gas daily

Transcription

gas daily

GAS DAILY
Monday, July 11, 2016
News Headlines
Daily price survey ($/MMBtu)
NATIONAL AVERAGE PRICE: 2.500
Trans. date: 7/08
Flow date(s): 7/09 —11
Minor leak shuts down California storage field

Well tests ordered despite low methane release

Shut-down takes PG&E’s largest field offline
(continued on page 4)
June flows offer insight into Vector’s future

Eastern Canada relying less on Vector imports

Vector may see Ontario, Quebec market share decline
Higher ethane demand lessens rejection: EIA

Bump in ethane prices traced to uptick in demand

Morgan’s Point exports seen to further up demand
Futures up slightly, cash mostly lower
2.4 cents Friday to settle at $2.801/MMBtu.
“The market is in a wait-and-see mode for more summer heat and
increased demand as it has not yet been as hot as expected,” said
Tradition Energy analyst Mariana Eizayaga.
SPOT PRICE AND BASIS CHANGES
($/MMBtu)
Daily spot price change
Daily cash basis change
Daily spot price change from bidweek
0.4
+/-Absolute
Common Vol.Deals
Algonquin, city-gates
Algonquin, receipts
Dracut, Mass.
Iroquois, receipts
Iroquois, zone 2
Niagara
Tennessee, z6 (300 leg) del.
Tennessee, zone 6 del.
Tx. Eastern, M-3
Transco, zone 5 del.
Transco, zone 5 del. North
Transco, zone 5 del. South
Transco, zone 6 N.Y.
Transco, zone 6 non-N.Y.
Transco, zone 6 non-N.Y. North
Transco, zone 6-non-N.Y. South
Northeast regional average
IGBEE212.070-0.9902.000-2.200 2.020-2.120166 25
IGBDK21 — —
——-
——-
— —
—
——-
——-
— —
IGBCR212.600-0.2902.520-2.700 2.555-2.645108 29
IGBEJ212.580-0.3902.540-2.620 2.560-2.600 9020
IGBCS21 — —
——-
——-
— —
IGBJC21 — —
——-
——-
— —
IGBEI212.030-1.0701.850-2.200 1.945-2.120219 32
IGBEK211.435-0.1551.400-1.500 1.410-1.460198 38
IGBEN212.720-0.1652.050-2.830 2.525-2.830227 33
IGCGL212.340 -0.495 2.050-2.500 2.230-2.455 4711
IGCHL212.815 -0.080 2.800-2.830 2.810-2.825181 22
IGBEM211.650 -1.270 1.600-1.800 1.600-1.700 6516
IGBEL211.675 -1.175 1.600-1.750 1.640-1.715223 42
IGBJS211.675 -1.175 1.600-1.750 1.640-1.715223 42
IGBJT21 — —
——-
——-
— —
IGCAA212.095
IGBDW21 — Appalachia
THE MARKET The NYMEX August natural gas futures contract climbed
0.8
Midpoint
Northeast
Columbia Gas, App.
Columbia Gas, App. non-IPP
Dominion, North Point
Dominion, South Point
Lebanon Hub
Leidy Hub
Millennium, East receipts
REX, Clarington Ohio
Tennessee, zone 4-200 leg
Tennessee, zone 4-313 pool
Tennessee, zone 4-Ohio
Texas Eastern, M-2 receipts
Transco, Leidy Line receipts
Appalachia regional average
IGBDE212.680-0.1002.635-2.700 2.665-2.695166 41
IGBJU21 — —
——-
——-
—
—
IGBDB211.370-0.1151.300-1.395 1.345-1.395 5815
IGBDC211.380-0.1251.300-1.410 1.355-1.410531 88
IGBFJ212.630 -0.100 2.600-2.660 2.615-2.645102 13
IGBDD21 — —
——-
——-
—
—
IGBIW211.350 -0.135 1.320-1.3601.340-1.360 30 7
IGBGO21 — —
——-
——-
—
—
IGBJN211.590 -0.040 1.550-1.700 1.555-1.630181 19
IGBFL211.315 -0.050 1.285-1.3901.290-1.340 44 8
IGCFL211.570 -0.015 1.540-1.650 1.545-1.600 9017
IGBHO21 — —
——-
——-
—
—
IGBJE211.325 -0.155 1.295-1.365 1.310-1.345214 49
IGBIS211.405 -0.120 1.360-1.430 1.390-1.425113 20
IGDAA211.660
Midcontinent
0.0
TX Eastern M-3 (NE)
Dominion S Pt (Appal)
Chicago (Mid C)
Henry Hub (SE)
Houston Ship (ETX)
Waha (SW)
CIG (NW)
Panhandle TX-OK (Mid C)
Source: Platts
PG&E CG (SW)
SoCal Gas (SW)
Sumas (NW)
-0.8
AECO-C (NW)
-0.4
www.platts.com
www.twitter.com/PlattsGas
IGBBY212.495-0.0952.480-2.505 2.490-2.500 6013
Enable Gas, East
NGPL, Amarillo receipt
IGBCA212.575-0.1352.530-2.600 2.560-2.595189 14
NGPL, Midcontinent
IGBBZ212.545-0.0302.480-2.570 2.525-2.570303 46
Oneok, Okla.
IGBCD212.505-0.0252.420-2.520 2.480-2.520 4110
Panhandle, Tx.-Okla.
IGBCE212.505-0.0252.460-2.560 2.480-2.530475 73
Southern Star
Tx. Eastern, M-1 24-in.
Midcontinent regional average
IGBCF212.510-0.0202.485-2.530 2.500-2.520 8216
IGBDR212.560-0.0652.500-2.5802.540-2.580 51 9
IGBET212.660 -0.040 2.660-2.6602.660-2.660 5 1
IGEAA212.545
Upper Midwest
Inside this issue
Panda gas plants begin service in Pennsylvania
INGAA offers alternatives to PHMSA safety rule
US LNG exports driving break from oil-linkage
Court decisions uphold FERC LNG review
Gas Daily Supplement Links
ANR, Okla.
8
8
9
10
13
Alliance, into interstates
ANR, ML 7
Chicago city-gates
Chicago-Nicor
Chicago-NIPSCO
Chicago-Peoples
Consumers city-gate
Dawn, Ontario
Emerson, Viking GL
Mich Con city-gate
Northern Bdr., Ventura TP
Northern, demarc
Northern, Ventura
REX, Zone 3 delivered
Upper Midwest regional average
IGBDP212.635-0.1002.600-2.665 2.620-2.650182 34
IGBDQ212.635-0.1952.600-2.6802.615-2.655 34 3
IGBDX212.655-0.1302.615-2.695 2.635-2.675433 57
IGBEX212.655 -0.130 2.630-2.695 2.640-2.670128 19
IGBFX212.660 -0.125 2.640-2.690 2.650-2.675250 29
IGBGX212.650 -0.130 2.635-2.6652.645-2.660 43 5
IGBDY212.685-0.1002.630-2.705 2.665-2.705117 19
IGBCX212.710-0.0802.680-2.770 2.690-2.735 854112
IGBCW212.460-0.0952.380-2.480 2.435-2.480137 30
IGBDZ212.645-0.1252.615-2.685 2.630-2.665243 42
IGBGH212.575 -0.110 2.480-2.650 2.535-2.620103 14
IGBDV212.575-0.1102.520-2.615 2.550-2.600122 29
IGBDU212.575-0.1152.500-2.615 2.545-2.605 9516
IGBRO212.640 -0.105 2.605-2.655 2.630-2.655617 78
IGFAA212.615
NATURAL GAS
Gas Daily
The August contract tumbled about 22 cents Tuesday and has
since been inching back towards its pre-slump price. The frontmonth futures contract has cooled off after rallying more than 60
cents in June.
“We may see sideways trading for a while before moving higher on
late summer heat,” Eizayaga said.
The US National Weather Service’s latest eight- to 14-day forecast
calls for a high probability of above-normal temperatures across the
eastern half of the US. The Southwest and Pacific Northwest can
expect cooler-than-normal temperatures.
The August contract traded in a range between $2.748/MMBtu and
$2.825/MMBtu on Friday.
US power burn was expected to drop 1.9 Bcf Friday after Thursday
saw a new year-to-date high of 36.7 Bcf, according to S&P Global Platts
unit Bentek Energy.
Supply and demand is expected to be out of balance, with total
supply including imports at about 77 Bcf/d and total demand at nearly
71 Bcf/d, over the next seven days, according to Bentek data.
The US Energy Information Administration on Thursday reported
that gas in storage increased 39 Bcf to 3.179 Tcf in the week that
4DAYAHEAD TEMPERATURE FORECAST MAP
Daily price survey ($/MMBtu)
Trans. date: 7/08
Flow date(s): 7/09 —11
Midpoint
+/-AbsoluteCommonVol.Deals
East Texas
Agua Dulce Hub
Carthage Hub
Florida Gas, zone 1
Houston Ship Channel
Katy
NGPL, STX
NGPL, Texok zone
Tennessee, zone 0
Tx. Eastern, ETX
Tx. Eastern, STX
Transco, zone 1
Transco, zone 2
East Texas regional average
IGBAV21 — —
——-
——-
—
—
IGBAF212.700-0.0802.695-2.7002.700-2.700 65 9
IGBAW212.715-0.0752.685-2.7202.705-2.720 93 8
IGBAP212.680-0.0702.670-2.7002.675-2.690 70 6
IGBAQ212.695-0.0552.670-2.710 2.685-2.705593 33
IGBAZ212.640-0.1152.640-2.6452.640-2.640 33 4
IGBAL212.645-0.0702.635-2.680 2.635-2.655227 29
IGBBA212.590-0.1102.580-2.605 2.585-2.595 8622
IGBAN212.675-0.0402.650-2.7002.665-2.690 7 5
IGBBB212.705-0.0802.680-2.720 2.695-2.715 9914
IGBBC212.690-0.0952.690-2.6902.690-2.690 10 2
IGBBU212.680-0.0902.680-2.6802.680-2.680 15 1
IGGAA212.675
Louisiana/Southeast
ANR, La.
