Exchange

The stage was set for expiration day pyrotechnics Monday at theNew York Mercantile Exchange. Bulls were confident they could addto the string of five higher highs and higher lows notched on thedaily charts last week. On the other hand, bears believed theconfluence of mild temperatures and follow-through on the heels ofFridays price erosion would set the tone early yesterday. They wereboth wrong. Except for a late and almost inconsequential bliphigher, the July contract was a model of stability yesterday, wherebuying and selling matched up nearly perfectly. July closed out itstenure as spot month up a meager 0.4 cents to settle at $2.262. TheAugust contract finished up 3.2 at $2.324.

It was a tale of two markets Friday at the New York MercantileExchange. Softer cash market prices helped push futures priceslower early in the trading session. Those losses, however, werequickly erased in the afternoon as traders weighed the impact offorecasts calling for warming temperatures this week. The Julycontract finished at $2.437, 4 cents higher for the day and 7.9cents for the week.

“Close, but no cigar,” was one trader’s apt description of theprice action yesterday in the natural gas pit at the New YorkMercantile Exchange. A session that saw the prompt month unable tobreak stubborn resistance near $2.40. After an early dip, the Julycontract spent much of the session near its $2.39 high beforeplummeting lower at the close. July finished at $2.343, down 1.5cents.

Texaco stock closed up a healthy 5 1/16 Friday amid rumors thecompany is a takeover target in the sights of Chevron. Texacoclosed at 67 ¬ on the New York Stock Exchange on volume more thantwice the average. The stock’s 52-week range is 44 9/16 to 65 7/8.Chevron shares closed down 2 15/16 at 94 7/8. The stock’s 52-weekrange is 73 to 104 15/16. A Texaco spokesman could not be reachedat press time, and Chevron declined to comment on the rumor.

Texaco stock closed up a healthy 5 1/16 Friday amid rumors thecompany is a takeover target in the sights of Chevron. Texacoclosed at 67 ¬ on the New York Stock Exchange on volume more thantwice the average. The stock’s 52-week range is 44 9/16 to 65 7/8.Chevron shares closed down 2 15/16 at 94 7/8. The stock’s 52-weekrange is 73 to 104 15/16. A Texaco spokesman could not be reachedat press time, and Chevron declined to comment on the takeoverrumor.

An April 2 filing with the Securities and Exchange Commission suggests the rumored sale of Enron’s controlling interest in Enron Oil &Gas (EOG) could be in the offing. In the filing, Enron confirmed it is pondering a potential sale of its exploration and production arm among other possibilities.

An April 2 filing with the Securities and Exchange Commissionsuggests the rumored sale of Enron’s controlling interest in EnronOil & Gas (EOG) could be in the offing. In the filing, Enronsaid it is pondering EOG’s potential sale among other possibilitiesfor the exploration and production arm of the energy giant.

California’s experimental nonprofit electric transmission gridand wholesale spot power market operations – the Independent SystemOperator (ISO) and Power Exchange (PX), respectively – are clearlyworking toward becoming larger, multi-state regional operations,according to officials who marked the one-year anniversaries ofboth organizations March 31. A proposed new California law (SB 96)would make it easier for the state to enter compacts with otherwestern states to begin to form the regional power operations.

It was business as usual last week at the New York MercantileExchange as the market continued its tug of war, pitting storagebears against bottom-seeking bulls. And just as the case has beensince the middle of 1998 when the downtrend began, it was the bearswho were dominant, pulling optimistic buyers dangerously close tothe mud in the middle. But just when even the most time-weatheredbulls were ready let go of the rope, the market managed to fumblehigher in lethargic Friday afternoon trading. The April contractfinished up 1.2 cents for the day at $1.699.