Apparently Tuesday’s general flatness was just the cash market’s way of taking a breather, because prices were back on an upward track Wednesday. With some exceptions, such as mild Rockies softness and small upticks at a few other points, the gains were remarkably consistent throughout most of the market at 10-20 cents or so.
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Soft Energy Market Forces Progress Energy to Reduce Energy Trading, Plant Operations
In response to continued softness in the wholesale energy market, Raleigh, NC-based Progress Energy said Wednesday that it will reduce the scope of its marketing and trading as well as its power plant operations.
Rockies Only Soft Spot Amid Overall Price Advances
As sources had correctly predicted, the market took its price cues Tuesday from the previous afternoon’s screen gain instead of continuing general weakness in fundamentals. The result was double-digit increases between about a dime and a little more than 20 cents at most points. The notable contrary position was in the Rockies, where flat to moderately lower numbers prevailed.
New Shell Chairman Warns Soft Economy Could Hurt Growth
Royal Dutch/Shell Group’s new Chairman Phil Watts, who assumed the post at the world’s second largest energy company July 1, said the company’s production goals through the rest of 2001 will be met, but admitted that its future expansion could slow because of the sagging world economy. Watts, who inherited a company that has been knocked back in several takeover attempts recently, nonetheless noted recently that natural gas “is plainly the fuel of the future and we are well placed to be part of that future.”
New Shell Chairman Warns Soft Economy Could Hurt Growth
Royal Dutch/Shell Group’s new Chairman Phil Watts, who assumed the post at the world’s second largest energy company July 1, said the company’s production goals through the rest of 2001 will be met, but admitted that its future expansion could slow because of the sagging world economy. Watts, who inherited a company that has been knocked back in several takeover attempts recently, nonetheless noted Thursday that natural gas “is plainly the fuel of the future and we are well placed to be part of that future.”
Weekend Softness Milder Than Generally Anticipated
Weekend prices were soft as expected, but probably fell less than many traders were anticipating. Except for sizeable losses of 20-30 cents or more in the Rockies/San Juan and at PG&E-related points, nearly all of Friday’s declines were 15 cents or less, and a majority of those were around a nickel.
Market Stays Soft With Few Positive Signs in Sight
Bears continued to roam the gas price woods Tuesday in nearly all markets. Overly warm and power-short California was the major exception where prices for deliveries at the PG&E Citygate and at the Southern Border into PG&E were up sharply.
As Anticipated, Market Says Soft for Holiday Weekend
The market went into the long Good Friday/Easter weekend Thursday with the anticipated softness associated with generally mild weather and the typical demand slump of a holiday period. Activity and volatility were noticeably quieter than usual, several traders said.
Critics Blast Senate’s Pipe Safety Bill as too Soft
The deadly explosion that occurred on El Paso Natural Gas’ pipeline Aug. 19 in Carlsbad, NM, killing 12 people who were camping nearby provided enough incentive for the Senate to swiftly pass pipeline safety legislation last week. However, critics say the legislation fails miserably by doing nothing to improve the terrible track record of the government agency in charge of overseeing pipeline safety.
Critics Blast Senate’s Pipe Safety Bill As Too Soft
The deadly explosion that occurred on El Paso Natural Gas’pipeline Aug. 19 in Carlsbad, NM, killing 12 people who werecamping nearby provided enough incentive for the Senate to swiftlypass pipeline safety legislation last week. However, critics saythe legislation fails miserably by doing nothing to improve theterrible track record of the government agency in charge ofoverseeing pipeline safety.