Columbia Gulf, La.
Columbia Gulf, mainline
Florida city-gates
Florida Gas, zone 2
Florida Gas, zone 3
Henry Hub
Southern Natural, La.
Tennessee, 500 Leg
Tennessee, 800 Leg
Tx. Eastern, ELA
Tx. Eastern, M-1 30-in.
Tx. Eastern, WLA
Tx. Gas, zone 1
Tx. Gas, zone SL
Transco, zone 3
Transco, zone 4
Trunkline, ELA
Trunkline, WLA
Trunkline, zone 1A
Louisian/Southeast regional average
IGBBF212.690-0.0802.670-2.780 2.670-2.720108 14
IGBBG212.715-0.0752.710-2.730 2.710-2.720 9517
IGBBH212.680-0.0752.670-2.690 2.675-2.685412 49
IGBED216.490-0.3505.000-6.9006.015-6.900 63 7
IGBBJ212.760-0.1002.750-2.7602.760-2.760 97 7
IGBBK212.900-0.0302.790-2.950 2.860-2.940320 29
IGBBL212.770-0.0802.755-2.820 2.755-2.785162 32
IGBBO212.730-0.0702.720-2.770 2.720-2.745451 64
IGBBP212.725-0.0652.700-2.760 2.710-2.740144 18
IGBBQ212.685-0.0752.685-2.700 2.685-2.690185 30
IGBBS212.695-0.0502.690-2.7002.695-2.700 8 3
IGBDI212.700-0.0552.695-2.7002.700-2.700 9 2
IGBBR212.690-0.0752.690-2.730 2.690-2.700138 10
IGBAO212.665-0.0702.645-2.685 2.655-2.675201 21
IGBBT212.670-0.0802.650-2.6702.665-2.670 7 2
IGBBV212.715-0.0802.710-2.720 2.715-2.720118 12
IGBDJ212.740-0.0702.725-2.770 2.730-2.750 653102
IGBBX212.620-0.1002.610-2.6502.610-2.630 12 7
IGBBW21 — —
——-
——-
—
—
IGBGF212.655 -0.015 2.630-2.6602.650-2.660 34 8
IGHAA212.910
Rockies/Northwest
Cheyenne Hub
CIG, Rockies
GTN, Kingsgate
Kern River, Opal
NW, Can. bdr. (Sumas)
NW, s. of Green River
NW, Wyo. Pool
PG&E, Malin
Questar, Rockies
Stanfield, Ore.
TCPL Alberta, AECO-C*
Westcoast, station 2*
White River Hub
Rockies/Northwest regional average
IGBCO212.475+0.000 2.470-2.490 2.470-2.480 6515
IGBCK212.465-0.0102.450-2.4802.460-2.475 17 6
IGBCY212.280+0.075 2.220-2.300 2.260-2.300100 16
IGBCL212.505+0.035 2.450-2.530 2.485-2.525329 50
IGBCT212.310+0.100 2.270-2.350 2.290-2.330277 46
IGBCQ212.455+0.015 2.455-2.4552.455-2.455 9 5
IGBCP212.480+0.040 2.450-2.5102.465-2.495 38 8
IGBDO212.545+0.055 2.515-2.560 2.535-2.555252 34
IGBCN212.460-0.0102.450-2.4752.455-2.465 17 4
IGBCM212.410+0.045 2.380-2.420 2.400-2.420153 23
IGBCU212.180-0.0552.115-2.245 2.150-2.2151219 135
IGBCZ211.085-0.9850.900-1.900 0.900-1.335149 36
IGBGL212.490 +0.005 2.480-2.505 2.485-2.495 9410
IGIAA212.445
Southwest
Source: Platts, Custom Weather
Assessment Rationale
Platts Gas Daily indices are based upon trade data reported to Platts by market participants.
The indices are calculated using detailed transaction level data from these providers. Platts
editors screen the data for outliers that may be further examined and potentially removed.
A volume weighted average is then calculated from the remaining set of data. For more
details on this methodology please see our North American Natural Gas Methodology and
Specifications Guide on Platts.com, located at http://www.platts.com/IM.Platts.Content/
MethodologyReferences/MethodologySpecs/na_gas_methodology.pdf
Questions may be directed to Curt Mrowiec at 713-658-3271 or [email protected].
© 2016 S&P Global Platts, a division of S&P Global. All rights reserved.
2
El Paso, Bondad
El Paso, Permian
El Paso, San Juan
El Paso, South Mainline
Kern River, delivered
PG&E city-gate
PG&E, South
SoCal Gas
SoCal Gas, city-gate
Transwestern, Permian
Transwestern, San Juan
Waha
Southwest regional average
IGBCG212.490-0.0152.475-2.5002.485-2.495 42 7
IGBAB212.510-0.0152.490-2.530 2.500-2.520311 48
IGBCH212.500-0.0052.480-2.520 2.490-2.510171 28
IGBFR212.620 -0.005 2.600-2.670 2.605-2.640258 29
IGBES212.580 +0.005 2.530-2.615 2.560-2.600117 19
IGBEB212.685-0.0102.670-2.725 2.670-2.700375 49
IGBDM212.575+0.005 2.540-2.6002.560-2.590 39 8
IGBDL212.610+0.035 2.590-2.620 2.605-2.620166 17
IGBGG212.630 +0.035 2.600-2.650 2.620-2.645253 41
IGBAE212.510-0.0502.480-2.5202.500-2.520 72 9
IGBGK212.495 -0.015 2.475-2.500 2.490-2.500 6816
IGBAD212.570-0.0502.500-2.630 2.540-2.605336 41
IGJAA212.565
*Price in C$ per gj; C$1=US$0.7649; Volume in 000 MMBtu/day. Symbols represent gas flow date.
Gas Daily
ended July 1, below the consensus expectations of analysts surveyed
by Platts, who were expecting a 42-Bcf build.
The storage build was below both the 83-Bcf injection reported for
the same week in 2015 as well as the 77-Bcf five-year average
injection, according to EIA data.
Northeast spot tumbles on mild weather
The biggest decline came from Transcontinental Gas Pipe Line
Zone 6 New York, which dropped by nearly $1.30/MMBtu.
The fall in prices came as the New York City area temperatures fall
to the upper-70s on Saturday, a more than 10-degree decline from
Friday’s high.
As milder weather moves into the region, total Northeast
demand is expected to fall sharply over the weekend, averaging
around 13.8 Bcf/d over the next three days, down nearly 1.4 Bcf/d
from Friday’s level.
Looking ahead to next week, demand is expected to pick up after
the weekend, returning to levels of about 14 Bcf/d as early as next
Tuesday and reaching above 15 Bcf/d by the end of the week, likely
Total net pipeline flows by region (MMcf/d*)
07-Jul08-JulChange MTD MTD Change
avg. last year
Supply regions – net pipeline outflows
Texas
8,5288,229 299
West Canada
9,0478,683 364
Rockies
6,5786,639 -61
Midcontinent
2,2402,152 88
Northeast
2,1793,082-903
7,9439,861-1,918
8,8908,777 113
6,5087,115 -607
2,1383,414-1,276
3,1301,9081,222
Demand regions – net pipeline inflows
Southwest
4,2064,192 -14
Southeast
7,2757,425 150
Northwest
1,4331,203-230
Midwest
9,7609,775 15
East Canada
2,2212,597 376
4,5775,7691,192
6,7265,957 -769
1,3781,486 108
9,286
11,4532,167
2,9743,202 228
* Net pipeline flows by region are the aggregated total interstate pipeline flows across the regional border. Net supply regions are those that historically have had more supply than demand within the region
and have been net suppliers of gas to other regions. Net demand regions historically have had more
demand than supply and have been net receivers of pipeline gas from other regions.
putting pressure back on spot prices.
Toward New England markets, Tennessee Gas Pipe Line Zone 6
200 Line dropped almost $1.10.
TGP notified shippers Friday morning that it was lifting the
imbalance warning that had been in place since Tuesday.
Elsewhere in the region, Algonquin Gas Transmission city-gates
prices were also down sharply, falling nearly $1.00.
According to an AGT notice Friday, the pipeline is lifting the
operational flow order on its system that was issued on July 6.
At benchmark Henry Hub, spot prices fell 8 cents.
The fall in prices came as Bentek forecast Southeast demand
to fall to an average of around 18.5 Bcf/d over the next three days,
down more than 200 MMcf/d from Friday’s level. The fall in
demand was primarily driven by a reduction in demand for power
generation.
Demand weighs on Midwest cash
After the past few days of warm weather, temperatures in the
Detroit and Chicago market areas are expected to return to their
seasonal averages during the weekend.
Chicago city-gates prices saw some of the steepest declines,
dropping about 13 cents. Farther west in Detroit, Michcon city gates fell
roughly 12 cents.
Meanwhile, spot prices in the Midcontinent also fell on projections
of reduced outflows and cooler weekend temperatures.
