Apparently

Enterprise Oil, the largest independent exploration andproduction company in Europe, apparently couldn’t resist the marketopportunities in the U.S. any longer. The company paid $127.3million last week for all of drilling company R&B Falcon Corp’sE&P interests in the Gulf of Mexico. The transaction covers a50% stake in the Boomvang field about 100 miles south of Galveston,TX, and a major stake in the Gyrafalcon prospect, which is about100 miles offshore Lousisiana in Green Canyon block 20.

Enterprise Oil, the largest independent exploration andproduction company in Europe, apparently couldn’t resist the marketopportunity in the U.S. any longer. The company paid $127.3 millionyesterday for all of drilling company R&B Falcon Corp’s E&Pinterests in the Gulf of Mexico, which includes a 50% stake in theBoomvang field about 100 miles south of Galveston, TX, and a majorstake in the Gyrafalcon prospect, which is about 100 miles offshoreLousisiana in Green Canyon block 20.

Judging from the huge dip in futures prices last Wednesday, themarket apparently didn’t get wind of a new, more bullish hurricaneseason forecast by renowned hurricane prognosticator Dr. WilliamGray and his team of soothsayers at Colorado State University.

Judging from the huge dip in futures prices yesterday, themarket apparently didn’t get wind of a new, more bullish hurricaneseason forecast by renowned hurricane prognosticator Dr. WilliamGray and his team of soothsayers at Colorado State University.

Reliant Energy’s increased focus on the non-regulated side ofthe energy business has apparently made the former pipeline anddistribution assets of subsidiary NorAm Energy no longer attractiveto the company. Reliant said last week it hired an investmentbanking firm to evaluate strategic alternatives for two of its gasdistribution companies and its gas pipeline operations.

Reliant Energy’s increased focus on the non-regulated side ofthe energy business has apparently made the former pipeline anddistribution assets of NorAm Energy no longer attractive to thecompany. Reliant said last week it hired an investment banking firmto evaluate strategic alternatives for two of its gas distributioncompanies and its gas pipeline operations.

The March contract wandered off a small cliff yesterday whileentering its final week on the board, as spring fever apparentlyreached the Nymex gas pit. The March contract opened with a hugegap lower to $2.555 before cascading down a total of 11.8 cents forthe day and closing at $2.515, slightly above its $2.490 low. TheApril contract closed down 10.6 cents to $2.544, and May dropped 9cents to $2.564.

October futures managed to achieve a moderately strong recoveryFriday but apparently there was too much negative baggage left overfrom Thursday’s quarter-plus plunge to support cash. Physical gasprices continued their downhill slide, buffeted by the combinationof weak holiday weekend demand and mild weather virtuallyeverywhere. “Cash just didn’t stand a chance today,” a marketersaid.

After apparently teasing volatility-loving traders Monday,natural gas futures have returned to the somewhat unspectaculartrading which marred the month of February by chopping lazilysideways for the past two days. Only subtle differences-Tuesday’slate decline vs. Wednesday’s late uptick-were seen asdistinguishing features in an otherwise featureless market. TheApril contract saw the largest gains, notching a 2.7-cent gain tofinish at $1.723 in light to moderate trading Wednesday.