Spread

Pushed by a new spread of cold weather that limited highs above 70 to the Southeast and promised to engulf much of that region the following day, the market recorded strong upticks across the board Wednesday. Tuesday’s screen gain of nearly 16 cents also lent some delayed support to cash prices.

Enron’s devastation has spread through the industry like the plague with many of the top gas marketers teetering on the edge of extinction in the third quarter. Some chose not to provide volume information to NGI out of what one analyst called “justifiable paranoia” over releasing any data in this time of extreme scrutiny by regulators and credit rating agencies. Meanwhile, others began to show steep declines in volumes that will surely grow exponentially next year.

Enron’s devastation has spread through the industry like the plague with many of the top gas marketers teetering on the edge of extinction in the third quarter. Some chose not to provide volume information to NGI out of what one analyst called “justifiable paranoia” over releasing any data in this time of extreme scrutiny by regulators and credit rating agencies. Meanwhile, others began to show steep declines in volumes that will surely grow exponentially next year.

The New York Mercantile Exchange (Nymex) opened a new 90-minute trading session on Friday for 32 new over-the-counter energy contracts, including multiple natural gas basis contracts and some new 400 MWh power contracts based on delivery in New York. Nymex said it also is providing clearing services for the new contracts.

The New York Mercantile Exchange (Nymex) plans to open a new 90-minute trading session on Friday for 32 new over-the-counter energy contracts, including multiple natural gas basis contracts and some new 400 MWh power contracts based on delivery in New York. Nymex said it also will provide clearing services for the new contracts.

Duke Energy Corp.’s diversified portfolio, spread across seven business segments throughout the United States and abroad, was not enough to stabilize the energy giant in a year in which forecasts have been thrown out the window. Plagued by a prolonged economic downturn, investigations and continued market uncertainty, Duke readjusted its 2002 earnings guidance for the second time in two months on Friday, slicing another 50 cents off of expectations, and warning that next year could even be worse.

Duke Energy Corp.’s diversified portfolio, spread across seven business segments throughout the United States and abroad, was not enough to stabilize the energy giant in a year in which forecasts have been thrown out the window. Plagued by a prolonged economic downturn, investigations and continued market uncertainty, Duke readjusted its 2002 earnings guidance for the second time in two months on Friday, slicing another 50 cents off of expectations, and warning that next year could even be worse.

International conflict over natural gas produced offshore of Nova Scotia has spread to a new front, with Canadian demands for rights of first refusal clouding the outlook for the 80% capacity expansion proposed by Maritimes & Northeast Pipeline.

International conflict over natural gas produced offshore of Nova Scotia has spread to a new front, with Canadian demands for rights of first refusal clouding the outlook for the 80% capacity expansion proposed by Maritimes & Northeast Pipeline.