With fresh forecasts and other signs hinting at a potential early start of heating season, gas buyers were spurred to keep pushing their storage injection schedules and to acquire supplies for immediate burns in the northern U.S. and Canada, where chilly start-of-fall temperatures have more furnaces getting turned on as the week progresses. The result Tuesday was further price increases, nearly all of them in double digits. The upticks ranged from a little under a dime to nearly 30 cents; most of those over 20 cents occurred at Rockies/San Juan/Pacific Northwest points.
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Sempra Eyes Gas, LNG Leadership Role, CEO Says
With hints of increasing earnings projections for the full year next month, San Diego-based Sempra Energy’s CEO Steve Baum told a Wall Street audience last Wednesday that Sempra has carved out a major role in both natural gas and liquefied natural gas (LNG) marketing. Separately, on its electric side, Sempra is trying to start discussions for a global settlement with California officials regarding a long-term power supply contract with the state Department of Water Resources (DWR) and related litigation stemming from the state’s 2000-2001 energy crisis.
Sempra Eyes Gas, LNG Leadership Role, CEO Says
With hints of increasing earnings projections for the full year next month, San Diego-based Sempra Energy’s CEO Steve Baum told a Wall Street audience Wednesday that Sempra has carved out a major role in both natural gas and liquefied natural gas (LNG) marketing. Separately, on its electric side, Sempra is trying to start discussions for a global settlement with California officials regarding a long-term power supply contract with the state Department of Water Resources (DWR) and related litigation stemming from the state’s 2000-2001 energy crisis.
TXU Hints of Dividend Hike, Plans to Cut $1.5B in Debt in ’03
Calling the last year a “near death experience,” TXU Chairman Erle Nye promised to keep liquidity high and work aggressively to strengthen the company’s balance sheet. He said the Dallas-based utility’s stabilizing operations and improved earnings outlook may allow it to raise its dividend within the next two years.
TXU Hints of Dividend Hike, Plans to Cut $1.5B in Debt in ’03
Calling the last year a “near death experience,” TXU Chairman Erle Nye promised to keep liquidity high and work aggressively to strengthen the company’s balance sheet. He said the Dallas-based utility’s stabilizing operations and improved earnings outlook may allow it to raise its dividend within the next two years.
Winter Not Dead Yet; Most Points Moderately Firmer
Winter may be over as far as most traders are concerned, but there are still a few lingering hints of it that, along with fresh strength in the energy futures complex, proved sufficient to drive most points moderately higher in Thursday’s overall mixed price picture.
Dynegy Hints of Possible Bankruptcy Amid Allegations of Antifraud, Securities Violations
The Securities and Exchange Commission (SEC) believes Dynegy Inc. has violated antifraud and federal securities laws through its involvement in the so-called “Project Alpha” natural gas deal and its round-trip trading activity with CMS Energy. On top of that, Dynegy said bankruptcy may be in its future if its sale of Northern Natural Gas Co. to MidAmerican does not move forward.
Dynegy Source Hints Renegotiations with Enron Under Way
Although the official word at Dynegy Corp. is that its merger with downtown Houston rival Enron Corp. remains on track, a source close to the negotiations said Dynegy is “talking to all of the parties involved in this transaction,” and suggested that the deal could be revised in the very near future.
Heat-Related Upticks Continue, But at a Slower Pace
Despite some hints of moderating weather in a couple of areas, this week’s heat-based rally in the cash market continued Tuesday with some extra support from a dime-plus futures gain. A slight majority of points registered rises in the teens, but there was a big increase from Monday in the number of upticks between a nickel and a dime, indicating a slowdown of upward momentum.
Bush Hints at Big Changes in Energy Policy
President-elect George W. Bush, a former oil driller, signaledlast week that he plans to move energy issues to center stage whenhe arrives in Washington, focusing on oil and natural gasexploration and production and opening up more federal lands tocarry out these activities.