In a stunning defeat, the Montana Public Service Commission (PSC) last week unanimously rejected an Australian company’s $2.2 billion bid to buy NorthWestern Energy. The PSC said the purchase would put Montana consumers at risk for higher rates and poor service.
Articles from Stunning
The Energy Information Administration (EIA) reported a “measly” 186 Bcf storage withdrawal for the week ending Jan. 26, stunning many market prognosticators who were looking for a draw closer to, or even greater than, 200 Bcf. The March futures contract immediately plummeted more than 20 cents in reaction to the news to $7.435 as of 10:54 a.m. EST. March ended the day down 13.7 cents at $7.530.
The former Kerr-McGee Corp. and Western Gas Resources Inc. made their debut in Anadarko Petroleum Corp.’s quarterly results to stunning effect last week. The Houston-based producer reported 3Q net income of $1.46 billion ($3.15/share), up from $596 million ($1.25/share) in the year-ago period.
The former Kerr-McGee Corp. and Western Gas Resources Inc. made their debut in Anadarko Petroleum Corp.’s quarterly results to stunning effect late Monday. The Houston-based producer reported 3Q net income of $1.46 billion ($3.15/share), up from $596 million ($1.25/share) in the year-ago period.
The natural gas futures market continued its stunning price ascent Wednesday as local and fund traders exerted their will on a market notably devoid of sellers. After two failed attempts to sell-off during the first four hours of trading, the May contract exploded 17 cents in 90 minutes to notch a new all-time May 2004 contract high at $5.95. It settled just off that level, up 18.7 cents at $5.933.
The gas market never ceases to amaze observers, but the Jan. 12-16 period could go down as among the more bizarre situations on the books, with record cash prices and gas demand in the Northeast and plummeting near-month futures. Over the last five trading days, the futures market lost $1.35 in value, or about 19%, since the close on Jan. 9, despite what many would consider very bullish fundamentals.
In another stunning display of bullish behavior, natural gas futures climbed higher for the third-straight session Friday as traders distanced themselves from bearish supply data released Thursday and focused on an updated forecast for the upcoming hurricane season.
In stunning news by one of the top energy traders in North America, Aquila announced last week it plans to close its Merchant Services unit by the end of summer and fire nearly all of the unit’s 1,200-plus employees across the country and overseas. Merchant Services, once the crown jewel and future of the company, laid off “hundreds” of employees last Monday in Kansas City, and expects to shutter the rest of its North American and overseas trading units within weeks.
In a stunning show of bearishness that had even the most seasoned traders shaking their heads, natural gas futures continued lower Friday as sellers demoted prices to new 13-month lows. A gap lower opening set the tone of the session, and bulls were never able to recover. The August contract spent most of the day trading near its $3.055 low, closing 18.4 cents weaker at $3.096.
In a somewhat stunning show of bullishness, natural gas futuresprobed higher yesterday as funds and locals followed the lead ofcommercial buying throughout the last hour of trading. On its firstday in the limelight, the new prompt month, October, received thelargest boost of any contract at Nymex, leaping 15.8 cents higherto close at $4.801. In doing so, it set a new all-time high dailysettlement for a prompt contract.