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Energy Markets Report (October 26 - 30, 2009)
Highlights
- Electricity peak prices fell $1.72-$10.53/MWh at four of the six hubs. Palo Verde and SP 15 in the West declined the most as “loads remained soft as a Pacific storm, the remnants of Hurricane Neki, rolled ashore, and modest mercury levels stretched down into California and the Southwest” (SNL Energy, pages 1 and 3).
- Gas at the Henry Hub rose $0.13 to $4.56/MMBtu. The gas rig count rose by three to 728. “Lingering cold weather conditions in key heat-consuming markets supported gains” – SNL Energy. A report entitled, U.S. Crude Oil, Natural Gas, and Natural Gas Liquids Proved Reserves estimates that proved reserves of natural gas in the United States rose by 2.9 percent in 2008, largely the result of continued development of unconventional resources. Discoveries of crude oil rose for the third year in a row, but proved crude oil reserves fell by 10.3 percent, because of revisions resulting from the drop in oil prices during the year (Energy Information Administration, pages 1 and 3).
- Uranium spot prices fell for the first time in six weeks to $46.50/lb U3O8 according to UxConsulting and TradeTech. “Traders and financial entities that helped spur the price rise, in anticipation of an increase in demand due to the force majeure on some deliveries by BHP Billiton, reversed positions and became sellers this past week” (TradeTech, see pages 1 and 3).
- Estimated nuclear plant availability was at 75 percent last week. Two units shut down for refueling, one unit came back online from refueling, two units shut down for maintenance, and one unit came back online from maintenance. Three Mile Island 1 shut down for refueling after breaking the world record for the longest continuous run of a pressurized-water reactor at 705 days. North Anna 1 shut down temporarily “to repair a reactor coolant system leak” after a “pin hole leak was discovered in a weld in the reactor purification system.” Browns Ferry-3 was shut down “so the reactor building's closed-cooling water system could be repaired” (Platts, pages 2 and 4).
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