Sweet

The Alberta Energy Ministry said it has sold a record C$2.68 billion in drilling rights so far this year, eclipsing the previous record of C$2.39 billion set in 2010.

Although there were reservations that the deal may be too sweet for the utility, California regulators Thursday set aside an administrative law judge’s proposed decision and approved a contested settlement giving Pacific Gas and Electric Co. a $213 million general rate increase for 2007 with provisions for $125 million annual boosts in the subsequent three-year period (2008-2010). The settlement was called “satisfactory, not great,” by Michael Peevey, president of the California Public Utilities Commission (CPUC). Two major consumer groups refused to buy into the deal.

The New York Mercantile Exchange, Inc. on Friday announced monthly volume records for August for Exchange-wide futures and options, NYMEX Division futures; NYMEX Division options; light, sweet crude oil futures; gasoline futures; and overall NYMEX miNYsm and NYMEX miNYsm crude oil and natural gas futures.

Houston-based Apache Corp. is finding sweet success along the Outer Continental Shelf of the Gulf of Mexico, reporting that it has made five discoveries and 13 successful development wells — moving it up as the fourth ranked OCS producer for the first half of 2001. With the new wells, Apache’s current net production along the OCS is 345 MMcf and 34,000 b/d.

It was short but sweet for bulls in Wednesday’sholiday-abbreviated trading session as gas futures rebounded froman early and brief foray into negative territory to notch its 15thgain in 17 trading sessions. Adding to a $2.00-plus price spike offlows etched Oct. 31, December clawed 16.9 cents higher Wednesday toclose at $6.577. Meanwhile January finished up 15.2 cents at $6.584after posting a new all-time commodity high at $6.70.