Bemoaning

Those bemoaning the lackluster performance of integrated gas andutility stocks can blame their woes, at least in part, on theInternet and the technology revolution, according to one analyst.Prudential Securities’ Carol Coale said investors have beenshifting their attention, and their dollars, from the “old economy”to a new one. “Whether it’s Internet or high-tech, we’re seeing amajor sector shift,” she told Daily GPI. Also to blame, Coale saidin a Prudential research note, is bearish gas market sentiment.

Those bemoaning a relative lack of volatility in much of thecash market since early spring must have enjoyed Tuesday. Thingswere very strong-“to put it mildly,” as a marketer said-in tradingTuesday for both the month of July and the last day of June. It wasobvious to everyone what was heating up prices: heat now andforecasts of more heat later. A strong showing by the August HenryHub futures contract lent further support to cash.

Those bemoaning the lack of a competitive market for electricityin California should look on the bright side. Things are movingalong, and the process is not finished, said Daniel D. Richard Jr.,senior vice president government and regulatory relations forPacific Gas and Electric.