CF Industries Holdings Inc., an agricultural fertilizer manufacturer and distributor, reported record third quarter earnings on Tuesday and said low natural gas costs were part of a favorable outlook for 2013.
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November futures managed to break the string of four losing sessions in a row on Tuesday in what was characterized as bargain hunting and not indicative of any significant fundamental or technical shift in the market. At the close, November had risen 2.1 cents to $3.638 and December had managed to add 1.6 cents to $3.944. November crude oil made it three losses in a row with a drop of $1.94 to $75.67/bbl.
Tuesday’s smaller price gains than those a day earlier proved indicative of the market direction, as most points saw small losses Wednesday. Forecasts of modest retreats in peak temperatures in the South, and to a lesser extent in the Northeast, tended to squelch some of the extra cooling load from earlier in the week, and Tuesday’s 0.1-cent decline by June futures was neutral regarding cash market guidance.
Indicative of the free-fall of wholesale natural gas prices of late, Xcel Energy Inc. announced Wednesday its retail gas utility rates in Colorado will fall 56% in April compared to that month last year. Charges will come in at about 32 cents/th, compared to 73 cents/th in April 2008, a Denver-based utility spokesperson said.
Houston-based midstream operator Targa Resources Partners LP said Thursday indicative proposals to acquire MarkWest Hydrocarbon Inc. and MarkWest Energy Partners have been set aside without any substantive negotiations having been held. Terms of the offer were not released.
ConocoPhillips second quarter profit jumped 65% over the year-ago period, according to figures announced by the company Wednesday.
Indicative of the wholesale energy market volatility in approaching winter, Minnesota-based Xcel Energy Monday announced it will lower its electric utility rate increase request to the Colorado Public Utilities Commission by $41.5 million in the wake of what it called “recent decreases in natural gas prices nationwide.”
Indicative of the increased pressure for more integrated energy planning in other high-growth western areas, the San Diego-North Baja, Mexico region increasingly has to be considered comprehensively in applying integrated energy planning to what is fast becoming a more economically and demographically linked part of the Southwest, speakers emphasized at a workshop conducted by the California Energy Commission (CEC) earlier in December.
Indicative of its current push to acquire new assets and expand its reach in the Southwest, PNM Resources, the holding company for Public Service Company of New Mexico, on Thursday increased it financing capacity to $1 billion with a so-called “shelf registration” statement to the federal Securities and Exchange Commission. The latest registration was for an added $500 million.
Indicative of its continuing efforts to shed debt, Calpine Corp. last Monday said it agreed to sell all of its Canadian proved natural gas and oil reserves (221 Bcfe) to PrimeWest Energy Trust for C$825 million, or about US$625 million. Calpine said it expects to close the sale early next month, pending “regulatory approval and other conditions of closing.” Later in the week, Calpine announced the sale of Rocky Mountain natural gas reserves for an estimated $223 million.