Correction

After receiving a combination of supportive storage and weather news Monday morning, natural gas traders lifted the futures market off its early session lows and notched a 15-cent advance in just 45 minutes. The market moved sideways throughout the afternoon as technical selling associated with congestion in the $4.35 area from last week was enough to corral bulls. January closed at $4.32, up 12 cents for the session.

In the article titled “NiSource Puts Columbia Energy’s E&P Assets Up for Sale” in Natural Gas Intelligence, Oct. 14, 2002, the following paragraph should be substituted for paragraphs 7-9. Correcting and stating that the merger involved Columbia Energy Group instead of Columbia Energy Resources. NGI regrets the error.

In the article titled “NiSource Puts Columbia Energy’s E&P Assets Up for Sale” in NGI’s Daily Gas Price Index, Oct. 14, 2002, the following paragraph should be substituted for paragraphs 7-9. Correcting and stating that the merger involved Columbia Energy Group instead of Columbia Energy Resources. NGI regrets the error.

In an article about El Paso Tennessee Pipeline Co.’s second quarter appearing in the Aug. 15 issue of Daily GPI, it was incorrectly reported that the earnings of Tennessee Pipeline were not included in the consolidated financial report of El Paso Corp. Tennessee’s earnings, including writedowns totaling $342 million related to investments in power generation assets and oil reserves in financially-troubled Argentina in the first half of the year, were include in El Paso financials.

In the story “Rush to LNG in Baja Raises Questions About Demand, Infrastructure” published on Thursday, March 7, in the 8th paragraph, note that Sempra’s proposed LNG terminal will be south of Rosarito and north of Ensenada.

In a story that ran in Daily GPI on Wednesday, titled “TradeSpark Rebounds, Eyes Potential Clearing Services,” Cantor Fitzgerald was mentioned as the most likely entity to perform clearing services for the TradeSpark electronic energy exchange (see Daily GPI, Feb. 13). However, TradeSpark representatives said it is too early to be absolutely certain that Cantor Fitzgerald will perform those services. Market participants and TradeSpark officials still have significant work to do before clearing services can be put in place.

In a story that ran in NGI’s Daily Gas Price Index on Dec. 5, titled “Gas Sales Soar 24% in 3Q, but Enron Casts Dark Cloud Over Future,” NGI noted that BP is expected to expand its trading and marketing activities because of it purchase of TransCanada’s marketing operations in September. However, NGI failed to mention that Mirant actually is buying the larger portion of TransCanada’s marketing and trading business, a book covering about 5.1 Bcf/d of TransCanada’s first quarter sales of 7.9 Bcf/d. In September, BP Gas & Power bought TransCanada’s CanStates Gas Marketing, a contract to manage gas supply assets for SEMCO Energy Gas Co., and its marketing and trading operations in its Omaha, NE office. Mirant, however, will become the largest gas dealer in Canada and the top exporter as well with its TransCanada purchase. The deal raises Mirant’s profile in Canadian gas into the range of 6-7 Bcf/d and boosts its total North American gas sales to about 18.2 Bcf/d, which could put it at the top of the rankings in the fourth quarter. TransCanada, Canada’s largest natural gas transporter, exited the natural gas marketing business to focus on its core natural gas transportation and power businesses in Canada and the northern tier of the United States.

In a story that ran in the Oct. 25 edition of NGI’s Daily Gas Price Index, titled “El Paso Posts Solid Earnings, But Special Charges Lower Profits,” some comments were incorrectly attributed to El Paso Merchant Energy Group President Ralph Eads III. The comments were made by Greg Jenkins, CEO of El Paso Global Networks. The comments also contained some inaccuracies. Jenkins said, “The [global network business] has deteriorated much more over the course of the past several weeks and few months. The regulatory environment in our judgement is viewed unfavorably against real competition, and today the market fundamentals are very weak. Consequently we are reducing our focus [on telecommunications]. Our focus next year is going to be on those activities where that value is recognizable, that being the Texas market in particular, and maximizing returns on those assets.” Jenkins’ was not referring to the merchant generation business, and El Paso Corp. has reaffirmed its confidence in merchant generation and its position in that market. NGI regrets the errors.

In the report on the adjournment of the FERC hearing investigating alleged market affiliate abuses by El Paso Natural Gas and its affiliates, which ran in NGI’s Daily Gas Price Index for Tuesday, Aug. 7: Note El Paso executives did not refuse to respond to questions from Judge Wagner. El Paso attorneys declined to put the executives on the stand — which would have subjected them to questions from the California Public Utilities Commission and others — as part of the case, saying El Paso’s case was closed. The attorneys said, however, the executives were willing to respond to the judge’s questions. Wagner did not ask any questions.