Reports

The cash market plunged Thursday in response to the latest reports of increased storage (both new and revised) and the screen’s subsequent dive Wednesday afternoon. Weather fundamentals remain generally lightweight and the latest Atlantic tropical storm was fizzling out almost as fast as it had developed.

Its merger with MCN Energy had a significant negative impact on second quarter earnings, DTE Energy reported, but it was able to partially mitigate the impact of electric restructuring costs. It also expects improved results during the third and fourth quarters.

As part of another glowing quarterly earnings announcement last Thursday, San Jose, CA-based Calpine Corp. said it will be making future merchant power plant investments in California, while outlining an aggressive hedging strategy for the company that is centered on an internal trading operation that has grown to more than 200 people in the past two years.

Laclede Gas Co. reported that it expects fiscal year earnings to be 15% to 23% higher than a year ago, in the range of $1.58 to $1.68 per share. They were $1.37 per share in 2000. However, this is below Wall Street estimates, the consensus of which is $1.86, according to Thomson Financial/First Call. Laclede said it will announce third-quarter earnings on July 26.

Natural gas futures gapped lower at the open and never looked back Monday as traders digested the latest private and governmental weather forecasts that suggest that the Eastern U.S. will be spared of any extended period of hot weather through at least the next couple of weeks. The July contract took the selling pressure squarely on the chin, dropping 29.6 cents to a new 11-month low at $3.446.

Three major Gulf of Mexico deepwater announcements were unveiled Wednesday, partially discounting reports by analysts recently that offshore production is tapering off based on rig counts. Confirming ramp ups following discoveries in deepwater were Dominion Exploration & Production Inc., and two involving Texaco, one with BP and another with Agip SpA.

Three major Gulf of Mexico deepwater announcements were unveiled Wednesday, partially discounting reports by analysts recently that offshore production is tapering off based on rig counts. Confirming ramp ups following discoveries in deepwater were Dominion Exploration & Production Inc., and two involving Texaco, one with BP and another with Agip SpA.

Nearly 68% of the Greater Green River Basin in Wyoming and Colorado, holding an estimated 79 Tcf, is either closed to development or under significant access restrictions, according to an in-depth report by the U.S. Department of Energy. The basin, one of many to be studied tract-by-tract, contains the largest amount of estimated reserves in the Rockies.

In a new report, the Minerals Management Service has updated its Gulf of Mexico forecast for daily oil and gas production, predicting that between now and 2005, gas production will be 11.10 Bcf/d to 16.54 Bcf/d and oil production will be 1.526 MMbbl/d to 1.967 MMbbl/d. The greatest potential for development, said the federal agency, is in deepwater of 1,000 feet or more.