Despite rising profits due to higher oil and natural gas prices, Rapid City, SD-based Black Hills Corp. announced that net earnings for the quarter remained near flat due to an accounting charge. The company posted $14.1 million, or 52 cents per share for the qaurter, compared with earnings of $14 million, or 52 cents per share for the same quarter last year.
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University of Houston Favors Hub to ‘Sanitize’ Gas, Power Trading Data
An independent, not-for profit “central transaction database” that would provide “sanitized” prices for energy trades on a real-time basis would go a long way to restore the credibility of the natural gas and electricity industries, according to the Global Energy Market Institute of the University of Houston’s Bauer College of Business (GEMI-Bauer-UH).
UH Favors Setting Up Hub to Offer ‘Sanitized’ Gas, Power Trading Data
An independent, not-for profit “central transaction database” that would provide “sanitized” prices for energy trades on a real-time basis would go a long way to restore the credibility of the natural gas and electricity industries, according to the Global Energy Market Institute of the University of Houston’s Bauer College of Business (GEMI-Bauer-UH).
BC Gas 2002 Profit Increase Led by Centra Acquisition
Prompted by overall strength in its various segments and the addition of Centra Gas, British Columbia-based BC Gas Inc. posted earnings of C$105.8 million or C$2.45/share for 2002, compared to earnings of C$84.6 million or C$2.21/share for the same period in 2001.
Profit-Taking Demotes Futures Back Below $6.00
Despite chilly weather forecasts and the possibility of another bullish storage report Thursday, natural gas futures shuffled lower Monday as traders alleviated overbought conditions following last week’s run to new two-year highs.
Big Storage Number Puts Bulls in Control, But Profit-Taking Possible
After edging modestly higher in the 30 minutes following release of storage data showing a 208 Bcf withdrawal, the natural gas futures market kicked into overdrive at 11 a.m. Thursday as bulls made another attempt at the $6.00 mark. However, after notching a new all-time high in March futures and a new 23-month prompt contract top, the market slumped at the close, denying bulls their coveted $6.00 print yet again. March finished at $5.828, up 18.4 cents for the session but 8.2 cents off its new $5.91 peak.
After Early Gains, Profit-Taking Snaps Prices Back Within Recent Range
Following on the heels of price strength in the overnight Access trading session, natural gas futures extended to a new, one-week high Monday morning. However, as with the other rallies above the $5.30 mark in the last month, overhead selling entered the market and was enough to crush the advance. The February contract finished at $5.251, up 10.8 for the session, but well below its early morning Access high at $5.36.
Profit-Taking Trumps Weather as Key Market-Mover Friday
After holding in the $5.20s for much of the session Friday, the February natural gas futures contract was flushed lower in the final 30 minutes of trading as short-term traders — fearing revised (warmer) forecasts Monday — liquidated their long holdings. The prompt month finished the week at $5.143, down 16.1 cents for the day and 20.1 cents for the week.
Profit-Taking Ends Bulls’ Romp; More Weakness Possible, But Only Short-Run
Ending a five-day, one-dollar price spike, natural gas futures filtered lower Tuesday as traders alleviated overbought conditions and hedged against the possibility of a smaller-than-expected storage withdrawal report Thursday. Cash prices and crude oil futures, both of which have been supportive lately, turned lower Tuesday, pulling the natural gas futures market along with it.
Follow-Through Buying Lifts Futures as Market Waits for Updated Storage Data
Despite calls for profit-taking, natural gas futures continued higher Wednesday as buyers pressed prices to new 19-month highs. For a second session in a row, the buying was reportedly dominated by fund traders who, after being flat for more than a month began to accumulate long positions. The buying was heaviest in the January and February contracts, which gained 7.3 cents and 8.1 cents to close at $4.709 and $4.675, respectively. March lagged slightly with a 5.5-cent gain to $4.539. Meanwhile the interest in the back months was considerably less, leaving the summer 2003 strip with a paltry 1.3-cent gain to average $4.235.