Heeding forecasts that the cold wave enveloping Canada and much of the U.S. was already about to start receding in some areas, traders followed up Wednesday’s across-the-board gains with generally moderate losses at nearly all points Thursday. The previous day’s 6.2-cent decline by expiring November futures and expectations of another stout storage build being reported also were negative influences on the cash market Thursday.
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Price Gains Continue, But in Smaller Amounts
The cold spell currently enveloping Canada and most of the U.S. again propelled the spot market higher Thursday, but the advances were considerably smaller than the previous day’s spikes and were interspersed with flat to moderately lower numbers at a few points in the Gulf Coast and Midcontinent.
MoPSC to Continue to Monitor Aquila’s Financial Condition
The financial storm enveloping Aquila Corp. — cuts in its credit rating to below investment grade, forced asset sales, restructuring of its operations and widespread federal investigations into its trading — will have “possible negative impacts” on the company’s regulated natural gas distribution facilities and power utilities in Missouri, but an immediate rate hike doesn’t appear to be in the cards for customers, according to a Missouri Public Service Commission staff report.
Pinnacle West: Counterparty Risk with Williams, Dynegy Is Minimal
With investors sweating bullets over the carnage enveloping energy stocks, executives with Phoenix-based electric utility Pinnacle West Capital Corp. last Tuesday assured the financial community that its earnings are improving over the short term and its counterparty risk with two of the sector’s most troubled players, Williams and Dynegy, is minimal.
When Skilling Left, Titanic Enron Was Sinkproof
Last week was undoubtedly the most action-packed since the scandal enveloping Enron Corp. surfaced last fall, opening with the release of a scathing internal report that identified a corporate climate rife with self-dealing and self-enrichment schemes by Enron top officers, and closing with former CEO Jeffrey Skilling’s stunning testimony before Congress that he “unequivocally” believed Enron was on solid financial footing when he left the company in August 2001. He further disavowed knowing the controversial off-the-book partnerships that led to Enron’s collapse were intended to hide debt and inflate earnings.