Western Price Survey / Archives
November 5, 2004
News of higher-than-usual natural gas stocks sent gas prices plummeting late this week, raining on the parade of the lofty heights reached the previous week.
The Energy Information Administration's latest gas storage report, released Thursday, showed 44 billion cubic feet of gas injected into storage nationwide last week, 1 Bcf of which was added in the West. Still, the West's 423 Bcf of gas in the hopper beats the 399 Bcf in storage a year ago, and the 377 Bcf five-year average.
Although gas delivered to PG&E CityGate took top dollar, prices did drop more than $1 in late-week trading, descending from a range of $7.38/MMBtu to $7.60/MMBtu on Thursday, to a high of $6.52 on Friday. At the Southern California border at Topock, gas prices of $7.17 to $7.41/MMBtu on Thursday settled to a high of $6.14 in Friday trading. Gas sold at Malin went for slightly less, dropping from a Thursday range of $6.91 to $7.12/MMBtu, to a high of $6.06/MMBtu on Friday. Gas prices at the San Juan and Permian hubs were also cut more than $1, falling at San Juan from a Thursday high of $7.09 to $5.70 on Friday, and at Permian, taking the Thursday $7.15/MMBtu high down a few notches to end the week at a high of $5.90/MMBtu.
Northern California electricity retained its high value throughout the week, while losing more than 10 cents in Friday trading. Peak power prices at NP 15 went from a range of 75 mills to 80 mills/KWh on Thursday to a high of $69.50 mills/KWh the next day. Off-peak power north of path 15 moved for between 53 and 59 mills /KWh Thursday, gaining to a high of 62 on Friday.
Peak power in Southern California traded for a bit less and lost about the same amount of value, dropping from a range of 71.25 mills to 73 mills/KWh on Thursday to a high of 63.50 mills/KWh in Friday trading. Low-demand power in Southern California changed hands Thursday for between 48 mills and 53 mills/KWh, settling to a high of 51.50 mills/KWh on Friday.
Southwest power prices also saw a drop in late-week trading. At Palo Verde, peak power traded for between 59.50 mills and 62 mills/KWh on Thursday, falling to a high of 55 mills/KWh the next day. Off-peak power at the hub traded Thursday for between 45 mills and 49.50 mills/KWh, closing at a high of 47 mills/KWh in end-of-week trading.
Northwest power prices continued to fall throughout the week, with peak power at Mid-C trading Thursday for between 53.50 mills and 54.50 mills/KWh, deflating to a high of 52 mills/KWh on Friday. Off-peak power prices traded for between 48 and 49.75 mills/KWh on Thursday, settling at a high of 48.25 mills/KWh on Friday [Cassandra Sweet].
Archives of the Western Price Survey for the past year are also available online.
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