Bentek expects that the market area’s almost week-long trend of
increasing outflows may finally be coming to an end on Friday,
declining by some 70 MMcf/d from Thursday. This decrease in outflows
can be attributed to expectations of cooler weekend temperatures in
Detroit and Chicago.
Additionally, cooler weather in the producing region itself helps
explain the market area’s declining demand, which is some 30 MMcf/d
below the prior seven-day average. Indeed, demand from power burn
is expected to fall slightly, Bentek reports. This should leave Friday’s
Midcontinent demand at about 2.6Bcf/d.
Pipeline maintenance
Start dateEnd datePipelineDescription
01-May
31-Aug
Algonquin
Algonquin will be conducting maintenance on the mainline compressor station Stony Point in Rockland County, NY from 5/1 to 8/31
that will restrict capacity by 615 MMcf/d.
01-Jun
31-Aug
Algonquin
Algonquin will be conducting maintenance on the mainline compressor station Stony Point in Rockland County, NY from 5/1 to 8/31
that will restrict capacity by 615 MMcf/d.
29-Jun
31-Aug
Algonquin
Capacity through Stony Point compressor will be reduced by approx. 600 MMcf/d, from a design of 1.5 Bcf/d to 886 MMcf/d, due to
ongoing maintenance related to the AIM Expansion Project
01-Jul
07-Jul
PG&E
PG&E has extended maintenance work at the Burney compressor station on the Redwood Path through July 7, restricting capacity by
86% to 1,810 MMcf/d.
19-Jul
25-Jul
REX
Zone 3 Capacity Enhancement construction will take segment between ANR-Shelby and TCO-Fairfield out of service
19-Jul
22-Jul
REX
REX to shut-in Seneca receipt point for maintenance
21-Jul
21-Jul
REX
REX pig run between Blue Mound and Bainbridge
18-Jul
31-Jul
Tennessee
Tennessee Gas Pipeline will be conducting a maintenance on 7/18 through 7/31 at station 110, that will impact southbound
throughput on segment 187 BH (south through KY).
13-Jun
16-Jul
Texas Gas
Texas Gas will be performing maintenance work on the Lebanon-Dillsboro segment from June 13 to July 16.
06-Jul
13-Jul
Transco
Transco Leidy Line maintenance to reduce capacity by 470 MMcf/d
3
Gas Daily
Northwest prices drag on maintenance
Weekly weighted average prices
Demand in the Pacific Northwest will continue to remain relatively
flat throughout the weekend, increasing slightly by around 40 MMcf on
Saturday to hold near 1.2 Bcf.
Similarly, Rockies demand will remain mostly unchanged from
Friday’s projected demand level of 1.4 Bcf.
Gas Transmission Northwest-Kingsgate experienced one of the
largest upward movements on Friday, adding almost 8 cents as
planned pipeline maintenance is expected to begin on July 10 and
continue through July 16 and is “likely to restrict exports into the US
Northwest at the Kingsgate hub” by an average of about 400 MMcf/d.
Southwestern spot prices were primarily down on Friday as
seasonal temperatures in both the Los Angeles and Phoenix markets
kept demand stable around 8.0 Bcf/d heading into the weekend.
High temperatures in Los Angeles are expected to average around
the upper 70s throughout the weekend, about 5 degrees above the
seasonal average, while Phoenix is expected to experience
temperatures around 108 degrees, about level with seasonal norms.
— Market Staff Reports
Minor leak shuts down California storage field
Leaks continue to rock natural gas storage in California as a second
major facility in the state was shut down last week.
A leak discovered at Pacific Gas & Electric’s McDonald Island gas
storage facility prompted the company to temporarily shut down all
injection and withdrawal activity.
McDonald Island serves as PG&E’s largest underground storage
facility. Located on an island in the Sacramento-San Joaquin River
Delta, it holds a maximum working gas capacity of 82 Bcf.
The leak was discovered during a recent routine investigation.
This is now the second major California gas storage field forced to
shut down. Southern California Gas Company’s Aliso Canyon storage
field, which is also its largest, has been shut down since last October
when the leak was initially discovered.
After finally being plugged in February, the facility had leaked 4.65 Bcf
of methane into the atmosphere. It remains shut down as rigorous testing
of all 114 wells at the site must occur before normal operations resume.
The Aliso leak prompted California’s Department of Conservation’s
Division of Oil, Gas and Geothermal Resources to implement
emergency rules last February requiring more regular testing of all
storage fields, which is how the McDonald Island leak was found.
07/02-07/08Wkly total
2016 -/+ HighLow Volumes
Northeast
IGBEE04
2.7600.020 2.8712.636 794
Algonquin, receipts
IGBDK04 1.595
-0.215 1.595
Dracut, Mass.
IGBDW04 — —
Iroquois, receipts
IGBCR04 2.751
-0.003 2.864
Iroquois, zone 2
IGBEJ04
2.8080.023 2.8792.729 603
Niagara
IGBCS04 — —
—
—
Tennessee, z6 (300 leg) del.
IGBJC04 — —
—
—
Tennessee, zone 6 delivered
IGBEI04 2.719
-0.004 2.907
2.593
1569
Texas Eastern, M-3
IGBEK04 1.541
-0.286 1.620
1.471
1664
Transco, zone 5 delivered
IGBEN04
2.7660.040 2.8942.1291296
Transco, zone 5 del. North
IGCGL04 2.236 -0.173 2.292 2.129 Transco, zone 5 del. South
IGCHL04 2.869 0.040 2.894 2.837 985
Transco, zone 6 N.Y.
IGBEM04 2.103 0.074 2.185 1.995 1102
Transco, zone 6 non-N.Y.
IGBEL04 2.104 0.024 2.174 2.019 848
Transco, zone 6 non-N.Y. North
IGBJS04 2.104 0.095 2.174 2.019 838
Transco, zone 6 non-N.Y. South
IGBJT04 2.550 0.159 2.550 2.550 10
—
1.595
—
2.689
26
0
1217
0
0
311
Appalachia
Columbia Gas, Appalachia
IGBDE04
2.7630.053 2.8212.7311160
Columbia Gas, Appalachia non-IPP
IGBJU04 1.846 -0.056
1.896 1.367 Dominion, North Point
IGBDB04 1.461
-0.288 1.500
1.433
320
IGBDC04 1.468
-0.292 1.552
1.420
3080
Lebanon Hub
IGBFJ04 2.690 2.679 464
Leidy Hub
IGBDD04 — Millennium, East receipts
IGBIS04 1.469 -0.273
REX, Clarington Ohio
IGBGO04 — Tennessee, zone 4-200 leg
IGBJN04 1.584 -0.314
1.610 1.544 1383
IGBFL04 1.413 -0.228
1.425 1.400 163
Tennessee, zone 4-313 pool
IGCFL04 1.575 -0.251
1.616 1.529 468
Tennessee, zone 4-Ohio
IGBHO04 — Texas Eastern, M-2 receipts
IGBJE04 1.435 -0.299
1.501 1.381 1514
Transco, Leidy Line receipts
IGBIW04 1.474 -0.221
1.549 1.416 819
0.004 2.709 —
—
—
—
1.489 —
—
—
1.460 —
—
434
0
234
0
0
Midcontinent
ANR, Okla.
IGBBY04 2.579
-0.021 2.593
2.561
323
Enable Gas, East
IGBCA04 2.672
-0.001 2.690
2.654
715
NGPL, Amarillo receipt
IGBDR04 2.609
-0.003 2.618
2.595
123
NGPL, Midcontinent
IGBBZ04 2.599
-0.027 2.672
2.566
1862
Oneok, Okla.
IGBCD04
2.5710.000 2.6082.521 465
Panhandle, Tx.-Okla.
IGBCE04 2.571
-0.017 2.625
2.529
2191
Southern Star, Tx.-Okla.-Kan.
IGBCF04 2.527
-0.067 2.571
2.499
911
Texas Eastern M-1 24-inch
IGBET04 2.764 0.049 2.764 2.764 25
Upper Midwest
Alliance, into interstates
Well tests ordered despite low methane release
IGBDP04
2.7190.030 2.7462.6871649
ANR, ML 7
IGBDQ04
2.7120.056 2.7232.702 179
However, the magnitude of the McDonald Island leak pales in
comparison to the Aliso Canyon leak, which at one point was losing
methane at the rate of 60,000 kilograms per hour. Also, unlike Aliso
Canyon, which is nestled next to the affluent Porter Ranch Community
and forced thousands to temporarily relocate, the nearest urban
enclave to McDonald Island is more than three miles away.
“After being notified of these low-level emissions earlier this
month, flyovers were commissioned by the California Energy
Commission and later by PG&E to confirm and measure the
emissions,” said Kenneth Harris, oil and gas supervisor of DOGGR. “The
data obtained by these flyovers show a very low release ranging from
Chicago city-gates
IGBDX04
2.7340.027 2.7692.6773533
Chicago-Nicor
IGBEX04 2.730 0.022 2.760 2.689 1235
Chicago-NIPSCO
IGBFX04 2.735 0.028 2.768 2.701 1813
Chicago-Peoples
IGBGX04 2.733 0.026 2.762 2.712 292
Consumers Energy city-gate
IGBDY04
2.7490.025 2.7652.7261174
Dawn, Ontario
IGBCX04
2.7740.045 2.8332.7365238
Emerson, Viking GL
IGBCW04
2.5030.021 2.5532.4541124
Mich Con city-gate
IGBDZ04
2.7300.015 2.7542.7091876
Northern Border, Ventura TP
IGBGH04 2.636 -0.002
2.654 2.606 653
Northern, demarc
IGBDV04 2.628
-0.013 2.651
2.598
1151
Northern, Ventura
IGBDU04 2.631
-0.008 2.665
2.598
1343
REX, Zone 3 delivered
IGBRO04 2.694 0.011 2.736 2.668 4184
4
Gas Daily
Weekly weighted average prices
236 kg/hr. to 763 kg/hr., which is similar to, or only slightly above,
background levels at natural gas storage facilities.”
