Boosted

Boosted by what may be the most bullish weather forecast to hitthe industry in years, natural gas futures spiked dramatically inmultiple buying surges last week as traders pressed the envelope oftheir long exposures.

Boosted by what may be the most bullish weather forecast to hitthe industry in years, natural gas futures spiked dramatically inmultiple buying surges Sunday night and Monday morning as traderspressed the envelope of their long exposures.

Boosted by soaring cash prices and cooler temps both outsidetraders’ windows and in the latest weather forecasts, natural gasfutures were higher Monday after gains registered in the Sundaynight Access trading session were validated by a gap higher open.The December contract was the largest beneficiary of the Sundayevening-Monday morning buying frenzy, finishing up 24.2 cents at$5.698. Meanwhile the back months lagged considerably, evidenced bythe 12-month strip, which only advanced 8.2 cents to $4.826.

Fueled by forecasts calling for below-normal temperatures andboosted by technical factors, which have suddenly turned verybullish, natural gas futures rumbled higher yesterday as traderstried their hand again at the long side of the market. Aftergapping convincingly higher on the open, the December contractnever looked back as prices drifted 23.2 cents higher to close at$5.081.

Higher gas production volumes and higher commodity prices in the oil refining and marketing businesses boosted Coastal’s earnings for the third quarter 40% over the same period in 1999.

Coastal’s earnings for the third quarter were up 40% over thesame period in 1999, boosted by higher gas production volumes andhigher commodity prices in its oil refining and marketingbusinesses. Earnings for the quarter were $144.8 million, or 65cents per share, compared with $102.1 million, or 47 cents a sharea year ago. Excluding merger related items, earnings for theHouston-based company were $146.9 million, or 66 cents per share.First Call/Thomson Financial had predicted 60 cents/share.

Boosted by the momentum gained through the 1980s and 1990s withgrowing regional wholesale electricity trading markets inCalifornia, New York, Pennsylvania, New Jersey, Maryland and theNew England states, more U.S. regions now are open to electricitycompetition, according to a report by the Energy InformationAdministration.

Boosted by its high-flying Internet site, Enron Corp. reportedyesterday that its second-quarter earnings rose 30% to $289million, with revenue from EnronOnline, the company’seight-month-old energy and commodity Internet trading site, rising92%. The site has handled transactions valued at more than $100billion, adding $6 billion to revenue in the first half, and isalready considered the largest Internet energy trader in the world.Net income rose to $289 million, or 34 cents, from $222 million, or27 cents, while revenue rose 75% to $16.89 billion from $9.67billion a year ago. Enron had been expected to make 32 cents ashare, based on analysts polled by First Call/Thomson Financial.Enron’s businesses reported its earnings as Wholesale EnergyOperations and Services, Retail Energy Services, Transportation andDistribution and Broadband Services. The wholesale group increased23% in the second quarter to $437 million. Retail energy reportedIBIT of $24 million compared to a $26 million loss in the sameperiod of 1999. The transportation group, which includes the gaspipeline group and Portland General Electric, reported earnings of$139 million compared with $128 million. The only loss was inbroadband services, which reported a loss of $8 million on revenueof $151 million.

Boosted by a more than a nickel increase in during the overnightAccess trading session, followed by a second straight day of higherearly morning over-the-counter dealings, natural gas futures werequick out of the chute Tuesday as traders set their sights onceagain on the key $4.00 level. But just like Monday, yesterday’searly buying quickly turned into profit-taking when it becameapparent $4.00 was beyond bulls’ reach. The June contract finished6.7 cents stronger at $3.814, after trading within a tight,8.5-cent range.