Parade

General Motors (GM) has unveiled what it calls the industry’s only fully integrated compressed natural gas (CNG) cargo van as the first in what it hopes will be a parade of options for fleet operators seeking to lower their carbon footprint.

With a parade of storms coming off the coast of Africa at a frenetic pace, one theory is that natural gas futures traders — much like they did the previous Friday — took to covering their short positions ahead of the weekend to limit their risk (see Daily GPI, Sept. 7). However, another leading idea is that futures have hit a seasonal bottom and are ready to explore higher prices.

The energy merchant sector has been rebuilt, stronger than ever — and those leading the parade are more than likely the large oil and natural gas producers that once used middlemen to market their natural gas. Also coming out of the closet as energy merchants under their own names are the bankers that used to finance the marketers.

The energy merchant sector has been rebuilt, stronger than ever — and those leading the parade are more than likely the large oil and natural gas producers that once used middlemen to market their natural gas. Also coming out of the closet as energy merchants under their own names are the bankers that used to finance the marketers.

Industry observers shouldn’t be surprised to see Texaco marchingto a different drummer in the industry’s high-stepping mergerparade, Texaco Chairman Peter I. Bijur said last week. Unlike manyof its peers, Texaco appears to be looking outside the upstreamindustry for a merger partner.

The energy industry is on the cusp of a series of mega-mergersfollowing last week’s announcement of an historic combination ofExxon and Mobil, according to many observers. Driving theconsolidation, they say, is extremely low commodity prices. Thatreasoning was reinforced last week when gas prices plummeted tohistoric lows for December (see related story this issue).