Although the leak is minor, heightened concerns over storage field
safety in the Golden State prompted the shutdown. Out of the 87 wells
scattered across the island, leaks were identified in 10 of those,
according to the DOGGR. Two of those, identified as Whisky Slough
#3E and Turner Cut 7N, have already been isolated from the reservoir.
“While the emissions levels are low, given the number of wells with
detectable methane emissions, DOGGR has directed PG&E to test all
wells at the facility,” Harris said.
The leaks appeared to be most prevalent in the “conductor pipe
annulus outside of the surface casing.”
“While we do our inspections we’ve temporarily stopped
withdrawing and injecting gas at the facility,” said Greg Snapper, PG&E
spokesman. “There’s a lot of gas supply in the system so we’re able to
meet customers’ natural gas needs using our other facilities. We
moved up our annual inspections for the facility instead of waiting until
later this fall. After we complete our inspections, we could restart
withdrawing and injecting gas by September.”
Shut-down takes PG&E’s largest field offline
Reliability concerns still abound in southern California where the
state’s largest storage field, Aliso Canyon, located outside Los Angeles, is
currently offline until at least later this summer. Now, the largest storage
field in the San Francisco area is temporarily shut down as well.
PG&E directly owns and operates three natural gas storage facilities –
Los Medanos, Pleasant Creek and McDonald Island. McDonald Island has
the largest working gas capacity at 82 Bcf, while Los Medanos and
Pleasant Creek contain 18 Bcf and 2.3 Bcf, respectively.
PG&E confirmed McDondal Island’s current inventory sits at 75 Bcf,
but that not be available until September at the soonest.
However, PG&E does have a 25% ownership of the Gill Ranch field,
while the Lodi, Wild Goose and Central Valley storage fields are all
owned and operated by third parties but have access to PG&E’s
system, which would allow the utility to draw gas from other sources
to meet local demand if necessary.
PG&E TOTAL SYSTEM STORAGE INVENTORY
250
(Bcf)
200
150
Capacity
2016
2015
2014
5-Year Average
Range
100
50
Jan Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Source: Platts Analytics/Bentek
The outage at one of the largest storage fields on PG&E’s system
may cause issues both in the short- and long-term, as maintenance on
the southern portion of the pipeline, along the Baja Path, will restrict
operating capacity to 53% (or 600 MMcf/d) of normal at the Kettleman
compressor station from July 11 through July 23.
5
East Texas
Agua Dulce Hub
Carthage Hub
Florida Gas, zone 1
Katy
NGPL, STX
NGPL, Texok zone
Tennessee, zone 0
Texas Eastern, ETX
Texas Eastern, STX
Transco, zone 1
Transco, zone 2
07/02-07/08Wkly total
2016 -/+ HighLow Volumes
IGBAV04
2.8080.140 2.8162.800
85
IGBAF04
2.7790.061 2.7922.747 424
IGBAW04
2.7770.051 2.7932.762 539
IGBAP04
2.7590.053 2.7872.7471405
IGBAQ04
2.7510.029 2.7842.7232870
IGBAZ04 2.696
-0.004 2.716
2.680
326
IGBAL04
2.6990.019 2.7372.6681940
IGBBA04
2.6730.017 2.7062.634 585
IGBAN04 2.733
-0.012 2.738
2.727
75
IGBBB04
2.7610.053 2.7732.741 423
IGBBC04
2.7540.073 2.7692.739 155
IGBBU04
2.7390.087 2.7402.736
52
Louisiana/Southeast
ANR, La.
Columbia Gulf, La.
Columbia Gulf, mainline
Florida city-gates
Florida Gas, zone 2
Florida Gas, zone 3
Henry Hub
Southern Natural, La.
Tennessee, La., 500 Leg
Tennessee, La., 800 Leg
Texas Eastern, ELA
Texas Eastern, M-1 30-inch (Kosi)
Texas Eastern, WLA
Texas Gas, zone 1
Texas Gas, zone SL
Transco, zone 3
Transco, zone 4
Trunkline, ELA
Trunkline, WLA
Trunkline, Zone 1A
IGBBF04
2.7410.038 2.7612.716 901
IGBBG04
2.7520.038 2.7682.7271030
IGBBH04
2.7360.035 2.7642.7043137
IGBED04
4.2370.771 4.4143.914 247
IGBBJ04
2.8170.062 2.8462.796 882
IGBBK04
2.8740.078 2.9032.8231825
IGBBL04
2.8460.065 2.8852.7881662
IGBBO04
2.7750.047 2.8042.7382663
IGBBP04
2.7910.071 2.8182.7551220
IGBBQ04
2.7410.025 2.7742.7162620
IGBBS04
2.7410.050 2.7502.725 501
IGBDI04
2.7420.060 2.7512.705 235
IGBBR04
2.7540.056 2.7642.732 915
IGBAO04
2.7190.035 2.7492.6782029
IGBBT04
2.7440.070 2.7452.729
66
IGBBV04
2.7660.034 2.8012.7471036
IGBDJ04
2.8010.046 2.8372.7694494
IGBBX04
2.6430.014 2.6572.633
IGBBW04
2.7500.085 2.7502.750
IGBGF04 2.701 0.028 2.746 2.681 26
4
463
Rockies/Northwest
Cheyenne Hub
CIG, Rocky Mountains
GTN, Kingsgate
Kern River, Opal plant
Northwest, Can. bdr. (Sumas)
Northwest, s. of Green River
Northwest, Wyo. Pool
PG&E, Malin
Questar, Rocky Mountains
Stanfield, Ore.
TCPL Alberta, AECO-C*
Westcoast, station 2*
White River Hub
IGBCO04 2.483
-0.079 2.505 2.424
850
-0.067 2.476 2.427
234
IGBCY04 2.160 -0.191 2.213 2.124
1270
IGBCL04 2.469 -0.142 2.510 2.431
2846
IGBCT04 2.119 -0.325 2.182 1.993
551
IGBCQ04 2.424 -0.220 2.453 2.399
196
IGBCP04 2.429 -0.132 2.471 2.406
104
IGBDO04 2.462 -0.180 2.523 2.424
2140
IGBCN04 2.449 -0.125 2.449 2.449
32
IGBCM04 2.326 -0.173 2.371 2.304
284
IGBCU04 2.256 -0.016 2.334 2.181 7719
IGBCZ04
2.1260.118 2.1492.099 816
IGBGL04 2.468 -0.129 2.496 2.424 742
IGBCK04 2.459
Southwest
El Paso, Bondad
El Paso, Permian Basin
El Paso, San Juan Basin
El Paso, South Mainline
Kern River, delivered
PG&E city-gate
PG&E, South
SoCal Gas
SoCal Gas, city-gate
Transwestern, Permian Basin
Transwestern, San Juan
Waha
*NOTE: Price in C$ per gj
IGBCG04 2.496
IGBAB04 2.509
IGBCH04 2.499
IGBFR04 2.661 IGBES04 2.602 IGBEB04 2.934
IGBDM04 2.604
IGBDL04 2.626
IGBGG04 2.638 IGBAE04 2.514
IGBGK04 2.501 IGBAD04 2.639
-0.122 -0.118 -0.132 -0.198
-0.241
-0.067 -0.208 -0.203 -0.372
-0.122 -0.135
-0.021 2.521
2.566
2.529
2.696 2.647 3.000
2.616
2.669
2.768 2.541
2.528 2.699
2.454
2.474
2.474
2.604 2.571 2.887
2.584
2.556
2.577 2.481
2.470 2.529
1025
2391
1270
1033
1661
3429
585
2447
3022
655
423
2728
Gas Daily
The Kettleman compressor separates supply from interstate
pipelines in southern California, and much of PG&E’s market area
where all of the storage facilities are located.
Temperatures are expected to reach near 77-degrees Fahrenheit in
California by Thursday, the same peak that hit the region during the
most recent change of months from June to July. The outage of
McDonald Island, coupled with the Baja Path maintenance, will likely
cause further increased reliance on storage withdrawals to meet peak
summer demand and place upward price pressure at PG&E citygates.
NIAGARACHIPPAWA COMPETE WITH VECTOR
Pipeline interconnects
TransCanada’s system
Union gas
Vector pipeline
CANADA
Ontario
UNITED STATES
Aliso experiences another leak
While Aliso Canyon is in the process of testing all of its wells, which
it hopes to have completed before summer ends, a new leak was
discovered at the site last weekend.
Last Saturday, during a routine inspection, SoCal Gas personnel
discovered a minor leak on a small pipeline near one of the site’s wells.
“Personnel isolated the leak, stopping the flow of gas and repairs were
made on Sunday,” said SoCal Gas, a subsidiary of Sempra Energy, in a
statement. “Company personnel performed a thorough assessment and
determined the source of the gas to be a small leak from a nearby, buried
three-inch pipeline not associated with the well’s operation.”
Although minor, the latest Aliso leak has reinvigorated activists
groups that have been calling for a permanent closure of the field.
— Brandon Evans, John Hilfiker
June flows offer insight into Vector’s future
ANALYSIS Declining imports from Vector Pipeline may offer insight into
how Dawn flows will be impacted when the Northern Access 2016
project comes online near the end of next year.
