Despite an overwhelming preponderance of bearish fundamental information available Friday, natural gas futures traders played it safe, electing to gently cover shorts on the off chance that weather forecasts would offer a bullish surprise when trading resumed Sunday evening and Monday morning.
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Enron-Entangled Banks, Lawyers Fail to Distance Themselves from Lawsuit
‘Not so fast’ was the overwhelming message given Friday as the federal judge handling the Enron Corp. securities lawsuit ruled against several major financial institutions, law firms and Arthur Andersen, denying most defendants’ motions to be dismissed from the case. With the move, Enron shareholders will be able to begin the process of depositions and evidence discovery in the case, according to the University of California, which is lead plaintiff in the shareholders’ class action suit against the one-time energy giant.
Altra Shuts Down Electronic Natural Gas Trading
Altra has finally thrown in the towel in the electronic natural gas trading arena. Overwhelming competition over the past few years from a number of different systems, some of which also have been forced out of the business, pressured Altra to announce it will shut down the Altrade system on March 31. All natural gas trades and transactions in the system will continue as scheduled until that date, the company told customers in a letter last week.
Mexico’s Energy Sector Faces Large Hurdles
Almost overwhelming obstacles are blocking competition and change in Mexico’s natural gas and electricity sectors and are going to take time and private investment to overcome, according to one of the country’s energy commissioners.
Mexico’s Energy Sector Facing ‘Quadrilemma’
A “quadrilemma” within Mexico’s natural gas and electricity sectors is causing almost overwhelming obstacles in its natural gas and electricity sectors, which are going to take time and private investment to overcome, according to one of the country’s energy commissioners.
Industry Briefs
Shareholders for both El Paso Energy and Sonat Inc. announcedoverwhelming approval of the two companies’ proposed mergerThursday. For Sonat, representatives for 86% of the company’soutstanding shares voted in a special shareholders’ meeting, andthe merger was approved by 98%. El Paso Energy’s stockholders alsoapproved the merger at a meeting held Thursday. Out of 93 millionEl Paso shares that voted, 95% voted in favor of the merger. Underthe terms of the $6 billion agreement, which was announced in March(see Daily GPI, March 16), Sonat stockholders will receive oneshare of El Paso Energy common stock for each share of Sonat commonstock exchanged in the merger. El Paso will issue 110 millioncommon shares to complete the transaction after the deal closes.Sonat said it expects the regulatory reviews of the proposed mergerto be completed during the third or fourth quarter of this year.
BP Shareholders Approve Merger with Amoco
BP shareholders gave their overwhelming support to the company’smerger with Amoco last week. About 700 shareholders voted toapprove the merger at a general meeting at the Royal Festival Hallin London. Shareholders representing another 3.2 billion sharesvoted by proxy with 92% approving the merger. Chairman PeterSutherland called the vote a “massive endorsement” of the deal. Theall-stock transaction will result in a 60-40 equity split with BPshareholders having the majority.
Elections Endorse Electric Restructuring
Electric power and business interests throughout California arehailing the overwhelming voter rejection of Prop 9 (72%-28%), theelectric reform initiative that would have crippled California’scomplex pioneering effort at creating a competitive electricitymarket. Similar reactions were echoed on the East Coast whereQuestion 4 in Massachusetts was passed by voters, sustaining itsongoing electricity competition.