Pushed

Despite flatness at a few mostly western points, the overallmarket pushed higher by around a nickel or so Tuesday. Electricgeneration stresses had faded in the Northeast, but early screensupport and rising air conditioning load in the South-and to amilder extent in the Midwest-combined for the cash gains.

Working into the early hours of Thursday morning, the Pennsylvania General Assembly finally pushed through a statewide gas restructuring bill in the last session before breaking for summer vacation. Under the Natural Gas Choice and Competition Act, gas will become a price-deregulated commodity for residential and small commercial customers in Pennsylvania on Nov. 1. Gov. Tom Ridge, who has already voiced his support for the bill, has 10 days to sign it into law.

Working into the early hours of Thursday morning, thePennsylvania General Assembly finally pushed through a statewidegas restructuring bill in the last session before the assemblybroke for summer vacation. Under the Natural Gas Choice andCompetition Act, gas will become a price-deregulated commodity forresidential and small commercial customers on Nov. 1. Governor TomRidge, who has already voiced his support for the bill, has 10 daysto sign it into law.

Inability to find a buyer for its “high-quality” Gulf of Mexicoproperties pushed Miami-based Forcenergy over the edge into Chapter11 bankruptcy last week, Chairman Stig Wennerstrom said in aconference call. At least one other debt-laden producing companycould follow in its footsteps.

Inability to find a buyer for its “high-quality” Gulf of Mexicoproperties pushed Miami-based Forcenergy over the edge into Chapter11 bankruptcy this week, Chairman Stig Wennerstrom said in aconference call.

Extreme cold, with both gas heating customers and electric powercustomers pulling on gas supplies, pushed demand on Pacific Gas& Electric’s gas system from 3 Bcf/d to 4.5 Bcf/d Monday,sending the California ISO into an emergency alert situation andforcing the cut-off of some interruptible power contracts.

Friday was a day of tests at the New York Mercantile Exchange.The market pushed lower on the open to test support at $1.81 onlyto rebound in the hopes of knocking out resistance at $1.875.However, both attempts failed and the September contract was leftto close at $1.833, almost unchanged for the day.