Spectacular

Global upstream capital spending in 2010 likely will exceed $380 billion, led by a “spectacular” recovery in the United States, Wood Mackenzie said in a new report.

Global upstream capital spending in 2010 likely will exceed $380 billion, led by a “spectacular” recovery in the United States, Wood Mackenzie said in a new report.

Andrew Fastow, who as CFO guided Enron Corp.’s finances to the heights of success and then to its spectacular fall, was sentenced Tuesday to six years in prison and two years of community service. Fastow, 44, had faced a maximum 10 years in prison under a plea agreement he made with prosecutors two-and-a-half years ago (see NGI, Jan. 19, 2004).

Andrew Fastow, who as CFO guided Enron Corp.’s finances to the heights of success and then to its spectacular fall, was sentenced Tuesday to six years in prison and two years of community service. Fastow, 44, had faced a maximum 10 years in prison under a plea agreement he made with prosecutors two-and-a-half years ago (see Daily GPI, Jan. 15, 2004).

Buoyed by another spectacular session of crude oil trading, the September natural gas futures contract inched 5.1 cents higher Thursday to $5.712 as an early attack from the bears was thwarted by consistent, end-use buying support, according to brokers. The storage report, featuring an 83 Bcf injection, was seen as mostly a neutral event.

Triple-digit losses at Northeast citygates were the most spectacular in a day of general price plunges. Most non-Northeast points fell by anywhere from about 20 cents to 60 cents or so. Only Rockies/San Juan quotes saw flat to small declines.

The big rallies that had developed late in Friday’s trading for the weekend provided a solid base for spectacular price increases Monday. Gains of about 30 cents or more were common in the East, while the West, where winter storm watches were posted for parts of the Pacific Northwest and northern Rockies, registered upticks that exceeded 40 cents in most cases.

Canadian exporters got off to a spectacular start, piling up a 253% increase in revenues from sales to the United States during the first quarter of the current natural gas contract year. In Canadian dollars, the value of gas exports shot up to $11.6 billion during the three months that ended Jan. 31 compared to $3.28 billion in the same period of 1999-2000, according to records kept by the National Energy Board.

Canadian exporters got off to a spectacular start, piling up a 253% increase in revenues from sales to the United States during the first quarter of the current natural gas contract year. In Canadian dollars, the value of gas exports shot up to $11.6 billion during the three months that ended Jan. 31 compared to $3.28 billion in the same period of 1999-2000, according to records kept by the National Energy Board.