Sends

Bullied by a smaller-than-expected storage injection figure, natural gas futures shot 20 cents higher in 40 minutes Wednesday as traders alleviated oversold conditions and pressed the market through several important technical levels. The August contract received the biggest boost, closing 30.6 cents higher at $3.276.

The White House yesterday formally sent its nomination of Texas regulator Patrick Wood III as a member of the Federal Energy Regulatory Commission to the Senate to begin confirmation hearings.

The volatility in the California energy market finally spilledover into the stock market last week. The uncertainty over thefinancial health of California’s two largest utilities, SouthernCalifornia Edison and Pacific Gas and Electric, triggered panic onWall Street over the potential impact on many other energycompanies and even some utility lenders.

President Clinton over the weekend ordered the release of anadditional $300 million in funds to help low-income households tocope with rising heating bills this winter, and announced foursteps to tackle the energy shortages and high prices in California,Washington and Oregon.

Boosted by what may be the most bullish weather forecast to hitthe industry in years, natural gas futures spiked dramatically inmultiple buying surges last week as traders pressed the envelope oftheir long exposures.

Raymond James and Associates gave gas buyers a Halloween shrieklast week that could be producing chills all the way through nextApril, perhaps even all of next year. The firm released a chillyforecast of double digit gas prices this winter and said it expectsprices to average $4.50/MMBtu in 2001.

Raymond James and Associates gave gas buyers a Halloween shriekyesterday that could be producing chills all the way through nextApril, perhaps even all of next year. The firm released a chillyforecast of double digit gas prices this winter and said it expectsprices to average $4.50/MMBtu in 2001.

Led by its unregulated wholesale energy operations, Duke Energy put in a whopper quarter, exceeding analysts expectations. Earnings before interest and taxes from its wholesale group jumped 175%.

Led by its unregulated wholesale energy operations, Duke Energyput in a whopper quarter, exceeding analysts expectations. Earningsbefore interest and taxes from its wholesale group jumped 175%.