April natural gas futures tumbled as traders rushed to cash in on recent gains amid perceptions of market instability Friday. Futures prices at one point had the trajectory of a Saturday morning cartoon character falling off a cliff and traders noted that much of the selling took place late in the session as traders holding gains “bolted for the door.”
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CA Utilities Teetering on The Edge of Bankruptcy
While California state lawmakers finally rushed to deal with theshort-term power supply crisis on Friday, the financial conditionof Southern California Edison (SCE) and Pacific Gas & Electricmoved closer to the terminal stage. So far the measures passedappear inadequate to cure the utilities’ financial woes, accordingto many observers. Unless creditors see some ray of hope incontinuing legislative action they soon could force the utilitiesinto bankruptcy.
January 22, 2001
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