Plunged

Investment in the U.S. natural gas pipeline infrastructure plunged in 2005 over the year-earlier period, according to a new report released by the Energy Information Administration (EIA). In fact, the agency said fewer gas pipeline miles were built last year than in any year during the past decade.

Investment in the U.S. natural gas pipeline infrastructure plunged in 2005 over the year-earlier period, according to a new report released by the Energy Information Administration (EIA). In fact, the agency said fewer gas pipeline miles were built last year than in any year during the past decade.

On a day the entire petroleum complex plunged lower, June natural gas futures, supported by the psychological $6.000 support level, only managed a 15.7 cent drop on Monday to close at $6.123.

Finding they could defy fundamental weakness for only so long, cash prices plunged across the board Thursday. A brief midweek spurt of extra heating load in the key Midwest and Northeast market areas was rapidly approaching its end, the screen followed up Wednesday’s drop of 20 cents-plus with another one, and the extreme bearishness of the storage situation was a hot topic among traders.

Prices plunged across the board Friday, with nearly all points recording their losses in three digits. Some Gulf Coast and Midcontinent production area points were seeing low-end quotes slip below $6, and Northwest-South of Green River traded as low as $4.95.

As California was plunged into its second consecutive day of daytime darkness on Tuesday, FERC regulators remained as divided as ever on whether to impose price caps on wholesale power sales in the West to prevent continuing blackouts and price hikes this summer.

As winter temperatures in the Northeast plunged to single digits, the Senate last Thursday overwhelmingly passed a major omnibus spending bill that, among other things, calls for a $300 million increase in federal assistance to help low-income heating customers pay their utility bills throughout 2003. At the same time, President Bush released additional emergency funds last week to aid the public during the cold snap.

As winter temperatures in the Northeast plunged to single digits, the Senate overwhelmingly approved Tuesday a $300 million increase in federal assistance to help low-income heating customers pay their utility bills throughout 2003.

Duke Energy’s third-quarter earnings plunged 71% from a year ago, as the company struggled with a drop in energy costs, the collapse of the merchant energy business, problems in California, pull-outs in planned generation projects and severance costs from layoffs. But as if that was not enough, Duke revealed Thursday the Securities and Exchange Commission’s (SEC) inquiry into the company’s round-trip trading practices has been elevated to formal status. This is on top of the investigations already being carried out by the Commodity Futures Trading Commission (CFTC) and a Houston grand jury, which subpoenaed Duke over the summer for information on its bogus trading activities (see Daily GPI, July 15).