In what would certainly be a blow in at least the short term for UBS Warburg Energy’s push to revive Enron Corp.’s trading arm, some of the former trading powerhouse’s top traders are soon expected to leave. UBS confirmed that at least six of Enron’s former key wholesale energy traders, including the leading natural gas trader and the chief of the options desk, have turned down offers to stay, although most who were offered jobs are staying with UBS.
Articles from Revive
It was time to get out the smelling salts again Tuesday torevive traders swooning from the altitude of Northeast citygates.Quote averages zoomed higher by more than $2 at a few points, andone source reported hearing that intra-day numbers for deliveriesinto the Boston area via Tennessee and Algonquin peaked at $10.
El Paso Natural Gas has given up on its first attempt tode-bottleneck the constrained Bondad System in the San Juan Basin(see Daily GPI, Oct. 19), but is approaching FERC again in hopesthat a second try will be more fruitful in adding capacity to apoint that some gas traders sarcastically call “Bondage.”
So far cash prices are following the script surrounding theFourth of July holiday weekend. As virtually every trader hadexpected, the market fell hard Thursday. “There were just no buyersout there,” complained one marketer. It was a fairly quiet daysince some gas had already been committed for the weekend onWednesday or earlier, and many people were anxious to get it doneand clear out early for the holiday, said another source.