Soared

Most eastern points soared by 20-35 cents or so Thursday as a return of cold-weather fundamentals in parts of the Northeast and Midwest was reinforced by a spiking screen and new forecasts of even more severe weather to come. Transco Zone 6-New York City led the ascent with a gain of nearly 70 cents to average more than $6.

Quotes for Transco Zone 6-New York City deliveries soared as high as $7.50 Monday as Northeast electric utilities struggled to cope with high temperatures that generated heat advisories throughout much of the area. The heat sparked the PJM Interconnection grid operator to issue a plea for emergency supplies and sparked a run-up in Nepool (New England) and PJM-West power prices for Tuesday to averages of about $116/MWh in each pool, according to the IntercontinentalExchange trading platform. New York and PJM websites showed hourly prices spiking occasionally up to the $1,000/MWh price cap.

While sharply lower oil and gas prices took an 80% chunk out of Devon Energy’s earnings in the first quarter, the company’s oil and gas production soared, following the additions of Anderson Exploration and Mitchell Energy.

From mega majors to independents, producers’ earnings, which one year ago soared on record profit, glided to earth in the fourth quarter of 2001, knocked down by a world-wide recession, terrorist attacks that in turn reduced travel and lower energy prices. The first major to report, and the leader, Exxon Mobil Corp., reported a 49% drop in fourth quarter profits. Phillips Petroleum Corp. and Conoco, set to merge this year, followed with lower earnings. Independents also disclosed quarterly declines in reports from Burlington Resources Inc., Amerada Hess Corp., Kerr-McGee Corp., Ocean Energy Inc., Houston Exploration Co. and Cabot Oil & Gas Corp..

From mega majors to independents, producers’ earnings, which one year ago soared on record profit, glided to earth in the fourth quarter of 2001, knocked down by a world-wide recession, terrorist attacks that in turn reduced travel and lower energy prices. The first major to report, and the leader, Exxon Mobil Corp., reported a 49% drop in fourth quarter profits. However, independents also are feeling the pinch, as Burlington Resources Inc., Amerada Hess Corp. and Kerr-McGee Corp. all reported fourth-quarter declines.

Volumes and transactions have soared on IntercontinentalExchange (ICE), as Enron’s financial troubles have mounted causing credit concerns for counterparties on its online trading system, EnronOnline. ICE reported record volumes in the second week of November.

Volumes and transactions have soared on IntercontinentalExchange (ICE), as Enron’s financial troubles have mounted causing credit concerns for counterparties on its online trading system, EnronOnline. ICE reported record volumes last week in its strongest weekly performance in its 13-month history.

Spot prices soared higher across the board again yesterday, with many sources attributing the increases to cash following a rising futures market, producers cutting back a little on supply, and buyers finally entering the market after going short so far this month, expecting prices to fall because of high storage levels.

As natural gas prices soared last winter, significant switching from natural gas to residual fuel and heating oil made the “linkage” between the commodities all too clear, according to Raymond James & Associates’ John Gerdes in an energy brief released last week. Although natural gas is considered the fuel of choice to supply the nation’s growing power needs, the last five months of 2000 showed that price can change everything.