National Fuel’s Northern Access 2016 project plans to bring an
additional 350 MMcf/d to the existing Chippawa interconnect with
TransCanada Pipeline.
When completed, Northern Access 2016 will provide US Northeast
producers an additional outlet for their supply in Eastern Canada. The
US Northeast has already been flowing significant volumes into
Eastern Canada, with the Niagara interconnect flowing a year-to-date
average of 625 MMcf/d into Ontario and the Chippawa interconnect
averaging another 150 MMcf/d.
The project, initially slated to come online in November 2016, was
delayed earlier this year to November 2017. The delay is attributed to
Seneca Resources, National Fuel’s wholly owned exploration-andproduction subsidiary, electing to reduce the pace of its drilling
program in the Marcellus Shale. Seneca cited low near-term natural
gas prices as the reason for the reduction.
Northern Access 2016 could increase total Canadian imports
through this area by 45% to 1.125 Bcf/d. TransCanada has indicated
that more than 1 Bcf/d of the capacity at Niagara and Chippewa is
contracted to move volumes into Eastern Canada, suggesting this
corridor is likely to flow at, or near capacity going forward.
The extra supply Northern Access 2016 will bring into eastern
Canada will be flowing into a market that has seen essentially no
demand growth over the past several years. Gas demand in eastern
Canada has averaged a remarkably flat 3.5 Bcf/d over the past fiveyears, and Platts Bentek is not forecasting any growth over the next
five years.
6
Niagara
Chippawa
Michigan
New York
Pennsylvania
Ohio
Indiana
Source: Platts
A 350 MMcf/d increase in eastern Canadian supply and no demand
growth suggest eastern Canadian inflows from another supply source
could be squeezed out, and if Dawn flows in June are any indication,
Vector Pipeline could see less utilization when Northern Access 2016
comes online next year.
Eastern Canada relying less on Vector imports
Eastern Canada has relied less on Vector imports this summer
with storage inventories significantly above normal levels. US
imports from Vector at the St. Clair interconnect averaged just 0.5
Bcf/d last month, its lowest monthly average since February 2007,
according to Platts Bentek.
CANADIAN IMPORTS FROM VECTOR
1.6
(Bcf/d)
1.4
1.2
1.0
0.8
0.6
0.4
0.2
0.0
Jun-11
Jun-12
Jun-13
Jun-15
Jun-15
Jun-16
Source: Platts
Dawn inventories began June at 154 Bcf, which was about 54 Bcf
more than the five-year average and only 111 Bcf below Dawn’s stated
capacity. This prompted Dawn to inject only 0.9 Bcf/d in June,
considerably weaker than the five-year average of 1.2 Bcf/d.
In addition to weak injection demand, imports from the Marcellus
at the Niagara and Chippewa interconnects have averaged almost 0.8
Bcf/d in June, compared with 0.45 Bcf/d during the same time last
year. At the same time, eastern Canada demand was flat year-overover in June, averaging 2.186 Bcf/d, compared to 2.23 Bcf/d during the
Gas Daily
same period last year.
Stagnant demand in eastern Canada, along with increased imports
from the US Northeast, have meant that Vector imports at the
Michigan-Ontario border are getting squeezed out. Vector’s 0.5 Bcf/d
average in June is 320 MMcf/d weaker than June 2015 and 400 MMcf/d
weaker than June 2014.
If June flows are any indication of what less need for nonMarcellus gas in eastern Canada could look like, Vector may see its
market share in Ontario and Quebec decline when Northern Access
2016 comes online.
— Richard Frey, Brandon Evans
Higher ethane demand lessens rejection: EIA
The recent increase in ethane prices has resulted in less volumes of
the natural gas liquid being rejected into the natural gas stream in wetgas regions such as parts of the Marcellus Shale and more ethane
being profitably sold, according to a recent Energy Information
Administration report.
“Since January 2016, there have been indications that the
portion of ethane recovered as a percent of total natural gas plant
liquids (NGPL) produced has generally been increasing, while the
heat content of natural gas delivered to consumers, an indicator of
NGPL-content (primarily ethane) in pipeline gas, has been
declining,” according to the report.
Ethane prices had been at or below natural gas prices since late
2012, but ethane began selling at a premium to gas around the
beginning of 2016 as ethane demand grew and infrastructure
growth lagged supply increases. In June, the price of ethane
averaged $3.14/MMBtu, 18% higher than the average Henry Hub gas
price for the month.
As a result, gas processors are finding it more economical to
separate the ethane from the gas stream, rather than rejecting the
NGL by leaving it in the gas stream where it would be sold at natural
gas prices, Warren Wilczewski, one of the authors of the report, said in
an interview Friday.
“If I had to pick someone who particularly benefits from this, it
would be the midstream processors who have invested in the more
specialized equipment to extract the ethane,” said Wilczewski, an
industry economist in EIA’s Office of Energy Analysis.
Unlike heavier NGLs, such as propane, butanes and natural
gasoline, ethane can remain in the processed gas that is transported
on interstate pipelines so it is up to the discretion of the processing
plants as to whether or not to extract ethane, EIA said.
“Once you blend it into the gas stream you get only the gas cost,”
Wilczewski said. “To some extent, that’s one of biggest wins: the ability
to surplus, basically to take a market that was previously constrained
and allows it to expand.”
One potential beneficiary of the re-invigorated ethane market likely
will be Marathon Petroleum, whose affiliate MPLX recently acquired
MarkWest Energy Partners, Wilczewski said. The latter company “had
heavily invested in the cryogenic processing, which allows a large
amount of recovery of ethane from the stream,” he said. “They can
now monetize that at ethane value rather than methane value.”
7
Bump in ethane prices traced to uptick in demand
The EIA traced the uptick in ethane prices this year to higher
ethane consumption by Gulf Coast petrochemical plants, as well as the
start of operations at the Sunoco ethane export terminal at Marcus
Hook, Pennsylvania in early March. The opening of that facility provided
gas producers in the area with an additional market outlet for 35,000
b/d of ethane.
“US export capacity is expected to grow further in the third quarter
of this year, when Enterprise Products Partners commissions its
ethane export terminal in Morgan’s Point, Texas, which has a planned
200,000 b/d capacity,” the report says.
“By comparison, total U.S. ethane production in April 2016 averaged
1.3 million b/d.”
Demand for ethane from the Marcellus and Utica shales gas
producing plays is expected to ramp up in the next several years.
Last month Shell Chemical announced it had decided to go ahead
with plans to build a $4 billion ethane cracker that would be the
first of its kind in the Northeast. The project, which is expected to
use about 86,000 b/d of ethane as a feedstock, is expected to come
online in 2022.
US ethane production (after rejection) reached a new record of 1.28
billion b/d in April, up by 7,000 b/d from March, according to monthly
data released by the EIA on June 30.
Total US NGL production is up by nearly 200,000 b/d or 7% over last
year, with nearly 140,000 b/d of this rise coming from increased ethane
production, according to Platts Analytics unit Bentek Energy. Since the
EIA reports ethane production after rejection, this is indicative of
increased ethane recovery.
ETHANE PREMIUM OVER GAS PRICE VS. ETHANE PRODUCTION
1.6
($/MMBtu)
Ethane production (right)
(Mb/d)
Mont Belvieu ethane/Henry Hub gas
1400
1.3
1200
1.0
1000
0.7
800
0.4
600
0.1
400
-0.2
-0.5
Jan-15
200
Apr-15
Jun-15
Sep-15
Jan-16
Apr-16
0
Jun-16
Source: Platts Bentek
Morgan’s Point exports seen to further up demand
Platts Analytics’ Bentek Energy estimates that ethane is being
recovered in anticipation of exports beginning from Enterprise’s
Morgan’s Point terminal in the third quarter of this year, and about
350,000 b/d of new ethane demand that is expected to come online
through 2017 from steam cracker expansions and new builds.
Ethane and propane prices at Mont Belvieu have increased by 18%
and 10% respectively, in the month of June. Ethane prices at Mont
Belvieu hit a two-year high of 24.87 cents/gallon on June 9, after Shell’s
decision to proceed with its petrochemicals complex in Monaca,
Pennsylvania. Ethane closed at 23 cents/gallon on Friday.
Gas Daily
Combined with the volatility in gas prices, the premium of ethane
over natural gas has fluctuated, indicating changes in marginal ethane
recovery. The price spread between Mont Belvieu ethane and Henry
Hub cash prices for gas averaged $1.24/MMBtu in the second week of
June but is now down to about 50 cent to 60 cents/MMBtu, due to both
a decline in ethane prices and rise in the gas price.
So far in July, Henry Hub prices gas prices have gained about 5
cents/MMBtu this month, to close at $2.76/MMBtu Friday.
— Jim Magill, Prachi Mehta
Panda gas plants begin service in Pennsylvania
Panda Power Funds’ new 829-MW Liberty combined-cycle natural gas
plant in Towanda, Pennsylvania, entered full commercial operation on
Thursday and its sister, the 829-MW Patriot gas plant in Williamsport,
Pennsylvania, should be online soon as the Dallas-based private equity
firm looks for take advantage of shale gas development in the region.
In all, Panda is building three large, combined-cycle gas plants in
Pennsylvania. Its 1,124-MW Panda Hummel station under construction
in Snyder County is one of the largest coal-to-gas replacement
projects in the US.
“Liberty was the first gas plant born of the Marcellus Shale,” Panda
spokesman Bill Pentak said in an interview. Liberty takes gas from the
Transco Leidy pipeline.
