. Toronto's heavyweight banking sector, in particular, was taken down by profit-takers, said portfolio manager Irwin Michael at ABC Funds. "Bank earnings should be out shortly, and people are a little nervous," Michael said. Shareholders are watching for the banks' fourth-quarter results, slated to be released toward the end of November. Many of the largest U.S. commercial banks have reported weaker numbers as recent turmoil in emerging markets created big trading losses for their brokerages and a downturn in some other areas. The financial services sector, which makes up more than one-fifth of the 300 Composite Index, dropped 2.38 percent on Tuesday and led most of the other 13 subindexes downward. Some switchbacks in the market were due after its October run, Irwin concluded. "It's going to be backing and filling. This market is going to remain very, very volatile." An equities trader added that another factor was fears that the U.S. central bank would not chop short-term interest rates at a decision-makers' meeting later this month, as previously expected, since the U.S. economy seemed to be perking up on its own. Overall in Toronto, only two of the market's subgroups -- pipelines and forestry products -- edged higher. Consumer products, utilities, real estate and media all dropped more than 1 percent. The exchange of shares on Tuesday was brisk at 107 million shares valued at C$1.8 billion. Declining stocks beat out advances 554 to 417. Another 303 ended flat. Topping most active stocks was Canadian Imperial Bank of Commerce , falling C$0.80 to C$29.90 on turnover of nearly 3.3 million shares. Bank of Montreal slipped C$2.40 to C$57.25. Miner Barrick Gold Corp. fell C$0.40 to C$33. Class B shares of Noma Industries Ltd. rose C$1 or 14.3 percent to C$8. The company has asked an investment banking firm to help it find ways to enhance shareholder value. Banks again weigh on TSE: 300 index down 83.12 The Canadian Press TORONTO -- Financial services shares dragged down the Toronto stock market Tuesday for the second day in a row. The TSE 300 composite index dropped 83.12 points to close at 6,258.27 under the weight of the financial services index, which fell 2.38 per cent. The day before, the TSE banks index had lost just over two per cent amid concerns about earnings. Canada's largest banks begin reporting their fourth-quarter and year-end results next week; owing to market turmoil and dollar worries, the results may not be as glowing as in recent years. Concern over whether two proposed megamergers will be approved is also weighing on bank shares. Bank of Montreal wants to wed Royal while TD plans to merge with CIBC, but federal politicians are raising objections to the deals and what they will mean for consumers. Interest-rate worries are also weighing on both the TSE and the Dow Jones industrial average, which fell 33.98 points to 8,863.98. Debate is raging over whether the U.S. Federal Reserve will lower interest rates again this month, following a cut in the Fed rate to five per cent made Oct. 16. That was matched, as is customary, by the Bank of Canada, which reduced its trend-setting rate to 5.5 per cent. Canada's central bank tends to follow Fed moves in order to maintain the spread between rates in the U.S. and Canada. Chances are 50-50 of a rate cut next Tuesday, "but if you really pushed me, I'd say they're not going to go," said economist Steve Saldanha of Canada Trust. The last Fed reduction was made primarily to ease threats of a credit crunch in the U.S. banking system, rather than to boost a slow economy, and that credit threat is easing, he said. Uncertainty surrounding interest rates has particularly hammered the TSE 300's heavily-weighted financial services index, said Katherine Beattie, a technical analyst with Standard and Poor's MMS in Toronto. Still, a small pullback after two weeks of gains on both the TSE and the Dow "is not that surprising," added Beattie. "As long as we don't retrace all of last week's gain, I think we're still in a short-term uptrend." But with 12 of 14 TSE index groups losing ground on the session, the outlook is not strong for the TSE 300. Amid the turmoil, Bank of Montreal lost $2.40 to close at $57.25 while Royal fell $1.40 to $66.60 and CIBC lost 80 cents to $29.90. Scotiabank fell $1.00 to $29.85 and TD lost 70 cents to $43.75. Following the financial industry stocks down was the consumer products group, lower by 1.68 per cent as giant entertainment conglomerate Seagram lost $1.35 to $53.30, Molson A fell 30 cents to $23.00 and BioChem Pharma dropped 85 cents to $33.00. Interest-sensitive utilities also fell, losing 1.53 per cent as heavily weighted BCE lost $1.25 to $52.10 and Alberta's Telus slid 20 cents to $32.80. The pipelines index, along with paper and forest products, showed the only strength on the session. TransCanada PipeLines gained 15 cents to $22.40 as pipelines rose by 0.25 per cent. And within the paper and forestry index, which gained 0.06 per cent, MacMillan Bloedel rose 60 cents to $16.45. Decliners outnumbered advancers 554 to 417 with 303 unchanged in trading of 107 million shares worth $1.84 billion. The TSE 100 lost 5.71 points to 381.88. Newcourt Credit climbed $0.65 to $52.25, E-L Financial $2.00 to $232.00; Toronto 35 Index Participation Fund unit were down $0.55 to $34.30. Barrick Gold lost $0.40 to $33.00, Placer Dome $0.30 to $24.50; Euro-Nevada Mining gained $0.15 to $24.25, Pure Gold Resources $0.045 to $0.310. Remington Energy rose $0.60 to $11.00, Pan Canadian Petroleum $0.60 to $21.60; Ulster Petroleums fell $0.45 to $13.80, Petromet Resources $0.25 to $3.95. Canada bonds end firmer TORONTO, Nov 10- Canadian government bonds ended a quiet pre-holiday session firmer on Tuesday, retaining most of the day's gains prompted by steady U.S. treasuries. Bonds generally attracted investors as the outlook on many of the world's major stock markets remained bearish, although the U.S. stock markets posted slight gains. A rally in the U.S. dollar helped U.S. treasuries, and in turn supported Canadian bonds, while the weaker Canadian dollar weighed on Canada's T-bill market. Fixed-income markets will be closed in North America on Wednesday for the Remembrance Day holiday in Canada and the Veterans' Day holiday in the United States. Canada's benchmark 30-year bond due June 1, 2027 maintained a bullish tone, rising C$0.78 to C$135.27, yielding 5.529 percent. The U.S. 30-year bond shed early gains, rising only 4/32 to 99-17/32 to yield 5.281 percent. The spread between the bonds was 25 basis points after 28 points at the previous close here. Comments by U.S. Treasury Secretary Robert Rubin on the global market outlook on Tuesday had little impact on bond prices, but were supportive. "I still think we're going to have a substantial period ahead during which there is going to be a lot of difficulty and a lot of work to do," he told a President's Export Council forum. "The market seems to have gotten very euphoric just on the G7 action plan, but at least now he's saying it's going to take time," said Harvinder Kalirai, economist at I.D.E.A. in New York. "It's going to be awhile before the global economy and financial system recovers. If that's going to continue, it's a positive scenario for the debt market." The G7 pledge at the end of last month to work together for sustained growth and a stronger facility to help countries with tight credit had depressed bonds and boosted stocks. The market remained focused on U.S. monetary policy, which the Bank of Canada follows closely. Players are awaiting the decision by the Federal Open Market Committee (FOMC) meeting a week from now. "I think bonds are also getting a boost from Fed Vice Chair Rivlin's comments overnight suggesting that the recovery we've seen in credit spreads are still very tentative, and as a result that will likely translate into a Fed easing at the November 17 meeting," said Rob Palombi, senior fixed-income analyst at Standard & Poor's MMS. Federal Reserve Vice Chairwoman Alice Rivlin warned on Monday that global turmoil will slow the U.S. economy sharply. At the short end, Canada's three-month when-issued T-bill weakened to yield 4.87 percent after 4.82 percent at the previous close. The weaker Canadian dollar weighed on bills, while the short-end of the U.S. yield curve firmed on expectations of a Fed rate cut next week. "A lot of customers are sidelined until they see what's going to happen next week," one money trader said. Canada's fortnightly T-bill auction produced the average yield of 4.862 percent for the three-month, 4.957 percent for the six-month, and 4.933 percent for the 12-month. "I've seen very little client activity both before the auction and at the auction. It's a very quiet close going into tomorrow," the trader said. "Most of the account activity that we've seen is still related to the very short end of the curve. The only business I've seen after the auction is basically the Street dealing with the Street in some switch trades." The release on Tuesday of higher U.S. productivity and lower labor costs in the third quarter confirmed implications in the gross domestic product (GDP) data that