Second

Duke Energy Field Services became the top NGL producer in thecountry and the second largest gas marketer with completion of itspurchase of UPFuels, and Union Pacific Resources’ marketingoperations for $1.35 billion.

For the second day in a row, the futures market raced off to afast start as steady buying bolstered prices to their highest marksince December. But in contrast to Tuesday’s price action, whichfeatured the May contract finishing near its daily high,Wednesday’s rally ran into heavy overhead selling that trimmedthose gains into the close. May finished up 3.5 cents to $2.013,after notching a $2.07 high.

Duke Energy Field Services becomes the top NGL producer in thecountry and the second largest gas marketer with completion of itspurchase of UPFuels, and Union Pacific Resources’ marketingoperations for $1.35 billion.

It took FERC only a few days to recognize that ANR Pipeline’sMarch 8 application for a second Wisconsin expansion project in 18months fails to meet the Commission’s test for showing market need.

For the second Monday in a row the futures market kicked off theweek with a lower open, which featured bears as the earlyaggressors. That, however, is where the similarities between thetwo weeks ended. Whereas prices continued down the slippery slopelast Monday, yesterday’s trend was almost a straight line higher.Sources said a number of factors-technical short-covering,supportive weather forecasts and even a boost from the nearby crudeoil trading pit-were reasons for the 7-cent gain to $1.769 in Aprilfutures yesterday.

It took FERC only a few days to recognize that ANR PipelineCo.’s March 8 application for a second Wisconsin expansion projectin 18 months fails to meet the Commission’s test for showing marketneed.

The natural gas cash market went through a second day of overallflatness Wednesday as most of the nation absorbed spring-liketemperatures on St. Patrick’s Day and calmness pervaded the futuresmarket.

Details were still somewhat sparse Saturday, but Northwest Pipeline was able to confirm that there had been a line failure on its pipeline near Stevenson, WA Friday night about 8:20 (PST). Personnel were immediately dispatched to the site to secure the area. As of press time Saturday, no injuries were reported and the cause of the incident was under investigation.

For the second day in row Wednesday, natural gas futures werelimited to small gains amid a quiet trading session. The Februarycontract finished up a penny at $1.827 in the regular tradingsession.