Continue

Halliburton announced that Dick Cheney has resumed the role ofchairman and will also continue in his current position as CEO.Joining Halliburton in 1995 as CEO, Cheney served as chairman andCEO from 1996 until the merger between Halliburton and DresserIndustries in September 1998. Cheney will succeed William Bradfordas chairman. Bradford will retire at the end of January after threedecades of dedicated service to Dresser Industries and mostrecently Halliburton.

The uphill run of the overall market was still going for themost part Wednesday, but at a considerably slower pace than the daybefore as several areas anticipated at least a brief reprieve fromsevere winter weather.

The cash market pulled out of its early-2000 slide at leastbriefly with a generally flat to slightly higher price performanceWednesday. However, sources found little but bearish indicators forthe near future.

A number of utility and industrial customers in Wisconsincontinue to register their support for the proposed GuardianPipeline, which — if built — would offer the state its firstglimpse of gas pipeline competition.

A number of utility and industrial customers in Wisconsincontinue to register their support for the proposed GuardianPipeline, which — if built — would offer the state its firstglimpse of gas pipeline competition.

Much like the day before, cash prices rose by a dime or moreTuesday almost purely on weather fundamentals. Unlike the daybefore, western points failed to lag behind the overall marketlargely due to some supply shortness. The result was generallytight basis all around, ranging from the Rockies in the $2.30sthrough the Gulf Coast and Midcontinent in the $2.40s and Midwestcitygates in the $2.50s to Appalachia and California in the $2.60s.Only Northeast citygates in the $2.80s and $2.90s put muchappreciable difference between themselves and the rest of themarket.

For a lower-demand weekend period preceded by a falling screenand expected to continue the unseasonably warm weather pattern thatdominated nearly all of November, there was surprising firmness inmost of the cash market Friday. Except for further Northeastcitygate declines, essentially flat quotes prevailed elsewhere. Onetrader suggested the moderate gain in futures Thursday may haveprovided a modicum of psychological support for cash traders Fridaymorning.

Anticipating that high system linepack will continue through theweekend due to low gas demand and limited storage injectioncapability, Tennessee Tuesday issued an OFO Action Alert to takeeffect with Thursday’s gas day. Customers under Rate Schedules SA,LMS-PA, LMS-MA and transportation contracts not covered by abalancing agreement must keep deliveries into the system less thanor equal to scheduled quantities plus 2% (or 500 dekatherms,whichever is greater); takes from the system must be more than orequal to scheduled quantities minus 2% or 500 dekatherms. Tennesseeexpects the alert to remain in effect into the start of next week.

Saying it expects high system linepack due to reduced demand andlimited storage injection capability to continue through theweekend, Tennessee is issuing an OFO Action Alert effective withSaturday’s gas day for its entire system. Under the alert, shipperswill be penalized for daily positive imbalances that exceed a 2%tolerance range (or 500 Dth, whichever is greater) from scheduledquantities. Penalties will not apply to customers who underdeliverinto the system or overtake from it, or to customers under RateSchedule LMS-MA who have elected the Storage Swing Option or Swingon Storage. Tennessee expects the alert to remain in effect intonext week.