An updated tropical outlook issued by WSI Corp. trims the number of storms forecast, with 14 named storms, six hurricanes and three intense hurricanes (Category 3 or greater) predicted. The Andover, MA-based provider of weather-driven business solutions had previously forecast 15 named storms, eight hurricanes and four intense hurricanes (see Daily GPI, June 27).
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IL Panel Passes Rate Freeze Extension Despite Bankruptcy, Blackout Warnings
Illinois’ House Electric Utility Oversight Committee voted 9-4 last Monday to extend a current electric utility rate freeze in the state by another three years starting in January, a move that Ameren and Exelon both have said would lead to bankruptcy for their state utilities. Credit rating agencies confirmed the utilities’ dire predictions the following day.
Traders Gamble on Hurricane Dennis’ Path; August Futures Settle at $7.472
After reaching a $7.770 high early during Friday’s session on news that Hurricane Dennis had reached Category Four status, August natural gas futures spent almost the rest of the day methodically winding their way lower. The prompt month notched a low of $7.420 before settling at $7.472, up 7.4 cents on the day and 30.1 cents higher than the previous week’s close.
Futures Trickle Lower Following 90 Bcf Storage Build
Despite having its plate full with fresh natural gas storage data and the upgrading of Adrian to a Category One Hurricane in the Pacific, June natural gas had a mostly uneventful trading day Thursday.
Aquila Credit Rating Nudged Upward
Although its credit ratings remain in the “junk” category, Aquila Inc. received some welcome news last week from Standard & Poor’s Ratings Services (S&P) after it upgraded the Kansas City, MO-based company’s corporate credit rating to “B-” from “CCC+” and removed it from CreditWatch. Fitch Ratings also raised its outlook on Aquila to “stable” from “negative,” and affirmed its rating at “B+,” the fourth-highest junk rating.
Aquila Credit Rating Nudged Upward
Although its credit ratings remain in the “junk” category, Aquila Inc. received some welcome news Wednesday from Standard & Poor’s Ratings Services (S&P) after it upgraded the Kansas City, MO-based company’s corporate credit rating to “B-” from “CCC+” and removed it from CreditWatch. The outlook remains negative.
EIA: Volatile Prices Have Fueled Oil & Gas Market’s Rapid Growth of Derivative Use
Natural gas and petroleum products are the second most heavily traded category of futures contracts on organized exchanges, after financial products, according to a new Energy Information Administration (EIA) report released last month. The government agency noted that the growth in derivatives — i.e., futures, options, swaps and forwards — points out just how volatile energy markets are.
EIA: Volatile Prices Have Fueled Oil & Gas Market’s Rapid Growth of Derivative Use
Natural gas and petroleum products are the second most heavily traded category of futures contracts on organized exchanges, after financial products, according to a new Energy Information Administration (EIA) report released last month. The government agency noted that the growth in derivatives — i.e., futures, options, swaps and forwards — points out just how volatile energy markets are.
Waiting for Isidore: Softness Prevails Going Into Weekend
Category 2 Hurricane Isidore left the gas market playing all sorts of guessing games going into the weekend. However, most of the storm’s price-boosting impact appeared to have been spent in the eastern gains of nearly half a dollar over the previous two days. Friday’s small gains at Northeast citygates and some Gulf Coast points were greatly outweighed by flat to slightly lower numbers at other Gulf Coast points and larger losses throughout nearly all of the Midcontinent/Midwest and West.
With Isidore’s Course Uncertain Friday, Traders Elect to Take Some Profits
Despite the intensification of Isidore to a category 2 hurricane Friday morning, natural gas futures shuffled lower throughout the session as traders liquidated long positions acquired during last week’s 50-cent price spike. At $3.758, the October contract was down nearly 20 cents from Thursday’s high and 9.8 cents lower on the day, but still 29.1 cents higher for the week. Volume was heavy for a Friday, with an estimated 97,137 contracts changing hands.