Pulled down by another in a string of bearish weather outlooks, the natural gas futures market shifted back to the downside Wednesday, rescinding a majority of the gains notched in Tuesday’s session. Caution ahead of Thursday’s release of fresh storage data also contributed to the price decline, with weak longs electing to cash out on Tuesday’s gains ahead of the inventory report.
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Duke COO: Energy Merchant Business Will Re-emerge
Duke Energy pulled out of proprietary energy trading, closed two North American trading offices and has completely made over the business plan of its unregulated business unit. However, Duke is keeping its options open in the energy merchant sector, because even though “the current opportunities are not that great, when they are, we want to be in a position to react,” the COO said last week.
Duke COO: Energy Merchant Business Will Re-emerge
Duke Energy pulled out of proprietary energy trading, closed two North American trading offices and has completely made over the business plan of its unregulated business unit. However, Duke is keeping its options open in the energy merchant sector, because even though “the current opportunities are not that great, when they are, we want to be in a position to react,” the COO said Tuesday.
Marathon Signs MOU for Indonesian LNG for North Baja Terminal
In the North Baja California LNG race, which has lead changes almost weekly, Marathon Oil Corp. pulled ahead Wednesday with a memorandum of understanding (MOU) for newly developed Indonesian liquefied natural gas (LNG) supplies for its proposed receiving terminal along the Pacific Coast of Mexico. This is the first supply deal of several competing LNG proposals for the Baja peninsula.
Marathon Signs MOU for Indonesian LNG for North Baja Terminal
In the North Baja California LNG race, which has lead changes almost weekly, Marathon Oil Corp. pulled ahead Wednesday with a memorandum of understanding (MOU) for newly developed Indonesian liquefied natural gas (LNG) supplies for its proposed receiving terminal along the Pacific Coast of Mexico. This is the first supply deal of several competing LNG proposals for the Baja peninsula.
TXU’s 2Q Results Pulled Lower Due to Discontinued Ops
Stemming in part from the decision to discontinue its telecommunications business, TXU posted second quarter 2003 earnings of $105 million, or $0.31 per diluted share of common stock, compared to $195 million, or $0.73 per diluted share of common stock, recorded for the second quarter of 2002. The company announced its intent to sell its telecommunications business in May and expects the sale to be completed during the first half of 2004.
Williams Pulls Up Stake in Oil Business with WEG Partnership Sale
Williams has pulled up its 40-year stake in the oil business to focus on natural gas production, processing and transportation after agreeing to sell its 54.6% stake in Williams Energy Partners LP (WEG) to a group of private equity firms. Williams will receive $512 million in cash, and the agreement also will remove $570 million of the partnership’s debt from Williams’ balance sheet.
Williams Pulls Up Stake in Oil Business with WEG Partnership Sale
Williams has pulled up its 40-year stake in the oil business to focus on natural gas production, processing and transportation after agreeing to sell its 54.6% stake in Williams Energy Partners LP (WEG) to a group of private equity firms. Williams will receive $512 million in cash, and the agreement also will remove $570 million of the partnership’s debt from Williams’ balance sheet.
Bullish Storage Propels Futures to New 21-Month Highs
Natural gas futures vaulted to new 21-month highs Thursday morning on the news that 136 Bcf was pulled from storage facilities during the week ending Jan. 10. Buying was seen from all market segments and was intensified by the existence of buy-stops that were triggered on the way up. The February contract finished at $5.645, up 21.5 cents for the session and nearly 60 cents above its $5.06 low notched Tuesday. Volume in the gas pit was heavy as an estimated 124,108 contracts changed hands.
Futures Test 21-Month Highs as Frigid Temperatures Arrive in Eastern U.S.
In reaction to the arrival of the much-anticipated blast of cold air in the eastern half of the country, natural gas futures rocketed higher Wednesday as early short-covering by funds and commercials triggered waves of buy-stop-loss orders. By virtue of its $5.50 high trade, February notched a new all-time contract top and traded within 3 cents of the 21-month prompt-month high made by the January contract on Dec. 13. It closed at $5.43, up 32.3 cents for the session.