Traders resurrected a phrase they hadn’t been using very muchlately: “following the screen.” Like a rising tide that lifts allboats, the Henry Hub futures contract for September turned in astrong performance Wednesday and spurred moderate firmness in cashnumbers. In the absence of substantial change in marketfundamentals, there was little besides the Nymex pit for cashguidance, a marketer said.
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The board of directors for the London-based InternationalPetroleum Exchange urged its members Wednesday to accept a buy-outoffer from five outside investors rather than accept a proposedmerger bid from the New York Mercantile Exchange. The 475 membersof the IPE will vote on the sale at an extraordinary generalmeeting held on July 30. The board threatened to resign if theoutside investor sale failed.
After slipping 2.5 cents Tuesday, the May natural gas futurescontract climbed back up to just below stubborn support at $2.19yesterday in tenuous trading ahead of the release of the AmericanGas Association (AGA) storage report. May finished the session up 3cents to $2.174.
The British are coming back to the merger table. Still digestingits acquisition of Amoco, British Petroleum last week scrolled onenotch down the alphabetic menu of E&P companies to rest itshungry eyes on Atlantic Richfield Co. (Arco).
Despite three of Atlanta Gas Light’s nine gas customer poolssurpassing the Georgia Public Service Commission’s (GPSC)requirements to become fully competitive, the GPSC has decided notto move forward with the customer assignment process because ofplanned legislation that would declare Atlanta Gas Light’s (AGL)entire service territory competitive possibly as early as thisfall.