Previous

Given a solid launch by the previous day’s futures spike and ice storms along the northern half of the East Coast, prices recorded double-digit gains at nearly all points Wednesday. With the exception of a few flat to moderately lower Northeast citygates, increases tended to range from about a dime to 30 cents, with most of them in the 20s.

Turning around its quarterly earnings to post a gain, Chicago-based Peoples Energy on Friday posted net income for the fourth quarter ended Sept. 30 of $1.7 million, or $0.05 per diluted share, compared with a loss of $13 million, or ($0.37) per share. Peoples beat a Thomson First Call consensus estimate of 2 cents a share for the period.

Once again a previous-afternoon screen uprising worked its magic on next-day cash prices. Friday quotes for weekend flow mostly ranged from approximately flat to nearly a quarter higher. A majority of the gains were relatively modest at around a dime or less.

Although its previous high-flying trading and international operations were down, San Diego-based Sempra Energy rode its California utility, energy services and power sales operations to increased profits in the second quarter, reporting on Tuesday net income of $147 million, or 71 cents/diluted share, compared with $137 million, or 66 cents/diluted share for the second quarter of last year.

Although its previous high-flying trading and international operations were down, San Diego-based Sempra Energy rode its California utility, energy services and power sales operations to increased profits in the second quarter, reporting on Tuesday net income of $147 million, or 71 cents/diluted share, compared with $137 million, or 66 cents/diluted share for the second quarter of last year.

Last week’s market closed out Friday with a reversal of the previous day’s mild rally in fairly quiet activity. A large majority of the weekend price declines were on either side of a dime, but a few ranged up to about 15 cents. Florida citygates recorded a modest gain of about a nickel.

After some dalliance with flat pricing over the previous couple of days, the cash market Friday finally assumed the total softening mode that many had believed was its rightful status all along. Few points failed to fall less than a dime, but drops of more than 20 cents were largely confined to the San Juan/Rockies and border-SoCalGas markets.

Devon Energy Corp. issued an updated version of its hedging transactions, including previous hedged positions and its most recent transactions, going through the rest of 2001 and into 2002.

Florida Gas Transmission ended an Overage Alert Day notice Saturday after it had been in effect since the previous Sunday (Aug. 26), but said yesterday a new OFO could become necessary as early as today.