Friday

CMS Panhandle Eastern plans its Waverly Piping Inspection tobegin Friday and last seven days, reducing capacity by 60 MMcf/d.The project reduces capacity on Panhandle’s 100 line between Havenand Glenarm but will affect only physical receipts between Havenand Glenarm into the 100 lines.

Senate Bill 7, legislation requiring electricity marketcompetition in Texas as of Jan. 1, 2002, passed the state SenateFriday, leaving the Governor’s signature as the missing piece ofthe puzzle before the bill becomes law. Governor George W. Bush hasnot said when he will sign the Sen. David Sibley (R-Waco)-sponsoredbill, but has voiced his support.

Dominion Resources announced Friday it has signed an agreementwith General Electric Co. for an option to purchase 10 naturalgas-fired electric generation turbines for an undisclosed sum.

Following last Friday’s near price-stalemate, bears were quickout of the blocks yesterday, and within the first hour of tradingthe June contract reached it’s lowest level since April 19. Themarket received a slight buying boost before the noon hour, butsellers were at it again yesterday afternoon, carving out a $2.145low in choppy trading activity. The June contract finished at$2.176, down 4.9 cents for the session.

The customer choice program in Washington D.C. has opened toinclude all District residents and more large and small commercialcustomers Washington Gas announced Friday. The Public ServiceCommission of the District of Columbia recently expanded theresidential program, lowered the requirements to qualify for thelarge commercial program, and approved Washington Gas’ smallcommercial program.

Northwest began running a 96-hour test on the Snohomish (WA)Compressor Station’s Unit No. 1 Friday. The test, along with warmerweather and reduced weekend damand, did not allow Northwest toreceive the full 1,097,000 dekatherms of total supply at theSumas/Sipi throughput point. The pipeline capped Sumas/Sipi volumesat 1,000,000 dekatherms Sunday and raised that to 1,050,000dekatherms for Monday’s gas day. No constraint is scheduled todayas the work was expected to end Monday evening.

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.

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.

An attorney for the Natural Gas Supply Association (NGSA)revealed Friday that the civil investigation into the allegedembezzlement activities of the group’s ousted president, NicholasJ. Bush, has spread to Canada.