Countered

The battle for Southern Union Co. continued Thursday after Williams countered by 10% a $40/share offer made earlier this month by Energy Transfer Equity LP (ETE), putting a $44/share cash deal on the table, which is worth a total enterprise value of $9.4 billion (see Shale Daily, July 6).

April natural gas futures scored a modest gain Friday as traders noted covering of earlier short positions countered by light selling by producers. At the end of the day April futures had risen 4.6 cents to $4.813 and May added 4.8 cents to $4.879. April crude oil gained $1.49 to $79.66/bbl.

April natural gas futures scored a modest gain Friday as traders noted covering of earlier short positions countered by light selling by producers. At the end of the day April futures had risen 4.6 cents to $4.813 and May added 4.8 cents to $4.879. April crude oil gained $1.49 to $79.66/bbl.

Natural gas producers, especially those active in shale basins, could be in for a rough ride in 2009 and beyond if the current turmoil in the financial markets and the downturn in commodity prices continue unabated, producers told FERC Friday. And while industrial customers see lower gas prices as good news, they say now is not the time to relax.

Natural gas producers, especially those active in shale basins, could be in for a rough ride in 2009 and beyond if the current turmoil in the financial markets and the downturn in commodity prices continue unabated, producers told FERC Friday. And while industrial customers see lower gas prices as good news, they say now is not the time to relax.

Dynegy Inc., cast by Enron Corp. as the villain in its bankruptcy filing, has aggressively countered every move by its former rival, and late last week filed a motion requesting the bankruptcy case be moved to Houston, where both of the companies are headquartered. Dynegy, facing a $10 billion breach of contract lawsuit that Enron incorporated into its bankruptcy proceedings on Dec. 2, filed papers with New York Judge Arthur Gonzalez, noting that Enron’s decision to file in the Southern District of New York was “a classic example of the type of forum shopping that should not be condoned.”

Dynegy Inc., cast by Enron Corp. as the villain in its bankruptcy filing, has aggressively countered every move by its former rival, and Thursday filed a motion requesting the bankruptcy case be moved to Houston, where both of the companies are headquartered. Dynegy, facing a $10 billion breach of contract lawsuit that Enron incorporated into its bankruptcy proceedings on Dec. 2, filed papers with New York Judge Arthur Gonzalez, noting that Enron’s decision to file in the Southern District of New York was “a classic example of the type of forum shopping that should not be condoned.”