Robbed

Willie Sutton robbed banks because that’s where the money was. Today, he’d probably major in petroleum engineering — at least if he could hack the curriculum — because that’s where the money is now.

Although El Paso shippers are pleased that the Federal EnergyRegulatory Commission (FERC) finally has recognized that El PasoNatural Gas has been unjustly overselling firm capacity, they areexasperated over the Commission’s proposed solution.

It has been argued the emergence of storage facilities in thenatural gas industry has robbed cash prices of some of theirvolatility during summers and winters and replaced it duringshoulder months. Perhaps a similar affect has happened this pastyear because of mother nature. The El Ni¤o winter, which helpedkeep volatility in check this weekend, may very well be behind theextremely high volatility seen at the New York Mercantile Exchangethis past week.