Coming off two days marked by sizable price swings and robustvolume, buyers and sellers were almost evenly matched Tuesdaymaking for a rare sub-5-cent price range. The prompt month closedthe day down 1.3 cents to settle at $1.952.
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Enron Sees Robust 2Q Wholesale Growth, EES Losses
Enron deliveries of energy commodities grew 47% from the secondquarter of last year, including a 10% increase in gas deliveriesand a more than 100% increase in power marketed. However, resultsof the gas pipeline group and exploration and production were offslightly, and the retail business, Enron Energy Services (EES),lost more money than it did a year ago.
LADWP Market Participation Growing
The nation’s largest municipal electric utility is rapidlyincreasing its participation in robust wholesale energycompetition, although as a government-run entity it is not directlya part of California’s ongoing restructuring of electricity andnatural gas. In the fiscal year just ended, the Los AngelesDepartment of Water and Power did about $110 million in wholesaleenergy deals, according to department sources, including one of itsbiggest natural gas contracts ever for more than 6 Bcf of suppliescovering the next six months.
Prices Recoup Most of Pre-Holiday Losses
Traders returned Tuesday from a long weekend to find a much morerobust May cash market than they had left behind Friday. Many hadbeen impressed by the strong recovery of the June Henry Hub futurescontract Friday after it briefly dipped under $2, a Texas marketersaid. “We were immediately up to Friday’s highs as trading begantoday.” Weather demand wasn’t much of a factor as cool butcomfortable temperatures reign in the Midwest and Northeast marketareas, he added, “but there were still plenty of buyers up there.”