Natural gas prices are going to jump; the only question is — how high? Calling the rising natural gas demand “phenomenal” both now and into the foreseeable future, Simmons and & Co. International vice president David Pursell said prices are trending upward, and predicted that natural gas is poised to gain a “good proportion” of the demand group.
Jump
Articles from Jump
Senate Markup of Electric Bill Scheduled
Comprehensive legislation to restructure the electricityindustry appears to have gotten a jump-start in the Senate.
Equitable Turns Into Prime Purchase Target after Banner 1Q
Equitable Resources said its aggressive M&A strategy isbeginning to pay off, as the company revealed a 40% jump in firstquarter 2000 earnings to $39.1 million compared to the same periodlast year. The earnings were higher than Wall Street estimates andmay trigger purchase offers for the company, according to someanalysts.
Futures Jump Over Resistance, Hold at $3.08
After rallying to new highs earlier last week, futures cameunder some selling pressure on Friday and prices slipped 0.9 cents,ending the week at $3.079. The high for the day was $3.100, a halfa cent less than the day prior and the low was $3.050 a half a centhigher than Thursday’s low. Despite the somewhat negative news, theMay contract failed to provide observers with a significant signalto start the new week.
Futures Jump a Dime Amid Mixed Fundamentals
Fueled by a supportive storage report, natural gas futures addedto gains achieved in Wednesday evening’s Access trading session ina sharp opening bell rally yesterday. Taking out resistance atprior highs of $2.62 and $2.66, the March contract advanced 10.3cents to finish at $2.667
Futures Price Jump Breaks Downtrend
The gas futures market toppled its Berlin Wall last week, atechnical downtrend that has confined trading since December 1996.A number of fundamental factors, including tightening supply andpeaking cooling demand, and some very significant technicalindicators conspired to boost the near month contract up 34.1 centsto $2.528/MMBtu and the 12 month strip up 19 cents to $2.60 fromthe previous Friday.
Columbia Plans Share Repurchase; Earnings Rise
Columbia Energy Group beat analysts expectations with a 15% jump($3.3 million or five cents per share) in net income during thesecond quarter to $26.1 million, or 32 cents per share. It alsoupped the ante yesterday in its effort to fend off NiSource’s $5.7billion hostile takeover offer by adding $400 million to its stockrepurchase program, which now totals $420 million.
Coastal Bucks Trend Again with Higher Earnings
The Coastal Corp benefited from its mix of producer and pipelineoperations, announcing a 17% jump from 3Q 1997 on a per-sharebasis. Coastal earned $89.5 million, or 41 cents/share, compared to$80.4 million, or 35 cents/share in 3Q 1997. Along with earnings,the company reiterated its commitment to the North American gassector, calling it the best energy investment opportunity anywhere.
NYPSC Aims to Spark Competition; Orders LDCs to Quit Gas Sales in 3 to 5 Years
Retail gas competition in the state of New York clearly needs ajump start, and the New York Public Service Commission (PSC) gaveit one last week. The PSC announced it will force the state’s localdistribution companies to cease selling gas within three to sevenyears.
NYPSC Orders LDCs to Exit Merchant Function
Retail gas competition in the state of New York clearly needs ajump start, and the New York Public Service Commission (PSC) gaveit one yesterday. The PSC announced it will force the state’s localdistribution companies to cease selling gas within three to sevenyears.