Route

After gapping higher on Friday en route to a new contract high, the April natural gas futures contract gapped lower at the open Monday as traders alleviated overbought conditions and reacted to mixed weather forecasts. Selling was spread throughout the open-outcry session and was enough to thwart several attempts by bulls to prop up the market.

As the one-year anniversary of the terrorist attacks draws near, the Federal Energy Regulatory Commission has proposed changes to its current regulations that would restrict “unfettered general public access” to information about critical energy infrastructure, but still would allow “those with a need for the information,” such as parties to proceedings at FERC, to obtain it.

As the one-year anniversary of the terrorist attacks draws near, the Federal Energy Regulatory Commission has proposed changes to its current regulations that would restrict “unfettered general public access” to information about critical energy infrastructure, but still would allow “those with a need for the information,” such as parties to proceedings at FERC, to obtain it.

Duke Energy Corp., which employs close to 500 energy traders and support staff, is expected to follow the route of its fellow energy merchants and cut its trade staff, citing less business. Also as expected, UBS Warburg will cut about 20% of its 600-member trading staff, and may lay off even more employees in the near future.

The CEO of the miniscule Long Beach, CA-based street lighting company aiming to buy financially crippled Edison International said last week he is establishing a joint powers arrangement among more than 200 cities and townships in the southern half of California to help make the deal economically and politically viable. However, the long shot, high-stakes gambling approach is totally contingent on the California legislature failing to pass a rescue bill for the Edison utility.

Leaping another hurdle Tuesday en route to a successfully completed merger, FirstEnergy Corp.and GPU Inc. announced they have reached a stipulated settlement with several parties in their pending merger case, and have filed the agreement with the Pennsylvania Public Utility Commission (PUC).

The Nova Scotia government’s decision to not allow high-pressure natural gas pipelines under the shoulders of provincial highways is forcing Sempra Atlantic Gas to re-examine its business plan for the province. Earlier this month, Sempra Atlantic Gas released a 36-page report detailing the benefits it was bringing to the region, which last year totaled C$17.3 million.

The Nova Scotia government’s decision to not allow high-pressure natural gas pipelines under the shoulders of provincial highways is forcing Sempra Atlantic Gas to re-examine its business plan for the province. Earlier this month, Sempra Atlantic Gas released a 36-page report detailing the benefits it was bringing to the region, which last year totaled C$17.3 million (see Daily GPI, April 2).

The House of Representatives last week approved legislation toestablish a multi-million federal loan-guarantee program to helpindependent oil and natural gas producers recover from the effectsof depressed crude oil prices. The measure, which was approved bythe Senate in June, is now headed to President Clinton for hissignature.