Daily

Spot gas prices into California broke Daily GPI’s nationwideall-time record high of $39 at the Chicago citygate, set in Feb.2, 1996 trading. A western trader for one marketing firm reported adeal for $41 at the Southern California border Wednesday, saying,”And I’ve got my confirmation from EOL [EnronOnline] to prove it.”California was just part of a hyperpowerful cash market that hadmost points exploring price territory they had never seen before.

After canceling last week’s Unauthorized Overpull Penalty situationFriday (see Daily GPI, Nov. 13), El Pasoreinstated the OFO Monday until further notice. The Window Rock (AZ) BStation was brought back partially online late Saturday afternoon,causing the previous 250 MMcf/d reduction of North Mainline capacityto fall to 150 MMcf/d. That level of constraint will remain in effectuntil the next block of compression becomes available sometime thisweek, the pipeline said.

Pacific Gas & Electric did not extend a systemwidehigh-inventory OFO (see Daily GPI, Oct. 23) beyond Saturday.

Gulf Canada Resources is expecting to more than double its dailygas production by swallowing rival Crestar Energy in aC$1.7-billion ($1.1-billion) friendly cash and stock transaction,excluding C$565 million in debt assumption. The combination willform a top-five Canadian independent production company with plentyof room to grow.

Gulf Canada Resources is expecting to more than double its daily gas production by swallowing rival Crestar Energy in a C$1.7-billion ($1.1-billion) friendly cash and stock transaction, excluding C$565 million in debt assumption. The combination will form a top-five Canadian independent production company with plenty of room to grow.

Florida Gas Transmission ended Friday an Overage Alert Day noticethat had been issued Aug. 24 (see Daily GPI, Aug. 25).

Pacific Gas & Electric did not extend a systemwide Stage 3low-inventory OFO (see Daily GPI, Aug. 30) beyond Wednesday.

Chevron has launched its energy services business, Chevron EnergySolutions, building on its purchase of a block of contracts andrelated assets from the disbanding PG&E Energy Services (see DailyGPI, June 2).

Sonat was unable to begin repairs Thursday as anticipated (seeDaily GPI, July 27) on a July 5 rupturein its offshore 14-inch Romere Pass Line. However, the work likelywill begin today and last 10-15 calendar days, which means the lineshould be back in service around Aug. 12 at the latest, a spokeswomansaid. An estimated 50-100 MMcf/d at five platform receipt points isbeing shut in by the outage.