Keeps

It wasn’t much, but prices could claim a bit more weather support than they had last week in recording upticks Monday ranging from only a penny or two to about 15 cents. Gains were fairly evenly spread across geographic markets.

Warm weather and continued strong demand from gas-fired generators filling in for downed nukes and coal units took most of the blame for cash price increases of 5 to 10 cents at most locations and stronger Northeast and Midwest basis on Tuesday. Sable Offshore Energy Project supply remained constrained due to ongoing repairs on a compressor at the Goldboro Plant in Nova Scotia, which held back about 23% (up to 105 MMcf/d) of Maritimes & Northeast volumes.

Commenting on Unocal Corp.’s recent announcement that it has agreed to acquire the outstanding limited partner interest in Spirit Energy 76 Development LP., Standard & Poor’s Ratings Services said the action would have no immediate effect on the El Segundo, CA-based independent’s current ratings or outlook (BBB+/Stable/A-2).

Commenting on Unocal Corp.’s announcement late last week that it has agreed to acquire the outstanding limited partner interest in Spirit Energy 76 Development LP., Standard & Poor’s Ratings Services said the action would have no immediate effect on the El Segundo, CA-based independent’s current ratings or outlook (BBB+/Stable/A-2).

Amid concerns that Mirant may be likely to file for Chapter 11 bankruptcy protection if it cannot extend its near- and intermediate-term debt maturities, Standard & Poor’s Ratings Services (S&P) last week lowered the Atlanta-based energy supplier’s ratings to “CC” from “CCC.” Mirant has about $9.7 billion in debt, including lease-related debt.

Cash prices caught their second wind Wednesday, with across-the-board gains between a dime and a little more than 20 cents generally representing larger increases than those on Tuesday. Storage buying, making up for nuclear plant outages and a slow rebuild of air conditioning load across the South following a cooler-weather dip earlier in the week were again cited as factors in the run-up.

“One down, two to go” could be Eatontown, NJ-based Metromedia Energy’s (MME) slogan after the natural gas marketer sought and received a temporary injunction from the Virginia State Corporation Commission (VSCC) that prohibits Washington Gas Light Co. (WGL) from returning Metromedia’s 128 commercial and industrial Virginia customers back to utility gas sales service on Feb. 1.

One down, two to go could be Eatontown, NJ-based Metromedia Energy’s (MME) slogan after the natural gas marketer sought and received a temporary injunction from the Virginia State Corporation Commission (VSCC) that prohibits Washington Gas Light Co. (WGL) from returning Metromedia’s 128 commercial and industrial Virginia customers back to utility gas sales service on Feb. 1.

U.S. Bankruptcy Judge Dennis Montali has denied Pacific Gas & Electric Co.’s request for a summary judgment against the alternative reorganization plan proposed by the California Public Utility Commission.