Jinx

It must have been the Enron jinx that caused Anadarko Petroleum to miss a $1.7 billion ($1.08 billion, or $4.33/share, after tax) ceiling test write-down charge in the third quarter of 2001. The company revealed the error late Tuesday that results in a larger loss for the quarter and a net loss for the full year.

For the second Friday in a row the cash market largely managedto beat the usual lower-demand weekend jinx on spot prices. Exceptfor a wee bit of softness in the relatively mild-weather markets ofCalifornia, the Pacific Northwest and intra-Alberta, quotes wereflat to 3-4 cents up elsewhere and ranging a little higher thanthat at New England citygates (Algonquin and Tennessee Zone 6).

For the second Friday in a row, most points avoided the pricejinx associated with lower weekend demand. Flat to slightly higherwas the general rule, although a few points rose by as much as 8cents. Most of the weaker spots were concentrated in Northeastcitygates and the Rockies, with Iroquois Zone 2 deliveries fallingby almost 15 cents. Prices were down overall, but experiencing alate bounce due to screen strength, a Northeast trader said.