Before the end of summer, Patriot is expected to be in
commercial operation as well, according to Pentak. “It’s getting
close,” he said. Kinder Morgan’s Tennessee Gas Pipeline will supply
gas for the new plant.
In terms of gas usage, if Liberty and Patriot were running at 800
MW they each would require about 120,000 MMBtu/day. Hummel’s
usage would be about 180,000 MMBtu/day, Pentak said.
Gas deliveries to the 829-MW Panda Liberty plant first began at the
start of this year, with nominations averaging 3,800 Mcf/d in January.
Gas deliveries to the plant increased in earnest in March, when flows
peaked at 65 MMcf/d and averaged 23 MMcf/d for the month. More
recently, deliveries to the plant have risen substantially, with July
month-to-date volumes averaging 122 MMcf/d. The highest daily
volume was 138 MMcf/d on June 20. The Liberty plant receives gas
from Tennessee Gas Pipeline at the South Jersey Resources-operated
Beirne Hill Sales meter.
Deliveries to the 829-MW Panda Patriot plant began on June 21,
ramping up quickly to as high as 110 MMcf/d by the end of June.
Month-to-date deliveries this July have so far averaged just under
98 MMcf/d. The Patriot plant receives gas off Transcontinental Gas
Pipe Line’s Leidy Line via the UGI Muncy delivery meter, operated by
UGI Penn Energy.
Together, Liberty and Patriot are expected to have more than 50
full-time employees.
Hummel is more unusual project
Hummel, in fact, is a more unusual project than Liberty and Patriot.
“It’s a unique facility,” Pentak said, noting the plant is designed to
replace the former 400-MW Sunbury coal-fired plant retired in 2014
following a 65-year life. Sunbury originally was built by Pennsylvania
Power & Light.
8
Hummel, being built on the banks of the Susquehanna River, is
scheduled for commercial operation in 2018.
According to Pentak, Hummel will be supplied by the Marc 1 and
Transcontinental Gas Pipe Line.
Formed in 2010 by the former senior management and energy
professionals at Panda Energy International, an independent power
developer, Panda Power Funds’ foundation “was really to take
advantage of shale gas,” Pentak said.
“What’s going on in the power industry, from coal to gas, is the
biggest change we’ve seen, and we’ve been doing business since
1982,” he said, referring to Panda’s initial creation.
Panda Power Funds also is constructing the 778-MW Stonewall
combined-cycle gas plant outside of Leesburg, Virginia. It is expected
to be operational in early 2017.
Panda on lookout for more projects
More gas plants may be in Panda’s pipeline as well.
“We’re a power developer, so we’re always looking for the next
power project,” he said. “That never stops.”
Panda looks for “certain criteria” in site selection, Pentak said.
He did not elaborate except to point out that Panda currently
operates only in the PJM Interconnection and Electric Reliability
Council of Texas regions.
“We think the PJM market makes a lot of sense,” he said.
Panda also has two 758-MW gas plants in Temple, Texas, and a
758-MW plant in Sherman, Texas.
Under development by the company is a 990-MW combined-cycle
gas project in Brandywine, Maryland.
Panda says on its website that no other fuel source is more
readily available than natural gas to meet the country’s growing
demand for energy.
That demand has been driven in the past few years by the
retirement of thousands of megawatts of coal generation, mainly in
Midwestern and Eastern states.
Compared with coal, gas can reduce carbon dioxide emissions
by up to 60%, with virtually no sulfur dioxide, mercury or
particulate emissions.
— Bob Matyi, Eric Brooks
INGAA offers alternatives to PHMSA safety rule
The Interstate Natural Gas Association of America last week joined
other industry groups in finding fault with the Pipeline and Hazardous
Materials Safety Administration’s massive proposed gas transportation
safety rule.
While saying it backed the intent of the proposed rule, the group
disagreed in many cases with the specific means proposed by PHMSA,
it said.
INGAA’s 219-page comments called the proposed rule “an overly
complicated and rigid approach to pipeline safety that threatens to
slow the industry’s progress toward achieving shared safety goals and
improving safety technologies.”
Under the proposal, “operators would be required to allocate
significant resources to activities that do little, if anything, to increase
Gas Daily
the margin of safety,” the comments said.
PHMSA’s rule proposed in April would expand the scope of gas
pipeline rules to cover 70,000 miles of line not currently regulated, and
extend reporting requirements to 300,000 miles of gathering lines. As
described by the agency, the rule would take fresh look at integrity
management, make recommendations for addressing data gaps and
improving data integration, as well as suggesting new and innovative
methods to assess and address risks.
Also included are new assessment and repair criteria for gas
pipelines and plans to extend the protocols to areas of medium
population density, to be called “moderate consequence areas.”
Pressure test rules called into question
In its comments, INGAA listed three provisions it believes PHMSA
should strike or modify to ensure its rulemaking truly enhances safety.
It urged PHMSA to allow the use of alternative means for validating
maximum allowable operating pressure such as in-line inspection.
INGAA said the proposed rule’s emphasis on hydrostatic pressure tests
would constrain adoption of advanced technologies that can provide
more information and improve safety.
The industry group also asked PHMSA to strike a requirement for
use of spike hydrostatic pressure testing for legacy pipe, suggesting it
would be “inappropriate” to mandate use of the technique to confirm
MAOP. The technique was developed for managing stress corrosion
cracking and mandating it for MAOP would significantly harm the
environment and disrupt market reliability without improving safety,
INGAA said.
INGAA also asked PHMSA to remove “overly prescriptive” material
verification criteria that the group said would raise risk, unnecessarily
disrupt service and add excessive costs.
directive to use a risk-informed approach.
The American Gas Association outlined another strong critique to
reporters last month. The group representing distributors argued that
the proposal “imposes prescriptive and burdensome requirements on
operators that, in the end, will likely not address the perceived
regulatory pipeline safety benefits.” AGA included alternative
approaches to the rulemaking along with its comments, the group said
Thursday.
— Maya Weber
US LNG exports driving break from oil-linkage
The expected growth of US LNG exports is driving a transformation in
the global market that could lead to the end of oil-linked pricing,
according to report released Friday by Bernstein Research.
Recent changes in market sentiment, pricing and perceived
security of supply have accelerated the push for a decoupling of LNG
and oil prices, coming particularly from Asian consumers.
In May, the call for change appeared to reach an inflection point
when Japan’s Ministry of Economy, Trade and Industry declared the
LNG to crude linkage as “no longer justifiable.”
Since the advent of the LNG industry in the 1960s, oil-linked pricing
has served an important function in the industry. For sellers, long-term
contracts provide certainty for offtake volumes and pricing. For buyers,
such contracts offer security of supply. Not least of all, contracts have
reduced investment risks for financiers that have invested billions on
liquefaction and export projects.
While the shift away from the added security offered by oil-linked
contracts appears to be global, US exports have played an important
role in that evolution, according to Bernstein.
US exports fortify buyers’ market sentiment
Conflicts seen with other agency requirements
In addition, INGAA argued that the rule fails to recognize
implications for compliance with other federal requirements, including
those set by the FERC and the Environmental Protection Agency.
“The increased methane emissions associated with hydrostatic
pressure testing and certain repairs run counter to the president’s
goals of reducing methane emissions, as reflected by the new EPA rule
restricting methane emissions from certain oil and gas facilities.
Removing lines from service to perform hydrostatic testing would raise
issues under FERC’s regulations and policies,” INGAA said in a
statement.
INGAA also found fault with the cost-benefit analysis in the
proposal, saying it fell short of requirements to perform a risk-based
analysis, underestimated costs while overstating benefits and missed
the cumulative impact of individual proposed rules. “[S]ome of the
proposal’s most burdensome provisions apply to almost all
transmission pipelines,” the group said.
It asked PHMSA to hold a public workshop to allow interested
parties to discuss concerns and alternatives.
In airing its views on the proposal, INGAA followed earlier remarks
by the American Petroleum Institute. As last Thursday’s deadline for
comments on the proposal approached, API called the proposed rule
arbitrary and capricious, overreaching and contrary to a statutory
9
The expected growth of US LNG exports is responsible, in several
ways, for the drive away from oil-linked pricing.
First, US exports are contributing to a market sentiment
characterized by oversupply. This situation, according to Bernstein, is
giving buyers a chance to “flex their muscles,” by calling for changes to
both contracts and pricing.
US exports thus far have contributed only marginally to excess
supply. However, broad expectations for a buyers’ market through the
end of the decade do depend quite heavily on the global availability of
US natural gas.
Second, US LNG is about more than just the export of US natural
gas—it’s about the export of Henry Hub-linked pricing. The distinction
marks a fine line, but points to the growing relevance of Henry Hublinked hedging and trading for global natural gas buyers.
Finally, the growth of US shale gas supply has fortified that notion
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of “a gas-long world in the mind of many,” said Bernstein. As a
consequence, diminishing concerns over security of supply are giving
buyers greater confidence in the market and reducing the perceived
need for long-term contracts.
Asian market poses challenges to hub pricing
While buyers seem more ready now than ever before to move away
from oil-linked LNG pricing, several attributes of the Asian gas market
pose challenges to the emergence of hub-based pricing.
The phasing-out of oil-linked LNG in Asia, according to
Bernstein, depends heavily on the viability of natural gas trading
hubs in the region.
In order for a trading hub to emerge, the market must first offer
open access—not only to LNG terminals, but also to storage and
international pipelines. Secondly, a hub must provide fully
transparent and trustworthy pricing mechanisms. Third, a hub must
be liquid enough to support spot pricing along with forwards,
futures and swaps markets.
