Enron Corp. remains committed to spinning off three businesses once it emerges from bankruptcy, according to an updated court filing Thursday. CrossCountry Energy would hold Enron’s North American pipelines, Prisma Energy International would consist of 18 foreign assets and Portland General Electric (PGE) would be a stand-alone utility. However, the restructuring CEO noted that Enron reserves the right to sell any of its businesses until the initial distribution of stock.
Spinning
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Bearish Storage Trumps Storm as Market-Mover Friday
Despite forecasts Friday suggesting that a category one hurricane may be spinning in the Gulf of Mexico by Monday, natural gas futures shuffled lower ahead of the weekend in sympathy with the short-term trend and following bearish supply data released on Thursday. At $5.154, August was down 10.4 cents for the session and notched its lowest settlement price since April. At 59,899 contracts, estimated volume was weak, indicating that many traders were taking a wait-and-see approach to Tropical Storm Claudette.
July 14, 2003
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