First

Sumas had the distinction Tuesday of being the first point tosurpass $3 pricing in the current winter heating season, althoughPG&E citygates had gotten as high as $2.92 in the second weekof November (see Daily GPI, Nov. 11). In super-volatile quotes thatranged from the $2.20 area to as high as $3.40 (one source said heheard a $3.50 deal got done), Sumas soared far above an overallmarket that had turned stagnant since Monday’s strong rebound.

For the first half of December, natural gas futures have been awhirlwind of volatility, where chart gaps and double-digit pricemoves have been almost the norm. So it came as a welcome change forsome when the prompt January contract exhibited a more sedatedemeanor Tuesday, trading within a narrow band and settlingunchanged for the day. Estimated volume was a relatively quiet50,593.

Protestors who are writing to FERC to express theirdissatisfaction with pipeline projects are getting younger and morecolorful.

A return to normal temperatures in the first quarter andthroughout next year is likely to lead to a 2.4% increase in gasdemand in 1999, the Independent Petroleum Association of America(IPAA) said in its November Short-Run Forecast. IPAA sees demandreaching 22.3 Tcf, a peak that surpasses the previous high of 22.1set in 1972 and a significant turnaround from the 1.1% decrease to21.7 Tcf of gas demand expected this year.

After a tempest of trading activity during the first three daysof the week, the futures market settled down Thursday to trademostly sideways amid light volume. Moderate trade-buying below the$2.32 level was the most notable feature of the day. But that wasenough for December to post an up-day-marked by higher highs andhigher lows-to start off its tenure as prompt month. The contractsettled at $2.348, a 2.4 cent gain for the session.

Despite record production Enron Oil & Gas (EOG) reportedthird quarter net income of $5.9 million, down from $31.2 millionin the third quarter of 1997.

California’s Gov. Pete Wilson has signed into law a measure thatfor the first time allows full judicial review of California PublicUtilities Commission decisions. This could mean more courtchallenges to future energy decisions when the law goes into effectJan. 1, 1999.

California’s Gov. Pete Wilson has signed into law a measurethat for the first time, allows full judicial review of CaliforniaPublic Utilities Commission decisions. This could mean more courtchallenges to future energy decisions when the law goes into effectJan. 1, 1999.

Duke Energy Power Services (DEPS) named David L. Rehn presidentand chief executive officer. Rehn first joined Duke Power’s designengineering department in 1975. As an engineering project managerin the mid-1980s, he was instrumental in the development of the BadCreek Hydroelectric Station. He replaces Paula Rosput, who departedto become president and COO of Atlanta Gas Light Co.