A couple of transactions that were announced by El Paso Corp. earlier this week to improve its liquidity position have raised a red flag at FERC, which has asked the Houston-based energy company to furnish further details by mid-March.
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El Paso Pipe Note Offerings, Mid-Continent Reserve Sale Spark FERC Interest
Several transactions that were announced by El Paso Corp. last week to improve its liquidity position raised a red flag at FERC, which has asked the Houston-based energy company to furnish further details by mid-March.
Mild Forecasts Spark Renewed Push Toward the $2.00 Mark
Amid updated weather forecasts confirming the warming trend that is set to engulf the entire Eastern half of the nation this week, natural gas futures dove lower Tuesday, as traders returned from the holiday weekend and promptly liquidated long positions initiated early last week. February took the selling squarely on the chin, gapping lower at the open bell, and not once looking back as it came just one tick away from notching a new contract low at $2.094. It closed with an even 13-cent decline at $2.106.
Enron Backlash Strikes Companies, Analysts, Auditors, SEC
It’s not nice to fool the investing public — energy companies and their auditors are learning as Enron’s collapse continues to spark a tidal wave of investigations, recriminations and falling stock prices. Not only the companies are under attack but also the investment analysts who follow them and even the watchdog Securities and Exchange Commission (SEC) itself is coming under fire for a “failure of leadership,” for abdicating its responsibility to set strict financial reporting standards.
Enron Backlash Strikes Companies, Analysts, Auditors, SEC
It’s not nice to fool the investing public — energy companies and their auditors are learning as Enron’s collapse continues to spark a tidal wave of investigations, recriminations and falling stock prices. Not only the companies are under attack but also the investment analysts who follow them and even the watchdog Securities and Exchange Commission (SEC) itself is coming under fire for a “failure of leadership,” for abdicating its responsibility to set strict financial reporting standards.
Market Slightly Softer; Futures Runup May Spark Rally
The market went into a holding pattern for the most partThursday with a mix of moderate increases and decreases that wasweighted slightly to the downside. A big screen runup after mostcash business was completed had several traders expecting that cashwould take that development as a cue to avoid weekend softnesstoday.
Cold Weather, Storage Uncertainty Spark New Futures Highs
Buoyed by falling temperatures and spiking cash prices, theprompt natural gas futures contract did what has become almostsecond nature for the commodity this year as it rumbled to a newall-time high Tuesday. In fact, after a strong opening, the onlyquestion to be answered was which month (December or January) wouldset a new high watermark.
CA Heat, Nuke Outages Spark Heavy Demand
Gas prices shot to $5/MMBtu last Monday at the SouthernCalifornia border and PG&E Citygate, and hourly intra-daypeaking prices on the California Power Exchange spiked to $863/MWh.Day-ahead peaking power prices got as high as $470.
CA Heat Wave and Nuke Outages Spark Heavy Gas Demand
In the midst of a Stage Two emergency alert by the state gridoperator, California generating plants used every cubic foot ofnatural gas they could squeeze through the state’s pipeline systemto keep the air conditioners humming in response to a statewideheat wave throughout the inland valleys and deserts. The secondstage alert, enacted less than two hours after a Stage One had beencalled, required major utilities to seek voluntary curtailmentsamong some of their largest power users.
PA Tax Change Could Spark Gas Deregulation
Pennsylvania Rep. Frank Tulli, one of the sponsors of a statenatural gas deregulation bill that stalled last year, said thelegislation once again is on the fast track now that Gov. Tom Ridgehas proposed eliminating the 5% gross receipts tax levied on thestate’s residential gas users.