Decade

Natural gas futures traders have, over the course of the last decade, demonstrated the uncanny ability to look past an in-your-face fundamental indicator and focus instead on an obscure technical benchmark or their perception of data yet-to-be-released. Yesterday was a textbook example of the latter being played out as traders ignored another hefty storage injection to focus instead on their expectations of next week’s release. This was evident in the market’s price action late yesterday afternoon as the August contract rebounded from its pre-AGA lows to finish with a 6-cent gain at $3.342.

To better suit the growing demand for natural gas at a moment’s notice for gas-fired electricity generating plants, Duke Energy reported it is finally planning to convert an underground salt dome in Copiah County, MS, into a natural gas storage facility with 3 Bcf of initial storage capacity. The dome could be expanded by an additional 6 Bcf at a later date, the company said.

To better suit the growing demand for natural gas at a moment’s notice for gas-fired electricity generating plants, Duke Energy reported Monday that it is finally planning to convert an underground salt dome in Copiah County, MS, into a natural gas storage facility with 3 Bcf of initial storage capacity. The dome could be expanded by an additional 6 Bcf at a later date, the company said.

In an attempt to avoid electricity shortages predicted in the state by the end of the decade, Minnesota legislators passed a compromise energy bill last week that among other things, improves energy conservation, requires statewide planning for energy needs and clarifies regulations for building power plants and transmission lines. The legislation (SF022) is expected to be signed by Gov. Jesse Ventura and enacted in 2002.

In an attempt to avoid electricity shortages predicted in the state by the end of the decade, Minnesota legislators passed a compromise energy bill late Monday that among other things, improves energy conservation, requires statewide planning for energy needs and clarifies regulations for building power plants and transmission lines. The legislation (SF022) is expected to be signed by Gov. Jesse Ventura and enacted in 2002.

Planning, developing and building natural gas pipelines over the last decade has become a difficult endeavor, filled with the risk of numerous regulatory hurdles and barriers to entry, according to a panel of transmission experts last week at GasMart/Power 2001 in Tampa, FL.

Planning, developing and building natural gas pipelines over the last decade has become a difficult endeavor filled with the risk of numerous regulatory hurdles and barriers to entry, according to a panel of transmission experts last week at GasMart/Power 2001 in Tampa, FL.

Fourth quarter profits for Conoco were up 77%, benefiting fromits strongest oil and gas prices in almost a decade. TheHouston-based energy company said that before special items, netincome was $574 million, or 91 cents per diluted share, whichtopped First Call/Thomson Financial’s consensus of 85 cents ashare. In 1999, quarterly earnings were $324 million, or 51 centsper share.

The coming decade promises to reveal a different utilityindustry than the one today, which already is bursting around theedges from the speed-of-light changes, according to Victor A. Burk,a managing partner in Arthur Andersen’s energy and utilitiesindustry sector. Burk offered what he termed his “megatrends” athis company’s energy symposium last week in Houston.