Soared

Cash prices were up 15-45 cents across the board again on Tuesday in response to the return of bullish sentiment on Nymex where gas futures soared 54.4 cents to $13.519. The first signs of winter in the West along with a somewhat bullish winter forecast by AccuWeather helped play on market fears of Gulf production shut-ins continuing deep into the winter.

Shares of Spinnaker Exploration Co. soared more than 30% Monday after the company said it agreed to a $2.56 billion buyout by Oslo, Norway-based Norsk Hydro, which covets Spinnaker’s Gulf of Mexico assets, deepwater prospects and 3-D seismic data.

Erasing any question about the market forming a top earlier this week, September natural gas futures on Wednesday afternoon soared to new levels. Taking a cue from the rampaging petroleum complex, the natural gas prompt month broke through the psychological $9 level to trade at a high of $9.09, and that was in the last two minutes of the regular session.

Imports of liquefied natural gas (LNG) soared 29% last year to 652 Bcf, or about 3% of total U.S. demand, the Office of Fossil Energy said in its fourth quarter report on Natural Gas Imports and Exports. LNG was imported from seven countries, but Trinidad made up 71% of the total. The Department of Energy is expecting LNG imports to grow another 12% this year to 730 Bcf.

Imports of liquefied natural gas (LNG) soared 29% last year to 652 Bcf, or about 3% of total U.S. demand, the Office of Fossil Energy said in its fourth quarter report on Natural Gas Imports and Exports. LNG was imported from seven countries, but Trinidad made up 71% of the total. The Department of Energy is expecting LNG imports to grow another 12% this year to 730 Bcf.

As previewed earlier in the month, PG&E Corp. reported fourth quarter earnings that soared to $871 million, or $2.04/share, due to a one-time, noncash item of $684 million, or $1.60/share, tied to the utility holding company severing its relationship with its previous merchant energy unit. These results compared to consolidated net income of $37 million, or 9 cents/share, for the fourth quarter of 2003.

As previewed earlier in the month, PG&E Corp. Friday reported fourth quarter earnings that soared to $871 million, or $2.04/share, due to a one-time, noncash item of $684 million, or $1.60/share, tied to the utility holding company severing its relationship with its previous merchant energy unit. These results compared to consolidated net income of $37 million, or 9 cents/share, for the fourth quarter of 2003.

Prices soared at virtually all points Monday after a frigid mass of air from Canada had invaded much of the U.S. and sent temperatures plunging, even in the previously mild South. Some Northeast citygates led the price climb with gains around a dollar or more, and most other points rose by at least half a dollar.

Prices soared at virtually all points Monday after a frigid mass of air from Canada had invaded much of the U.S. and sent temperatures plunging, even in the previously mild South. Some Northeast citygates led the price climb with gains around a dollar or more, and most other points rose by at least half a dollar.