In what one observer described as one of the first “blunders”among energy mergers, Sempra Energy and KN Energy said yesterdaythey have mutually agreed to call off their $6 billion marriage,which was first announced in February. The two companies said thatas they were studying the integration process they discovered thecombined company “would not be able to realize the businessobjectives they originally anticipated.”
Observer
Articles from Observer
Commercials Fight to Draw on Next to Last Day
A casual observer of yesterday’s market would look at the tighttrading range, low volatility and unchanged settlement and concludeit was a quiet trading day at the New York Mercantile Exchangewhere neither bull nor bear prevailed. But beneath February’s4-cent trading range and $1.714 settlement price, a battle waswaged as commercial traders in opposing camps, unencumbered bylocals who have largely moved on to March dealings, trieddesperately to influence a move in their direction. And so, as asource from a mid-sized gas marketer lamented, “the big boys wereat it again.”
January 27, 1999
Choppy Trading Leaves July Nearly Unchanged
A casual observer to Friday’s futures market would note themodest 0.7 cent gain registered by the prompt month and conclude itwas a quiet day of position squaring ahead of the weekend. However,trading in the pit was anything but serene as the prompt contractopened below $2.00, tested support from the continuation chart at$1.97, then moved higher looking to fill in a chart gap in the$2.05-09 range. And all that happened before the lunch hour in NewYork. Afternoon trading brought some selling pressure into themarket and July drifted back downward, before settling nearlyunchanged at $2.027 for the day. Estimated volume weighed in at ahefty 57,301 with trading within a 10-cent trading range.
June 8, 1998
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