supply-side growth is not inflationary, Kalirai said. Bond holders hate steep inflation because it erodes gains in bond prices. Bonds were also propped up by the benign inflation outlook indicated by a rise in the U.S. wholesale inventory for September. "The data are bonds-positive. It could have a higher inventory accumulation in Q3, but it could be offset by the trade deterioration and might not have any net effect on Q3 growth. Higher inventory growth is bad for Q4 growth (in the GDP), but it's very good for the inflation outlook," Kalirai said. Canada seems to have kicked off the fourth quarter with good marks on the economic fundamentals. Following a sharp rise in October job creation, housing starts in October, released on Monday, showed a 3.6-percent rise at an annual rate. But the Canadian dollar did not benefit much. The market focus has shifted from expectations of substantial Fed easing to uncertainty over how much Fed will ease further, which has set the tone for the currency. The market is also awaiting the release at 1030 EST/1530 GMT on Monday of the half-yearly monetary policy report by the Bank of Canada, in which the bank discusses the nation's economic growth and market conditions. Bank of Canada Governor Gordon Thiessen holds a briefing at 1145 EST/1645 GMT. "I don't think the monetary policy report will highlight anything substantially new. It will, however, underline that because of the volatility during the summer there are some concerns over the growth outlook, but that on balance the economy is still in okay shape," Palombi said. "The bank will be careful, at least, about giving the impression that it wants to ease before the Fed. I think the report will be very balanced and will leave us with the idea that the bank will match whatever the Fed does," he said. The Bank of Canada is widely expected to follow any Fed cut quickly in its own process of fully unwinding the credit tightening it conducted in August in defense of the local dollar. The Canadian dollar is sensitive to the timing of a rate cut by the bank as capital tends to move to securities denominated in currencies with higher yields. Last week bonds came under selling pressure by comments on Thursday by Federal Reserve Chairman Alan Greenspan, which were taken as a signal that the Fed might not now be in such a hurry to ease credit further. In a speech, Greenspan had said safe-haven capital flows into U.S. Treasury securities seen at the height of fears of global financial system breakdown may dissipate and "yield spreads and liquidity premiums will soon fall into more normal ranges." 11/11 08:53 Toronto stocks expected to open stronger Toronto stocks were expected to open higher on Wednesday after strong overnight performances in Europe and Asia. ---------------------------------------------------------------------- Sector Information - TSE 300 canoe.ca Chart - TSE 300 canoe.quote.com Oil & Gas Charts - TSE 300 Oil & Gas Composite chart.canada-stockwatch.com Integrated Oil's chart.canada-stockwatch.com Oil & Gas Producers chart.canada-stockwatch.com Oil & Gas Srvices chart.canada-stockwatch.com Most Actives - All Canadian Exchanges canoe.ca ---------------------------------------------------------------------- U.S. Markets moneycentral.msn.com ----------------------------------------------------------------------

To: Kerm Yerman who wrote (13426)	11/11/1998 10:04:00 AM
From: Kerm Yerman	Read Replies (1) \| Respond to of 15196

NATURAL GAS PRICING & RELATED / North American In Scope NYMEX natural gas ends with gains on cash, cold temperatures NEW YORK, Nov 10 - NYMEX Hub natural gas futures ended higher across the board Tuesday in a lackluster session, lifted by some technical buying after a powerful, winter-like Midwest storm firmed the cash early, industry sources said. December climbed 3.6 cents to close at $2.478 per million British thermal units after trading between $2.401 and $2.485. January settled 3.4 cents higher at $2.603. Other deferreds ended up by 1.5 to 3.3 cents. ''They tried to break Dec below $2.43, but when they didn't find any stops, the shorts started to cover, particularly with cash firming. But I still think we're going lower - there's not enough (cold) weather out there to support these prices under a storage withdrawal cycle,'' said one Midwest trader, noting cash this month moved above bidweek levels because operators opted to conserve inventories early in the withdrawal season. Estimates for Wednesday's weekly AGA storage report varied widely from a draw of 35 bcf to a build of 40 bcf. For the same week last