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The futures screen “fell like a rock” Monday and, of course,cash prices then had to do likewise, said a Gulf Coast producer.Some points were essentially flat, such as Northwest (both domesticand Sumas) and NorAm-east. Others dropped 2-9 cents, with declinesof a nickel most common. Activity was fairly light, especiallysince some traders hadn’t returned yet from the holiday weekend, amarketer noted. But what prices lacked in volume they made up involatility as a number of points saw double-digit ranges. Onesource said his Chicago deals went from $2.64 early on to $2.49 atthe end.

Swelling open interest and large long positions held byspeculators finally caught up with the May Nymex contract onMonday, as the spot month torpedoed 17.8 cents lower to close theday at $2.479. In so doing, the contract easily broke below the uptrendline that was lending major support in the $2.51-53 area. “Ifeel like I’ve been kicked in the face,” one source said.

Sen. Fred Thompson (R-TN) has introduced legislation that wouldrequire pipelines seeking to seize private property for projects topersonally notify affected landowners by certified mail of theirintention at the outset of FERC proceedings, giving them theopportunity to “participate meaningfully” in the process.

Enron Oil & Gas reported first quarter net income of $27.0million, 17 cents/share, compared to $23.1 million, 15 cents/share,for first quarter of 1997. Discretionary cash flow increased to$124.0 million in the first quarter of 1998 compared to $110.1million for the comparable quarter in 1997. Net operating revenuesincreased to $199.8 million in the first quarter of 1998 comparedto $180.7 million a year ago.

The May Nymex contract continued its assault into higherterritory last week, as the spot month made its first ever tripabove the $2.70 mark. In fact, May set its new all-time high of$2.725 Thursday morning before strong profit taking ahead of thelong holiday weekend drove May down to a Friday settle of $2.567,up an overall 10.1 cents for the week.

Despite $15 oil and the whopping $810 million federal CentralGulf of Mexico lease sale three weeks ago, oil and gas prospectorshad enough shekels remaining to make the Texas General Land Officesale April 7 the largest high bids sale in 22 years and the seventhlargest in the history of the 150-plus-year old agency.

AGL Resources, parent of LDC Atlanta Gas Light, said Atlanta GasLight Services will be the name of its non-regulated marketingaffiliate when competition begins in Georgia. Not everyone is happywith the choice.

Natural-gas shippers have again been promised they will gainfrom the proposed merger of TransCanada PipeLines Ltd. and NovaCorp., but not before a spell of increased tolls.

Consolidated Natural Gas Co.’s CNG Energy Index calculatedresidential heating and cooling energy needs averaged 7.7% belownormal for the country over the winter heating season (Nov. 1-March31). There were wide variations across the country, however, withabove normal energy needs in the Southwest and Lower MississippiValley.