The natural gas storage situation went from overweight to obese in the span of one week as the Energy Information Administration (EIA) reported Thursday morning that a mere 38 Bcf was withdrawn from underground stores for the week ended Feb. 3. As it turns out, that was enough to overcome the bullish forecasts for a severe winter storm in the East this weekend, leaving the March natural gas contract to trade down to a new six-month futures low at $7.300 before settling at $7.479, down 25.6 cents from Wednesday.
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JP Morgan Predicts Dynegy to Prevail in Enron Lawsuit
Dynegy Inc.’s bonds were raised to “overweight” from “neutral” in a revised report by J.P. Morgan Chase & Co. on Monday. The revision followed the “company’s strong performance in the fourth quarter, its focus on debt reduction and our belief that Dynegy has a reasonable probability that it will prevail in the lawsuit with Enron over the aborted merger last year.”
January 29, 2002
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