Bernstein identifies Singapore, Shanghai and Tokyo as potential
candidates for an Asian gas hub, but notes that none of them is yet
capable of meeting all three of the above-named requirements.
What Singapore offers in open access and transparency, it lacks
in liquidity—a factor that would be difficult to build up on a small
island nation. While Shanghai is a highly liquid and well-connected
market, open access and transparency are questionable at best,
according to Bernstein.
Tokyo, meanwhile, offers liquidity and has been working on building
up transparency. As an island nation with a highly segmented gas grid
though, Japan is lacking in connectivity and open access.
where environmentalists have made similar arguments critical of
NEPA reviews.
Nathan Matthews, an attorney for the Sierra Club, said the
rulings left open the avenue for challenges of DOE’s NEPA reviews
on the issue of exports inducing production. Sierra Club’s
challenge to DOE’s Freeport export approval has already been
briefed at the DC Circuit, a second appeal is pending in the Cove
Point LNG case, and other appealable orders came out of DOE in
May, he noted.
At FERC, he said, environmentalists’ challenges to projects also
involve concerns entirely within FERC’s purview that would be
unaffected by the court orders. For instance, he pointed to local
impacts such as harm to endangered species, tourism and shrimping,
raised in comments on LNG projects in Texas.
The group has not yet decided whether to request rehearing on the
DC Circuit rulings, he said.
Ruling increases confidence in FERC action
From an industry perspective, Charlie Riedl, executive director of
the Center for Liquefied Natural Gas, saw the ruling as bolstering
predictability.
“In the environment we’re in with the low cost of LNG, any time
— J. Robinson
Court decisions uphold FERC LNG review
Two federal appeals court decisions affirming FERC’s environmental
review of LNG export projects are likely to increase certainty that
developers can rely on the commission’s decision-making, according
to legal experts.
That said, evolving challenges from environmental groups are
expected.
The DC Circuit Court of Appeals on June 28 rejected the Sierra
Club’s challenges to the environmental reviews for the Freeport and
Sabine Pass LNG export projects. The court found FERC did not
need to weigh the environmental impact of upstream gas
development, because DOE and not FERC makes the decision to
authorize the gas exports, which environmentalists argue spur
added production.
Some saw the Freeport ruling as having implications for natural gas
pipeline permitting more broadly inasmuch as it backed FERC’s
reasoning that it did not need to take into account induced natural gas
production in National Environmental Policy Act review of projects.
Environmentalists, on the other hand, were more inclined to describe
the rulings as instructive of the kind of evidence they would need to
bolster their case.
In the near term, the decisions shift the legal battle to DOE,
10
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Gas Daily
Financial basis swaps mixed with Northeast seeing increases; NYMEX rebounds
Natural gas financial basis swaps were mixed Friday, with some points
in the Northeast having the biggest increases as the NYMEX promptmonth contract rebounded slightly.
The NYMEX August natural gas futures contract settled at $2.801/
MMBtu, up 2.4 cents.
On the week, however, the prompt contract has given up a
combined 18.6 cents, mostly driven by Tuesday’s 22.3-cent decline.
In the Northeast, Transcontinental Gas Pipe Line Zone 6 New York
August basis slipped 2 cents to minus 56 cents/MMBtu.
Looking ahead to the next heating season, Transco winter 2016-17
basis climbed to its highest price in the last 30 days, jumping just over
11 cents to plus $3.50/MMBtu.
Market assessments are considered preliminary and based on market
activity on IntercontinentalExchange at 2:25 pm EDT (1725 GMT).
On Thursday, the Federal Energy Regulatory Commission issued a
certificate of public convenience and necessity for Transco’s New York
Bay Expansion Project. The project is designed to provide 115,000 Dth/d
of incremental firm transportation service for the Brooklyn Union Gas
Company. The project also includes 65,000 Dth/d from Compressor
Station 196 in York, Pennsylvania, to the Rockaway Transfer Point on
Transco’s New York Bay Lateral as well as 50,000 Dth/d from
Compressor Station 195 to the Narrows Meter Station in Richmond
County, New York, according to the FERC certificate.
The project has a fourth-quarter 2017 in-service date, according to
the expansion project’s website.
According to Platts Analytic’s Bentek Energy, the expansion project
may put downward pressure on Transco winter 2017-18 basis, which
has recently traded about 4 cents over the winter 2016-17 strip.
Nearby, Texas Eastern Transmission M-3 August basis added a cent
to reach minus $1.13/MMBtu.
Upstream in Appalachia, Dominion Transmission South Point
August basis was up a cent to reach minus $1.29/MMBtu.
In the Upper Midwest, prices had little movement as Chicago citygates August basis held flat from Thursday after trading around minus
6.75 cents/MMBtu.
In Western Canada, AECO-NIT August basis dipped nearly a cent to
minus $1.055/MMBtu.
Along the West Coast, Pacific Gas & Electric city-gates August
basis was down 2 cents to plus 26.75 cents/MMBtu.
The latest eight- to 14-day outlook from the US National Weather
Service called for above-average temperatures to spread across nearly
the entire continental US, likely keeping gas demand high in the second
half of the month. Only portions of the Pacific Northwest were forecast
at or below seasonal norms.
Southern California Gas August basis moved higher, adding 1.5
cents to trade at minus 4 cents/MMBtu. Further along the curve, SoCal
winter 2016-17 basis was up about a cent to reach plus 17 cents/MMBtu.
— Curt Mrowiec
Platts M2MS Forward Curve — Natural Gas, Jul 8 ($/MMBtu)
Prompt month: Aug 16
4.0
Northwest, Rockies: Forward curve
($/MMBtu)
August 16
Winter 16-17
4
Summer 16*
Cal 17
($/MMBtu)
Spot price, last 30 days
3.5
3.0
3
2.5
2.0
25-May
03-Jun
13-Jun
21-Jun
29-Jun
08-Jul
2
Northwest, Rockies: Basis market vs NYMEX
3.3
($/MMBtu)
2.9
1
Prompt month NYMEX
Prompt month basis
2.5
0
Table and graphs are created using Platts M2MS-Gas data. Forward assessments as basis to the Henry Hub and full values are available for periods spanning 10 years.
To see a sample and find information on how to subscribe to the full data set go to www.platts.com/risk. For more information on Platts services, please call +1-800-PLATTS8.
For editorial questions, call Mark Callahan +713-658-3211.
11
Cal 19
Cal 18
Cal 17
Winter 18-19
Summer 18
Winter 17-18
Summer 17
08-Jul
Winter 16-17
29-Jun
Summer 16*
21-Jun
January 17
13-Jun
December 16
03-Jun
November 16
1.7
25-May
October 16
2.1
Septembe 16
Summer season is April-October. Winter is
November-March. *Balance-of-season.
Northwest, Rockies: Key packages, last 30 days
August 16
0.280
Transco, zone 6-NY
-0.540
Texas Eastern, M-3
-1.118
Columbia Gas, Appalachia
-0.108
-1.295
Transco, zone 3
-0.030
Transco, zone 4
-0.015
Southern Natural, LA
-0.033
Tennessee, 500 Leg
-0.061
Florida Gas, zone 3
0.095
Columbia Gulf, mainline -0.083
-0.046
NGPL, Texok
-0.075
Chicago city-gates
-0.068
MichCon city-gate
-0.060
Dawn, Ontario
-0.035
Panhandle, TX-Okla.
-0.230
Northern, Ventura
-0.148
Northern, demarc
-0.143
Waha-0.125
El Paso, Permian Basin
-0.175
El Paso, San Juan Basin
-0.161
PG&E city-gate
0.265
PG&E, Malin
-0.173
SoCal Gas
-0.035
Northwest, Rockies
-0.238
Northwest, Sumas
-0.610
AECO, Alberta
-1.053
Gas Daily
NYMEX Henry Hub gas futures contract, Jul 8
Court decisions ... from page 10
Settlement
there is uncertainty or doubt it tends to slow down the flow of cash.
The ruling provides certainty, at least for facilities that the court ruled
upon, that they had done all they needed to do environmentally.”
The precedent, he said, is significant in signaling that if one follows
the environmental program that FERC laid out one should be able to
get a permit.
“That should reassure investors that they will not wind up in multiyear debates in the court system,” he said.
Some see ruling impacting interstate pipelines
Kevin Ewing, partner at Bracewell, saw the significance of the
ruling reaching beyond LNG projects to have implications for interstate
natural gas permitting reviews at FERC. “The case put in front of the
court two competing views on how certain kinds of NEPA analysis
should play out. A battle of ideas was really joined.”
In a 3-0 decision, the court accepted FERC’s view of how to do a
NEPA analysis with respect to induced gas, he noted.
In particular, he pointed to passages in the Freeport ruling
disagreeing with the environmentalists’ argument on induced
production from domestic operations.
“To the extent that the associations’ argument focuses on
induced production from domestic operations, we disagree. The
commission reasonably explained that the asserted linkage was too
attenuated to be weighed in its particular NEPA analysis,” the
Freeport decision said.
However, Maya van Rossum, who heads the Delaware Riverkeeper
Network, asserted that the ruling did not foreclose further challenges
making the case that FERC pipeline approvals would cause more
drilling and fracking, saying she did not see any red flags in the court’s
language related to cumulative impacts.
To make the case, environmental groups will have to pay closer
attention to contracts used to support the projects and look hard at
investigations into need, she said. They have already increased the
focus on that because FERC is so “cavalier” in considering contracts
as proof of need for a project, she said.