year, stocks gained seven bcf. WSC expects normal to slightly above normal Northeast and Mid-Atlantic temperatures Tuesday through Saturday. In the Southeast and Florida, readings will average normal to four degrees F above normal for the period. In the Midwest, above normal temperatures Tuesday are expected to dip to below normal Wednesday, then moderate to near normal Thursday through Saturday. Below normal readings in Texas on Tuesday will warm to about normal levels later in the period. The Southwest will see below normal temperatures Tuesday and Wednesday moderate to near normal Friday and Saturday. Chart traders said December's higher close today neutralized yesterday's bearish selloff. Resistance was pegged first in the $2.49 area and then at the newly-formed double top at $2.63-2.64. Major selling should emerge at the autumn highs at $2.715-2.719. Support was seen in the mid-$2.30s, with further buying expected at last week's $2.24 low and then at the September 2 low of $2.14. In the cash Tuesday, Henry Hub swing quotes on average firmed one to two cents to about $2.30. Midcon pipes were more than a nickel higher at about $2.30. In the West, El Paso Permian firmed about a dime to near the $2.30 level. Swing gas at the Chicago city gate held steady in the low-to-mid $2.40s, while New York was flat to down slightly in the low-to-mid $2.50s. The NYMEX 12-month Henry Hub strip gained 1.9 cents to $2.318. NYMEX said an estimated 47,197 Hub contracts traded today, down sharply from Monday's revised tally of 82,470. U.S. spot natural gas prices steady to higher on cold NEW YORK, Nov 10 - U.S. spot natural gas prices were steady to higher Tuesday, with new strength derived from the arrival of cold weather in the northern and central plains, industry sources said. Gas prices at Henry Hub were quoted mostly steady early in the mid- to high-$2.20s per mmBtu but then moved higher in tandem with futures into the low- to mid-$2.30s. In the Midcontinent, swing prices were talked about six cents higher at $2.28-2.33, with Chicago city-gate prices pegged again in the mid-$2.40s. A snowstorm struck the northern plains overnight, dumping ice, sleet and snow in North Dakota and Minnesota and bringing wind gusts of 70 mph. In west Texas, cooler-than-normal weather continued to support the market. Lows in the 20s and 30s were seen in parts of New Mexico and Texas. Permian Basin prices stretched to $2.24-2.34, while the San Juan market strengthened to $2.25-2.33, sources said. Transwestern said it will perform maintenance on Wednesday and Thursday at its WT-2 compressor station, which will effect deliveries south of the station on the west Texas lateral. In the East, Appalachian and New York city-gate prices eased into the low- to mid-$2.50s as milder weather dampened demand somewhat. Temperatures are expected to cool in the upper Midwest on Wednesday and Thursday, with lows seen in the low-30s in the Chicago area, Weather Services Corp. said. Forecasts for next week show below-normal temperatures in the eastern half of the U.S. and mostly seasonal weather in the western half, though sources warned that weather patterns during a La Nina season can be unpredictable. Separately, estimates for Wednesday's American Gas Association storage report range widely from a withdrawal of 35 bcf to an injection of 40 bcf, according to a preliminary Reuters poll. Canadian spot natural gas prices rebound on less supply NEW YORK, Nov 10 - Canadian spot natural gas prices were mostly stronger Tuesday as linepack on NOVA's system deflated slightly and NYMEX tacked on more gains, industry sources said. The bulk of the trading was done for two-day delivery since many offices will be closed on Wednesday in observance of Remembrance Day. Linepack on NOVA's system in Alberta eased late Monday to about 12.943 billion cubic feet per day (bcfd), though still surpassing the pipeline's target at 12.8 bcfd. NOVA said an outage began Tuesday at 0700 MST at its Gold Creek Compressor Station and is expected to continue until about 1800 MST on Thursday. Capacity upstream of the station in Segments 1-4 and partial Segment 7 will be 2800 mmcfd, NOVA said. As a result, prices at Alberta's AECO storage hub rebounded into the low-C$2.60s per gigajoule (GJ), up an average of 15 cents from Monday's market. Similarly at Station 2, B.C., prices jumped to about C$2.80. At the Sumas/Huntingdon export point, prices rose another seven cents to US$1.98-2.05 per million British thermal units (mmBtu) as cold weather in the Northwest and Rockies kept buyers clutching onto the market.