Support

Price Slide Continues on Bearish Storage, Weather News

The U.S. was getting colder Thursday, but that fact gave nosupport to cash prices, which mostly fell between a nickel and 15cents. A futures drop of less than a penny was too small to matter,sources said, but the second straight report of storage injections,combined with forecasts of warmer weather next week and a drop inJanuary crude oil futures to less than $11/barrel, was too much fortraders to ignore.

December 11, 1998

BP Shareholders Approve Merger with Amoco

BP shareholders gave their overwhelming support to the company’smerger with Amoco last week. About 700 shareholders voted toapprove the merger at a general meeting at the Royal Festival Hallin London. Shareholders representing another 3.2 billion sharesvoted by proxy with 92% approving the merger. Chairman PeterSutherland called the vote a “massive endorsement” of the deal. Theall-stock transaction will result in a 60-40 equity split with BPshareholders having the majority.

November 30, 1998

Pipeline Projects Getting No Support in Wisconsin

The Illinois-Wisconsin Express Project, a proposed pipeline toserve the southern Wisconsin market, has been put on indefinitehold reportedly due to the inability of an unnamed Wisconsinutility to commit to the project. News of this comes one day afterTransCanada Pipelines and Nicor Inc. disclosed they have scrappedplans to proceed with their reconfigured Voyageur Pipeline projectthat would have served the same market. (See Daily GPI, Nov. 4)

November 5, 1998

Futures Volatility Takes Friday Off

For the second day in a row Friday, the futures market was ableto shrug off sizable losses in the physical market to trade oneither side of unchanged. No fresh news was seen to inspire theNovember contract outside its unusually narrow 3 cent trading rangeand the market was left to settle at $2.164, a 1.2 cent loss forthe day.

October 26, 1998

Preparing for New Global Warming Restrictions

Touting the strong position of natural gas in any newinitiatives to reduce global warming, former Sen. J. BennettJohnston urged support for an early action program to give creditfor companies taking early steps to reduce greenhouse gasemissions.

October 15, 1998

Thompson Backs INGAA Landowner-Notification Proposal

Sen. Fred Thompson (R-TN) last week lent his support to apipeline-sponsored proposal that would require pipelines seeking toseize private property for projects to notify affected landownersby certified mail at the outset of FERC proceedings, giving them anopportunity to participate more fully in the process.

October 5, 1998

Pipeline Customers Support Commission Complaint NOPR

The Pipeline Customer Coalition (PCC) says it supports FERC’sproposed revisions to its complaint procedures that would fosterinformal resolution of commercial differences upfront. Theobjective is to speed up the complaint process at the Commission bycutting down on the number of formal complaints filed. Thecoalition believes this can be accomplished by the FERC mandatingthat regulated energy companies make available “carefullydelineated” pre-filing dispute resolution measures for theircustomers’ use.

October 5, 1998

Producers, Distributors to Back FERC Complaint

The Pipeline Customer Coalition (PCC) said it plans to supportthe proposed complaint procedures that would encourage parties tovoluntarily use dispute-resolution measures to settle theircommercial differences up-front in an attempt to expedite theprocess at FERC.

September 29, 1998

Storm Apprehension Leads to Futures Unchanged

Normally natural gas futures are influenced by a hodgepodge offactors: storage, technicals, support, resistance, supply anddemand. Of course last week was anything but normal as a hurricanewhich the market has not seen the likes of since Andrew, wasbearing down on the Gulf of Mexico leaving a wide swath ofdestruction in its wake. Now the question to be answered is whetherHurricane Georges (pronounced ZHORZH) will not only live in theminds of residents of Florida and the Carribean Islands, but alsoin the memories of natural gas traders. That was still a very murkyquestion as of Friday. One thing was becoming evident late lastweek: October’s expiration today will be anything but normal. But,despite the continued threat of storm, the October actually slipped0.2 cents to settle at $2.181 on Friday.

September 28, 1998

Coalseam Gas Legislation Makes Progress

With bipartisan and administration support, the legislationcrafted by the Wyoming Congressional delegation last week to givecoalbed methane leaseholders and production companies some relieffrom a recent appellate court decision won rapid and unanimousapproval by the Senate Energy Committee on Wednesday. The bill isexpected to be taken up by the full Senate at any time, and thebill’s language is expected to also become part of a manager’samendment to the Interior Department’s appropriations bill, whichmust be approved before the end of the session next month.

September 25, 1998