A dismissed Dynegy Corp. trader was indicted last week on charges that she reported fake natural gas trades on three separate occasions in late 2000 and early 2001 to an energy publication for use in calculating its index price for gas. She was the second trader to be indicted by a federal grand jury in Houston for bogus trades.
Prices
Articles from Prices
Volatility Reigns as Traders Search Fundamentals, Technicals for Guidance
After opening lower in sympathy with lower cash market prices, natural gas futures rebounded Wednesday in reaction to wide price swings in the nearby crude oil pit. Although they finished well beneath their highs for the session, both natural gas and crude oil futures managed gains on the day. January natural gas finished at $5.278, up 3.8 cents for the session and January crude closed at $30.44, up 34 cents.
S&P’s Sees Duke’s Outlook Down
Economic factors, plus low power prices, an ice storm, a rate refund and pension fund problems have led Standard & Poor’s (S&P) to revise the outlook for Duke Energy from stable to negative.
Ontario Government Unveils Bill Implementing Price Cap Plan
Ontario Premier Ernie Eves’ controversial plan to cap electricity prices paid by residential and small business consumers at C4.3 cents through 2006 moved one step closer to becoming a reality last week after the province’s energy minister introduced a bill implementing the proposal.
Futures Flat Ahead of Fresh Supply, Demand Data
In what was likely the calm before the storm, natural gas prices slid quietly to either side of unchanged Wednesday as traders elected to wait for fresh storage and weather news due out on Thursday. At the closing bell the December contract was 0.7 cents lower at $4.254. Estimated volume was proof of the quiet trading, with only 74,943 contracts changing hands.
Grand Jury Seeks Documents on El Paso Pipe Blast; S&P Issues Credit Downgrade
El Paso share prices were volatile last week fluctuating between the high $6s and $10/share, in response to a Standard and Poor’s downgrade and a New Mexico grand jury subpoena for documents in connection with a pipeline explosion on the El Paso Natural Gas South Mainline system that killed 12 members of two extended families in August 2000.
Consol Locks in Prices for Bulk of Gas Production for 2003-05
Not one to pass up a good price, Consol Energy said it has sold 83-86% of its expected 2003 natural gas production, or about 44.8 Bcf out of an expected 52-54 Bcf of gas, at an average fixed price of $3.99/MMBtu. The company also noted it sold 7.4 Bcf of gas to be produced in 2004 at a price of $4.16/MMBtu, and 7.4 Bcf of gas to be produced in 2005 at $3.97/MMBtu.
Dominion Reports Strong 3Q Earnings; Makes Stock Offering
Richmond, VA-based Dominion announced strong third quarter earnings bolstered by higher returns in its pipeline and E&P units, and saying it was on track to continue the trend into the fourth quarter and come close to its stated earnings guidance of $4.90 to $4.95.
Kimball Online Auction Garners $175 Million in Gas Contracts
One-year natural gas contracts, representing $175 million at current market prices, were awarded in Kimball Resources’ largest ever online auction for end users, which was completed late last month. Houston-based Kimball said the auction awarded 26 contracts to 10 different energy companies. End users to be served include DaimlerChrysler Corp., General Electric Aircraft Engines, Detroit Diesel and Ford Motor Co.
FERC Requests Information on NGI Pricing Methodology
As part of FERC’s investigation into energy prices and potential manipulation in the western gas and power markets, it has requested some general information on the methodology Natural Gas Intelligence uses in collecting, calculating and publishing natural gas price information (see Intelligence Press, Inc.’s web site: http://intelligencepress.com/methodology.html). The Commission has requested this information by June 4 under Docket No. PA02-2-000.