Discounted

With the Gulf of Mexico production outages from Tropical Storm Ida having already been discounted by the cash market Monday, it was no surprise that the remaining tropical depression was no price-booster Tuesday. However, continuing modest cooling trends in several regions, along with the previous day’s December futures increase of 7.5 cents, were enough to keep most of Tuesday’s losses minimal and result in more gains than a day earlier.

November natural gas futures managed a late-session rally Tuesday, but traders discounted the move and indicated that the market was largely rangebound with a bias toward lower prices. November futures rose 10.3 cents to $6.844, and December gained 9.7 cents to $7.088. November crude oil skidded $3.36 to $70.89/bbl.

Two weeks after its release, an Oregon Department of Energy report that discounted the need for future supplies of liquefied natural gas (LNG) in the state and Pacific Northwest was blasted by one proponent of an LNG terminal along the Columbia River near Astoria, OR.

Two weeks after its release, an Oregon Department of Energy report that discounted the need for future supplies of liquefied natural gas (LNG) in the state and Pacific Northwest was blasted by one proponent of an LNG terminal along the Columbia River near Astoria, OR.

FERC is seeking industry comments by Dec. 14 solely on the issue of how a master limited partnership’s (MLP) growth should be projected for the purposes of the discounted cash flow (DCF) analysis.

Besides its record oil and natural gas production and revenues in 2002, Devon Energy Corp. also could boast Thursday that it pumped up its oil, gas and natural gas liquids (NGL) reserve replacements last year by 278% at a cost of $7.18/boe.

With Canada and much of the northern U.S. experiencing deep-freeze low temperatures and a more-of-the-same outlook for Wednesday, the market continued to eke out small, single-digit gains at most points Tuesday.

Tengasco Inc. shares were down 11% last Tuesday but rebounded 9% on Wednesday by noon to $1.31 after the company discounted a class action lawsuit brought against it on Monday. Tengasco said the lawsuit was initiated by common stock short-sellers, who profit when share prices decline.

Although the utility quickly discounted the importance of it, the California utility consumer watchdog group TURN (The Utility Reform Network) gained a temporary stay last week from a federal appeals court to the court-approved settlement between state regulators and Southern California Edison Co. TURN asked the 9th Circuit Court of Appeals to stay an Oct. 5 judgment by a federal district court judge in Los Angeles.