Carolyn Elefant, a Washington attorney who has represented
landowners, suggested that in the bigger picture the rulings don’t alter
the playing field all that much.
While challenges on NEPA grounds are useful in clarifying what
the law is, “I don’t think NEPA is the strongest tool as far as
pipelines are concerned,” she said. Even if a challenge is successful,
because of the way appeals under the Natural Gas Act are
HENRY HUB/NYMEX SPREAD
($/MMBtu)
3.0
Henry Hub cash price
NYMEX front month close
2.9
2.8
2.7
04-Jul
$/MMBtu+/-
Gulf Coast ethane fractionation spread
0.271
0.070
Gulf Coast E/P mix fractionation spread
0.140
0.089
E/P mix Midcontinent to Rockies fractionation spread
-0.115
-0.027
E/P mix Midcontinent fractionation spread
-0.195
-0.007
National raw NGL basket price
4.999
0.046
National composite fractionation spread
2.319
0.116
The methodology for these assessments is available at:
www.platts.com/IM.Platts.Content/MethodologyReferences/MethodologySpecs/shale-value-chain.pdf
12
05-Jul
06-Jul
07-Jul
Platts oil prices, Jul 8
Shale Value Chain assessments, Jul 8
HighLow +/- Volume
Aug 2016
2.801
2.8252.7480.024 138168
Sep 2016
2.788
2.8122.7400.024
58063
Oct 2016
2.827
2.8492.7780.025
39984
Nov 2016
2.990
3.0002.9490.033
20516
Dec 2016
3.251
3.2553.2070.037
14898
Jan 2017
3.384
3.3893.3420.037
20277
Feb 2017
3.370
3.3773.3350.034
5023
Mar 2017
3.318
3.3223.2850.031
9658
Apr 2017
3.082
3.0853.0560.018
11661
May 2017
3.053
3.0583.0320.012
4010
Jun 2017
3.089
3.0943.0700.010
3115
Jul 2017
3.121
3.1293.1110.008
2301
Aug 2017
3.130
3.1383.1180.007
1086
Sep 2017
3.107
3.1163.0950.006
674
Oct 2017
3.129
3.1373.1190.006
2580
Nov 2017
3.179
3.1833.1680.007
1536
Dec 2017
3.310
3.3133.2950.004
1485
Jan 2018
3.407
3.4073.3950.004
859
Feb 2018
3.366
3.3663.3620.007
143
Mar 2018
3.287
3.2873.2870.006
259
Apr 2018
2.891
2.8912.8850.000
375
May 2018
2.858
2.8582.8580.001
210
Jun 2018
2.884
2.8842.8840.001
200
Jul 2018
2.915
2.9152.9150.001
200
Aug 2018
2.924
2.9242.9240.001
100
Sep 2018
2.901
2.9012.9010.002
0
Oct 2018
2.919
2.9192.9190.002
1
Nov 2018
2.991
2.9912.9910.002
4
Dec 2018
3.135
3.1353.1350.002
14
Jan 2019
3.251
3.2513.2510.002
0
Feb 2019
3.219
3.2193.2190.002
0
Mar 2019
3.156
3.1563.1560.002
0
Apr 2019
2.871
2.8712.8710.002
0
May 2019
2.860
2.8602.8600.002
0
Jun 2019
2.890
3.2513.2510.002
0
Jul 2019
2.926
2.9262.9260.002
0
Contract data for Thursday
Volume of contracts traded: 337,405
Front-months open interest:
Aug, 186,636; Sep, 226,011; Oct, 108.450
Total open interest: 1,058,049
Data is provided by a third-party vendor and is accurate as of 5:30 pm Eastern time.
($/b)($/MMBtu)
Gulf Coast spot
1% Resid (1)
3% Resid (1)
40.59-40.61
34.01-34.03
6.50
5.44
Crude spot
WTI (Aug) (2)
45.40-45.42
7.83
New York spot
No.2 (1)
0.3% Resid LP (3)
0.3% Resid HP (3)
0.7% Resid (3)
1% Resid (3)
53.52-53.56
46.75-46.77
46.50-46.52
39.25-39.27
37.25-37.27
8.57
7.48
7.44
6.28
5.96
1= barge delivery; 2= pipeline delivery; 3= cargo delivery
08-Jul
Gas Daily
structured, requiring rehearing at FERC to first be exhausted, in
many cases the pipe is already in the ground.
Sandra Safro, a partner at K&L Gates, said the court decisions
should be positive for LNG project developers that are still going
through the FERC process. By and large, she said the decisions should
be helpful to dissuade appeals on similar grounds and present strong
case law to uphold FERC’s underlying decisions.
DOE next in line to hear arguments
In the wake of the rulings, Healther Palmer of Bracewell said all
eyes are likely to turn to DOE, where environmental groups will take the
similar arguments about exports inducing gas production.
Yet, she too suggested the wording on cumulative impacts could
have broader implications for pipeline permitting.
— Maya Weber
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GAS DAILY
Volume 33 / Issue 131 / Monday, July 11, 2016
ISSN: 0885-5935
Gas Daily Questions? Email:
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Gas Daily
Basis differential for week ended Jul 08
HenryEl PasoAguaTranscoKatyKern,Panhandle
Chicago
Col. GasSoCal
HubPermianDulce
Zone 3OpalTx.-Ok.
city-gatesAppa.Gas
Weekly WACOG
2.85 2.512.812.772.75
2.47 2.57 2.73 2.76 2.63
Henry Hub
0.340.040.080.10
0.38 0.28 0.12 0.09 0.22
El Paso, Permian
-0.34
-0.30
-0.26
-0.24
0.04
-0.06
-0.22
-0.25
-0.12
Agua Dulce
-0.040.30 0.040.06
0.340.24 0.08 0.05 0.18
Transco Zone 3
-0.08
0.26
-0.04
0.02
0.30
0.20
0.04
0.01
0.14
Katy -0.10 0.24-0.06-0.02 0.28 0.18 0.02 -0.01 0.12
Kern, Opal-0.38 -0.04-0.34-0.30-0.28
-0.10 -0.26 -0.29 -0.16
Panhandle, Tx.-Ok.
-0.28 0.06-0.24-0.20-0.180.10
-0.16 -0.19 -0.06
Chicago city-gates
-0.12 0.22-0.08-0.04-0.020.26 0.16
-0.03 0.10
Col. Gas Appa.
-0.09
0.25 -0.05
-0.01
0.01 0.29 0.19 0.03 0.13
SoCal Gas
-0.22
0.12 -0.18
-0.14
-0.12
0.16 0.06 -0.10
-0.13
NYMEX Basis0.049 -0.291 0.009-0.031-0.051
-0.331 -0.231 -0.071 -0.041 -0.171
NYMEX Basis is the NYMEX Henry Hub/cash basis differential calculated from the near-month settlement of $2.801.
Henry Hub futures and strips
Bentek Canadian gas storage data for week ended Jul 8
Aug-016
Sep-016
Oct-016
Nov-016
Dec-016
Jan-017
Feb-017
Mar-017
Apr-017
May-017
Jun-017
Jul-017
3/strip
6/strip
9/strip
12/strip
(in Bcf)EastWestTotal
07/0407/05 07/06 07/0707/08
MonTueWedThu Fri
NA 2.764 2.786 2.777 2.801
NA 2.758 2.777 2.764 2.788
NA 2.802 2.818 2.802 2.827
NA 2.955 2.971 2.957 2.990
NA 3.206 3.221 3.214 3.251
NA 3.341 3.354 3.347 3.384
NA 3.332 3.345 3.336 3.370
NA 3.284 3.298 3.287 3.318
NA 3.043 3.077 3.064 3.082
NA 3.019 3.052 3.041 3.053
NA 3.051 3.086 3.079 3.089
NA 3.082 3.120 3.113 3.121
NA 2.775 2.794 2.781 2.805
NA 2.971 2.988 2.977 3.007
NA 3.054 3.072 3.061 3.090
NA 3.053 3.075 3.065 3.090
Working gas
190.04494.30684.34
Weekly Change
8.391.249.63
% of capacity
72.26%
Working Gas Jul 10, 2015
87.80%
133.95
82.85%
388.84
522.79
CANADIAN STORAGE INVENTORIES
800
(Bcf)
700
600
500
400
3.3
3.1
($/MMBtu)
3-month
12-month
Prompt month
200
Jan Feb Mar
Source: Platts Bentek
2.9
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Baker Hughes rig count
Week ending
2.7
2.5
10-Jun
2015
2016
3-Year Avg
300
16-Jun
22-Jun
28-Jun
04-Jul
08-Jul
Total US rigs
Total US gas rigs
Total Canadian rigs
7/8/16
7/1/16
440
88
81
431
89
76
Chg.
+9
-1
+5
7/2/2015
862
219
139
CFTC Commitment of Traders Report for week ended July 05
Producers/merchants/processors/users
Swap dealers
Money managers
Other reportables
long
positions
197,583
143,642
218,023
36,615
short
net position
positions
185,134
51.63% long
60,859
70.24% long
248,401
53.26% short
141,529
79.45% short
net position
last week
51.61% long
71.01% long
52.95% short
79.98% short
change in
overall positions
-0.14% -1.2% -2.33% -2.61% Source: CFTC. For detailed information regarding the categories of traders listed in this table, please see the CFTCs explanatory note at:
www.cftc.gov/ucm/groups/public/@commitmentsoftraders/documents/file/disaggregatedcotexplanatorynot.pdf
14
% market
share
31.07% 16.6% 37.87% 14.46% % market
share last week
30.64%
16.55%
38.18%
14.62%
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