It is often said that markets will fall twice as fast as theyrise and that was never more true than yesterday in the natural gaspit at Nymex. After climbing steadily over the past week to the$4.555 level Wednesday, the market was flushed lower yesterday amida torrent of profit-taking that in turn, triggered a wave ofsell-stop loss orders. Bargain hunting was seen late to stem theprice erosion, but the damage was already done.
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ExxonMobil Enters BP Amoco-ARCO Fray
The best laid plans of energy titans can often go astray,particularly where mergers are concerned. ExxonMobil tossed awrench into the BP Amoco-ARCO merger works by suing for apreliminary injunction against the merger partners and PhillipsPetroleum. Phillips has agreed to buy ARCO’s Alaskan holdings forabout $7 billion in a deal intended to win Federal Trade Commissionapproval of the merger (see NGI March 20).
ExxonMobil Enters BP Amoco-ARCO Fray
The best laid plans of energy titans can often go astray,particularly where mergers are concerned. ExxonMobil tossed a wrenchinto the BP Amoco-ARCO merger works by suing for a preliminaryinjunction against the merger partners and PhillipsPetroleum. Phillips has agreed to buy ARCO’s Alaskan holdings forabout $7 billion in a deal intended to win Federal Trade Commissionapproval of the merger (see Daily GPI, March17).
Surprise! Producers Defend Pipelines
Although often on different sides of the fence at FERC and onCapitol Hill, major producers have rallied to defend interstate gaspipelines against allegations that painted them and other pipes asticking “time bombs.”
Old Man Winter Giveth, and Taketh Away
It is often said markets can fall twice as fast as they rise,and that has never been more evident than it was in the natural gasfutures market over the past two weeks. After all, what took bullsfive and a half days to produce, took the bears just two and a halfto knock down. With a 7.8-cent decline to settle at $2.444, theJanuary contract was 26 cents below Monday’s highs and 0.2 centsbelow its Dec. 10 settle.
Bearish Fundamentals Remain King Following Early Rally
Technical factors can, and often do, send prices hurling in adirection contradictory to what underlying supply and demanddictate. While this confounds dyed-in-the-wool fundamentalists anddelights technicians, it can also backfire. Yesterday was one ofthose days.
Kansas Regulators Vote Against Statewide Customer Choice
Following the Tortoise and the Hare maxim that slow and steadyoften wins the race, the Kansas Corporation Commission (KCC) hasdecided to approach retail competition at a turtle’s pace. The KCClast week tossed out the idea of installing statewide customerchoice and instead chose to leave open the possibility that MidwestEnergy, one of the state’s many LDCs, can, if it chooses, file anapplication for a small retail pilot program.
KCC Votes Against Customer Choice
Following the Tortoise and the Hare maxim that slow and steadyoften wins the race, the Kansas Corporation Commission (KCC) hasdecided to approach retail competition at a turtle’s pace. The KCClast week tossed out the idea of installing statewide customerchoice and instead chose to leave open the possibility that MidwestEnergy, one of the state’s many LDCs, can, if it so chooses, filean application for a small retail pilot program.
Dynegy Shifts Capacity Holdings on El Paso
Adding to the lengthy and often heated controversy surrounding its contractual relationship with El Paso Natural Gas, Dynegy has signed a fourth contract with El Paso covering 196 MMcf/d of alternate firm backhaul capacity on the southwestern pipeline.
Dynegy Grabs Another Chunk of El Paso Capacity
Adding to the lengthy and often heated controversy surroundingits contractual relationship with El Paso Natural Gas, Dynegy hassigned up for another 196 MMcf/d of El Paso pipeline capacity,bringing under its control a total of 1.5 Bcf/d of space on thesouthwestern pipeline.