Registered

Cash prices registered gains Wednesday that were between 15 and 25 cents at nearly all points. Colder weather moving into the Midwest was the primary eastern driver, a Midcontinent marketer said. However, another trader said heat in California was more responsible for the western upticks.

Prices registered across-the-board upticks that generally ranged from about a nickel to 15 cents Wednesday as cash traders had quite a lot on their plates to digest: the sudden resignation late Tuesday of Jeffrey Skilling as Enron’s president and CEO; the subsequent pounding Wednesday taken by stock prices for Enron and other large energy companies; the formation of Tropical Depression Four in the Atlantic; and the moderate futures strength generated during the morning by news of the tropical activity.

Most of the East was flat to slightly higher Tuesday, although afew points registered gains of more than a nickel. But westernprices softened by as much as a dime despite a continuation ofpower shortages in California.

After the screen had registered a plunge of 42 cents-plus theday before, it failed to surprise cash traders when their numbersalso fell big-time Tuesday. However, prices were trending higher astrading proceeded, largely due to futures that opened lower butrecovered to finish the day nearly a nickel higher.

Producers and utilities last week registered strong protests toTrunkline Gas Co.’s proposal to spin down 720 miles of its 26-inchdiameter natural gas mainline to an affiliate, saying that whilethis action may be in the pipeline’s best interest it’s not “in thepublic interest.”

Major producers and utilities registered strong protests toTrunkline Gas Co.’s proposal to spin down a 720-mile portion of its26-inch diameter mainline, saying that while this action may be inthe pipeline’s best interest it’s not “in the public interest.”

It was a tale of two cash markets on Friday, as the majority ofprice points east of the Rockies registered gains of 1 to 7 cents,while prices to the West dropped because of the typical weekenddecrease in California power demand exacerbated by a weekendconstraint announced on PG&E’s system. El Paso (non-Bondad) wasone of the pipes to fall the farthest, finishing in the mid $2.20s.

Texaco reported a 60% drop and Phillips registered an 89%decline in first quarter net income, excluding special items,compared to the first quarter of 1998. While the first quarterdecline in crude and natural gas prices was blamed for the earningsfall-off, Texaco Chairman Peter I. Bijur found a positive sign forthe rest of the year in the fact that “prices have strengthenedsignificantly.”

Texaco reported a 60% drop and Phillips registered an 89%decline in first quarter net income, excluding special items,compared to the first quarter of 1998. While the first quarterdecline in crude and natural gas prices was blamed for the earningsfall-off, Texaco Chairman Peter I. Bijur found a positive sign forthe rest of the year in the fact that “prices have strengthenedsignificantly.”