However

Embattled El Paso Corp. reported Friday that it closed out the third quarter in the red, and will begin winding down its ailing energy trading business in an effort to resuscitate the company.

CMS Energy could completely exit the wholesale natural gas and power marketplace; however, the company already has terminated speculative trading, CEO Ken Whipple said Monday. And, to prevent questionable business practices going forward, CMS will require all employees to complete an ethics program.

Despite reporting record high second quarter oil and gas production and revenues, Oklahoma City-based Devon Energy Corp. said that lower oil and natural gas prices caused net earnings to fall below year-ago levels. In addition, “sharply lower” gas prices in Canada also resulted in a non-cash full cost ceiling adjustment of $371 million, net of an income tax benefit.

Dominion has rescinded an OFO prompted by full storage pools and overdeliveries into its system (see Daily GPI, Dec. 7). However, a Nov. 8 “Equalization Advisory,” in which shippers were asked to be sure that receipt and delivery volumes conformed with each other, remains in effect, Dominion said.

Pacific Gas & Electric lifted a high-linepack OFO Saturday. However, Southern California Gas extended a similar Overnominations Day notice that had begun Thursday into at least its third day Saturday.

Despite severe erosion of Nymex futures prices for natural gas, crude oil, heating oil and Appalachian coal Monday morning, cash gas numbers refused to “follow the screen.” Cash quotes ranged from flat to a few cents higher or lower in most market areas. Rockies points were recovering from Friday’s plunge that had a few priced below a dollar for a while. Deals for CIG, Cheyenne Hub and Questar gas could still be found in the $0.90s Monday, but generally they were in the $1.00s, according to a couple of marketers.

Pacific Gas & Electric did not extend a systemwidelow-inventory OFO beyond Thursday. However, Northern Natural Gaskept a System Overrun Limitation for all market area zones in placeat least through Thursday.

Sonat said it will try to complete valve maintenance set for todaywithout affecting production. However, if that can’t be done,production may be shut in for up to six hours at the MississippiCanyon 194, Mississippi Canyon 109, Mississippi Canyon 20 and RomerePass points. Reliant said Thursday it had lifted an operational alertlimiting capacity in the West of Amber segment in Oklahoma (see DailyGPI, March 29).

Florida Gas Transmission lifted Thursday an Overage Alert Daynotice (see Daily GPI, March30). However, a weekend pipe replacement project between Stations12 and 13 in north-central Florida will limit market area deliveriesto 1.15-1.25 Bcf/d, down from the normal 1.4 Bcf/d. Thus the pipelineis reinstating the OAD notice for today through Sunday. The tolerancefor negative daily imbalances will be 6% today and tighten to 4%Saturday and Sunday.