Reportedly

The well blowout in Carlsbad, NM, last Thursday, which reportedly spewed natural gas at a rate of more than 2 MMcf/minute at its peak, has been pretty much brought under control, said an official who assisted in the well-control effort.

A Nymex gas futures trader on the floor of the exchange denied rumors last Wednesday that he walked away from the natural gas futures trading pit late last month with about $40 million in his pocket after monthly contract spreads (the price difference between monthly contracts) widened to unprecedented levels and the near-month contract soared to record heights.

A local Nymex futures trader denied rumors Wednesday that he walked away from the natural gas futures trading pit two weeks ago with about $40 million in his pocket after monthly contract spreads (the price difference between monthly contracts) widened to unprecedented levels and the near-month contract soared to record heights.

Senate and House conferees reportedly are preparing to end two years of congressional debate with the recommendation of an energy bill unworthy of the name. In fact, the compromise bill that was expected to be proposed Tuesday would more aptly be called the pipeline safety and nuclear liability limitation extension bill.

Seeking to pull itself out of the Enron quagmire, Arthur Andersen reportedly is attempting to negotiate a settlement with Enron shareholders, unsecured creditors and employees in Enron’s 401(k) retirement plan, according to a story this morning in the Wall Street Journal.

Key Republicans in the Senate, led by Sen. Frank Murkowski (R-AK), reportedly are expanding their options for energy legislation.

With the retail prices for No. 2 heating oil reportedly hittingwell over $2.00/gal. in some parts of New England, natural gas —which has always been considered the ugly stepsister in the region— is starting to look pretty good to residential customers there.

The Illinois-Wisconsin Express Project, a proposed pipeline toserve the southern Wisconsin market, has been put on indefinitehold reportedly due to the inability of an unnamed Wisconsinutility to commit to the project. News of this comes one day afterTransCanada Pipelines and Nicor Inc. disclosed they have scrappedplans to proceed with their reconfigured Voyageur Pipeline projectthat would have served the same market. (See Daily GPI, Nov. 4)