It was a tale of two cash markets on Friday, as the majority ofprice points east of the Rockies registered gains of 1 to 7 cents,while prices to the West dropped because of the typical weekenddecrease in California power demand exacerbated by a weekendconstraint announced on PG&E’s system. El Paso (non-Bondad) wasone of the pipes to fall the farthest, finishing in the mid $2.20s.
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Oil, Gas Industries are Y2K A-OK
The majority of the oil and gas industry – 94% – report theircomputer systems will be ready by Sept. 30th to deal with anyglitches that may be brought about by the change to a newmillennium, according to the latest survey conducted by the NaturalGas Council and the American Petroleum Institute (API). The entireindustry expects to be Y2K ready by the end of December.
Oil, Gas Expect to Meet Y2K Deadline
The majority of the oil and gas industry – 94% – report theircomputer systems will be ready by Sept. 30 to deal with anyglitches that may be brought on by the change to 2000, according tothe latest survey conducted by the Natural Gas Council and theAmerican Petroleum Institute (API). The entire industry expects tobe Y2K ready by the end of December.
Prices a Bit Softer; Most Points Near or Above Index
The majority of cash points were down a few cents Thursday butstill sticking around in the vicinity of index levels. Despite somenegative influences, the California market even managed to maintainat least a nickel premium to index. Even with a huge swath of rainhaving a cooling effect on the Midwest and Northeast market areas,heat remained the big reason for only a modestly softeraftermarket. A screen drop of almost 9 cents had little impact oncash.
Swing Prices Flat; July Numbers Reported Up a Bit
A holding pattern developed Thursday at the majority of tradingpoints, which were flat to up or down a penny or two for an overallreading of flatness. The market was hardly a model of consistency,though, as price movement ranged from about two cents lower in theRockies to increases of about a nickel or more for the Appalachianpipes and Northeast citygates. High temperatures in the mid 80sThursday in the dry Northeast were a close match for those in therain-drenched South.
Midcontinent/Midwest Softest in Mostly Flat Market
The cash market entered one of its leveling-off phases Thursdaywith flat prices prevailing at a majority of points. A little earlystrength on the futures screen helped buoy physical gas at first,but toward the end of the morning cash numbers were following thescreen lower “step for step,” a Gulf Coast producer said. Onceagain there was essentially nothing to influence trading beside thescreen, she added, dismissing the AGA storage report Wednesdayafternoon as a non-event.
Hammered by Prices, TransTexas Files Ch. 11
TransTexas Gas Corp. of Houston said last week, followingdiscussions with a group representing a majority of its parentcompany’s note holders, it voluntarily filed for Chapter 11bankruptcy. The company said it believes the filing will allow forcompletion of its recapitalization involving TransTexas and parent,TransAmerican Energy Corp. Details of the recapitalization plan areexpected to be filed in bankruptcy court within 30 days.
Hammered by Prices, TransTexas Files Ch. 11
TransTexas Gas Corp. of Houston said following discussions witha group representing a majority of its parent company’s noteholders it voluntarily filed for Chapter 11 bankruptcy. The companysaid it believes the filing will allow for completion of itsrecapitalization involving TransTexas and parent, TransAmericanEnergy Corp. Details of the recapitalization plan are expected tobe filed in bankruptcy court within 30 days.
Delaware Adopts Retail-Choice Legislation
The Delaware General Assembly passed legislation last week thatwill bring retail choice to the majority of the state’s electricitycustomers by October 2000 and to all of its power customers byApril 2001. The bill is expected to be signed into law by Gov.Thomas R. Carper next week.
DE Adopts Retail-Choice Legislation
The Delaware General Assembly passed legislation last week thatwill bring retail choice to the majority of the state’s electricitycustomers by October 2000 and to all of its power customers byApril 2001. The bill is expected to be signed into law by Gov.Thomas R. Carper next week.