Lose

The Canadian Association of Petroleum Producers (CAPP) Friday saw its challenge to a rate increase for Northwest Pipeline, which it claimed would result in an excessive rate of return and unduly high rates, refused by the federal Appeals Court for the District of Columbia (00-1498).

Irving, TX-based Magnum Hunter Resources Inc. estimated last week that it will lose about 4 Bcfe of production in the second half of the year from a combination of property divestitures and storm related shut-ins. The company said total production for the month of August 2002 averaged 228.2 MMcfe/d.

Irving, TX-based Magnum Hunter Resources Inc. estimated Tuesday that it will lose about 4 Bcfe of production in the second half of the year from a combination of property divestitures and storm related shut-ins. The company said total production for the month of August 2002 averaged 228.2 MMcfe/d.

Northeast Utilities (NU), New England’s largest utility system, expects to lose between $20 million and $30 million in the last six months of this year because of marketing losses. On Tuesday, the Berlin, CT-based utility company revised downward its 2002 earnings guidance. NU lost nearly $31 million in the first six months of the year and expects to earn between $1.10 and $1.30 per share for the entire year, well below guidance it issued in July of $1.40-$1.65, not including non-recurring items. Wall Street expected 2002 earnings to average $1.30 a share.

In what would certainly be a blow in at least the short term for UBS Warburg Energy’s push to revive Enron Corp.’s trading arm, some of the former trading powerhouse’s top traders are soon expected to leave. UBS confirmed last week that at least six of Enron’s former key wholesale energy traders, including the leading natural gas trader and the chief of the options desk, have turned down offers to stay, although most who were offered jobs are staying with UBS.

In what would certainly be a blow in at least the short term for UBS Warburg Energy’s push to revive Enron Corp.’s trading arm, some of the former trading powerhouse’s top traders are soon expected to leave. UBS confirmed that at least six of Enron’s former key wholesale energy traders, including the leading natural gas trader and the chief of the options desk, have turned down offers to stay, although most who were offered jobs are staying with UBS.

A Nor’easter dumped snow from D.C. to Boston yesterday, fuelingthe bullish momentum in the gas futures pit. It also forced Nymexto close up shop an hour early and plan for a one-hour delayedopening today.

After watching prices lose 9% of their value Monday, natural gastraders cooled their heels yesterday in a session in which neitherbull nor bear was able make its mark. As a result, the Marchcontract began its tenure as prompt month by inauspiciously sagging3.9 cents to close at $6.097.

True to form, Wednesday in the natural gas pit at Nymex had itsshare of price volatility as traders factored the latest storagedata into the market. After a relatively quiet morning, the Octobercontract exploded higher to $5.38 and then tumbled lower to $5.26between 2:00 and 2:10 p.m. As it turned out, the prices produced inthat small trading window held as the prompt month’s daily range.October finished at $5.318, down 4.5 cents for the session.