Outside of Rockies numbers plummeting by 40 cents or more, and a smaller San Juan-Blanco loss of a little more than 20 cents, the cash market held up more strongly Friday than some traders had expected. Non-Rockies/San Juan quotes ranged from flat to up nearly a dime, with gains of less than a nickel most common.
Outside
Articles from Outside
Delayed Projects to Have ‘Significant Impact’ on North American Infrastructure
Outside factors, led by the scrutiny of the credit ratings agencies, could become the biggest deterrent to building new infrastructure, according to energy executives speaking at the GasMart/Power 2002 conference in Reno last Wednesday. Bill Hobbs, CEO of Williams Energy Marketing & Trading, said that while the “Enron hype is gone,” the $15 billion worth of capital cuts made by companies in the past few months “will have a significant impact” in the next five years.
Senate Energy Derivatives Measure Faces Stiff Opposition
Pressure from within and outside the Senate grew last week to either defeat or bury a controversial amendment to the omnibus energy bill (S. 517) that seeks to regulate the trading of over-the-counter (OTC) energy and metals derivative transactions.
Wood: Ex-FERC Regulators Recommended Him for TX PUC, Not Lay
It was two former FERC commissioners who recommended to then-Texas Gov. George W. Bush that he appoint a relative unknown at the time, Patrick Wood III, as a state regulator, Wood disclosed Thursday, dispelling reports that long-time Enron Chairman Kenneth Lay pulled political strings to get him the job.
Andersen Internal Review Pending; Enron CEO Warns of Lawsuits
Enron Corp.’s former outside accountant Arthur Andersen and the accounting firm’s law firm are apparently close to completing an internal review into when and how its employees destroyed documents relating to the bankrupt company’s business practices. Details of the report by Davis Polk & Wardwell could be released this week, but Andersen also indicated that its investigation is ongoing.
Weather-Induced Rally Loses Steam as Traders Turn to Storage
Bullied by winter weather — both outside their windows and in the latest forecasts — futures traders were quick to react Wednesday morning as they propelled natural gas prices above the $3.00 mark for the first time since November. In dramatic fashion, the January contract not only gapped higher on the open, but also gapped above psychological support at $3.00. However, after posting its $3.02 opening trade, the market fell lower throughout the session as traders looked apprehensively to today’s release of fresh storage data. The prompt month settled with a slim, 1.6-cent advance at $2.911, more than a dime off its high for the session.
Oil, Gas Execs Form Security Clearinghouse
Amid a heightened state of alert, executives from 11 major oil and natural gas corporations met last Thursday outside of Washington, DC, to form an information sharing and analysis center (ISAC) to address industry- and company-specific security risks and threats.
DOT Announces State Grants to Stop Outside Damage to Pipes
Transportation Secretary Norman Mineta has announced that $3.6 million in grants will be awarded for 24 projects in 14 states to assist in the prevention of third-party damage to pipelines and other underground facilities.
Unable to Press Lower, Futures Eke Out Modest Gains
Bullied by hot weather — both outside their windows, as well as in the latest forecasts — natural gas futures traders pressured prices off recent lows Monday and deposited the prompt month back above the psychologically important $3.00 level. At the closing bell, September had received the biggest boost of any contract, gaining 5.6 cents to close at $3.027.
Rockies Prices Close in on $2; Southern California Drops $2
Cash prices at most points outside California and the Rockies dropped a dime or so yesterday in response to light demand, mild temperatures and high storage levels during a relatively quiet trading session. But western points continued to lose ground in chunks, with SoCal-Topock falling into the mid-$5.00s, and Rockies prices fast approaching $2.