Failed

Trans-Elect on Thursday filed suit in the Federal District Court of Northern Illinois (Chicago) against Illinois Power on the grounds that the utility violated the terms of a contract to sell its transmission system to Trans-Elect. The move comes after Dynegy Inc. last month disclosed that it is in talks to sell its Illinois Power unit to Exelon Corp.(see NGI, Sept. 29).

Similar to the price action in Friday’s abbreviated trading session, natural gas futures failed to hold onto morning advances Monday and ultimately closed in the lower half of the contract’s daily trading range. The only real difference between the two sessions was the net change for the day, with Monday’s modest, 3.5-cent advance and $4.883 settle contrasting Friday’s 4.3-cent decline. Volume was weak again Monday with an estimated 40,049 contracts changing hands.

The 30% increase in U.S. drilling activity since last year has failed to stop the steady decline of natural gas production, which should continue to fall “well into 2004,” Raymond James analysts said in their latest “Stat of the Week.”

After a mid-morning rally failed to attract much additional buying, natural gas futures ground lower Tuesday as traders managed to look past the hurricane bearing down on the Texas coast to focus on an improving supply situation. August futures closed at $5.02, down 8.2 cents for the session and 18 cents off its morning top. At 78,773, estimated volume was healthier than it has been lately, adding credence to the move lower.

After a quick check to the downside failed to attract much profit-taking, natural gas futures continued higher Tuesday amid waves of local short covering and speculative trader new long accumulation. With that the June contract rebounded easily back above the $6.00 level, advancing 32.5 cents to close at $6.308.

Upbeat comments by Mirant Corp. CEO Marce Fuller failed to sway Wall Street last week after the company announced it is working to restructure more than $5 billion in debt — warning that there are substantial risks if it fails to successfully complete its negotiations.

Two Duke Energy pipelines failed to win rehearing of FERC rulings that ordered the pipes to make their right-of-first-refusal (ROFR) tariff provisions more friendly to shippers.

Two Duke Energy pipelines failed to win rehearing of FERC rulings that ordered the pipes to make their right-of-first-refusal (ROFR) tariff provisions more friendly to shippers.

Upbeat comments by Mirant Corp. CEO Marce Fuller failed to sway Wall Street Wednesday after the company announced it is working to restructure more than $5 billion in debt — warning that there are substantial risks if it fails to successfully complete its negotiations.