Drops

As the new year has brought steep mercury drops in many areas of the United States, many forecasters including AccuWeather.com, Weather 2000 and WSI Corp. are calling for the freeze to stick around for much of January.

As the new year has brought steep mercury drops in many areas of the U.S., Joe Bastardi, senior expert meteorologist for AccuWeather.com, said it is almost certain that for many people it’s going to be the coldest 20-day period experienced since the winter of 1996.

El Dorado, AK-based Murphy Oil Corp. lowered its expectations for the fourth quarter, announcing it expects income before special items to tally between 55-60 cents a share, below Wall Street’s estimates of 67 cents. Murphy earned 62 cents a share in 4Q2002.

An industry leader in returns, financial strength and management, Exxon Mobil Corp.’s five-year volume growth at 5% will exceed investors’ 2-3% expectations, but growth acceleration likely will not be visible until 2005, JP Morgan said in a new research report, which lowered the Irving, TX-based major’s rating to “neutral” from “overweight” on Wednesday.

Energy America, Centrica’s U.S. retail gas marketing subsidiary, is calling it quits in the Georgia retail gas market after struggling to build its customer base there last year and then being hit with a fine and other penalties last month by the Georgia Public Service Commission (PSC) for slamming.

Lehman Brothers analysts lowered the full-year 2003-2004 natural gas price forecasts, but noted that prices will remain volatile “as they react to shifting demand patterns against the backdrop of a depleting production base.”

Lehman Brothers analysts lowered their full-year 2003-2004 natural gas price forecasts, but noted that prices will remain volatile “as they react to shifting demand patterns against the backdrop of a depleting production base.”

Raymond James bumped down its natural gas price forecasts for the third and fourth quarter, and also dropped its gas price forecast for 2004 to $5.50 from $6.00/Mcf after analysts reviewed recent trends in U.S. fuel switching thresholds. Linking oil and gas pricing for the past several years, analysts said they now have enough data to more accurately predict how high prices have to go before “meaningful” fuel switching-related demand destruction begins to occur.

Raymond James bumped down its natural gas price forecasts for the third and fourth quarter, and also dropped its gas price forecast for 2004 to $5.50 from $6.00/Mcf after analysts reviewed recent trends in U.S. fuel switching thresholds. Linking oil and gas pricing for the past several years, analysts said they now have enough data to more accurately predict how high prices have to go before “meaningful” fuel switching-related demand destruction begins to occur.