Opposing

In a letter to Commodity Futures Trading Commission (CFTC) Chairman James Newsome on Monday, Sens. Dianne Feinstein (D-CA) and Maria Cantwell (D-WA) berated the CFTC for continuing its fight against legislation that would allow more regulatory oversight of the over-the-counter (OTC) energy market.

The name of the game for the next three weeks at El Paso Corp. will be “proxy,” as opposing sides argue their case to shareholders on whether to keep the current board of directors by voting their white proxy statement or throw out the incumbents by voting their blue proxy statement in time for the annual meeting June 17 in Houston.

As an example of just how far the Enron effect is carrying, one of the three Republicans opposing incumbent California Gov. Gray Davis in this year’s elections drew criticism Tuesday because a small Houston-based energy firm in which he invested has ties to one of Enron’s off-balance-sheet partnerships.

Alaska Gov. Tony Knowles is expected to sign legislation this week that would block the construction of a long-line natural gas pipeline from the North Slope region across the Beaufort Sea to Canada’s MacKenzie Delta, a move that assuredly will not sit well with producers. The governor’s office signaled Knowles’ intent last week after the legislation, SB 164, overwhelming passed both the Senate and the House.

Alaska Gov. Tony Knowles is expected to sign legislation this week that would block the construction of a long-line natural gas pipeline from the North Slope region across the Beaufort Sea to Canada’s MacKenzie Delta, a move that assuredly will not sit well with producers. The governor’s office signaled Knowles’ intent last week after the legislation, SB 164, overwhelming passed both the Senate and the House.

Trading at Nymex yesterday continued in the choppy, range-boundmanor that has plagued the market for most of November. Againtraders lamented the lack of a clear direction or price trend inthe futures pit. The December contract was held to a tight, 6-centtrading range and settled at $2.394 after never fully recoveringfrom a lower opening.