Taking the first step to move across the Canadian border, NSPower Holdings Inc. said Friday it will merge with its U.S.neighbor, Maine’s Bangor Hydro-Electric Co.
Taking
Articles from Taking
August Futures Take Up Where July Left Off
Taking a cue from the July contract, which tumbled in anexpiration-day sell-off, August began its tenure as prompt month byslipping lower yesterday morning as traders continued to look pasta bullish storage situation to focus on bearish short-term demandoutlooks. But just like other moves lower in recent weeks,yesterday’s retracement was short-lived and by 11:15 a.m. (EDT)buyers had promoted the near-month back into positive territory onthe day.
Pre-Weekend Profit-Taking Takes Bite Out of Midweek Gains
After testing, but not breaching stubborn resistance at $4.60Thursday, natural gas futures tumbled lower Friday as traderselected to take profits ahead of the weekend. The near-month Julycontract was hit with two distinct selling waves during the firsthour of trading Friday, setting the tone for a session in which thecontract slipped 10.3 cents to finish at $4.448.
Late Futures Buying Gives Bulls Five-Game Sweep Last Week
Retracing an early round of profit-taking, natural gas futuresclawed their way higher Friday as traders put the finishing toucheson a week in which prices not only notched a new life-of-contracthigh at $3.385, but also posted a fresh prompt contract 30-monthhigh. With Friday’s 0.2-cent increase, the June contract advancedeach day to gain 32.9 cents for the week. June finished at $3.354amid light estimated volume of just 54,639.
Sempra Cooperates With ESPs
San Diego-based Sempra Energy’s two major utilities are taking anew attitude toward the energy service providers in California,treating them as customers rather than competitors under thecorporate holding company’s new strategy to capture an increasingshare of developing retail energy markets nationally. The utilitieswill concentrate on wires and pipes distribution, while nonutilityaffiliates go after the energy services markets.
Technically-Induced Profit Taking Trims Recent Advances
Following a 4-day, 20-cent price rally, bulls in the natural gaspit cooled their heels yesterday as traders took profits amid ahost of negative short-term technical factors. After peaking forthe day shortly after 11:00 A.M. (CST) at $3.165, selling hit themarket in two distinct waves. It was the second thrust that pushedMay below key support at $3.10 to settle at $3.098, down 6 centsfor the session.
Removal of Tax Credit Restriction Sought
Major and independent gas producers last week commended FERC fortaking steps to reinstate its authority to make well determinationsso that qualified producers can obtain Section 29 tax credits forhigh-cost gas wells. But they urged the Commission to extend thedetermination process to all qualifying wells, irrespective ofwhether the wells were spudded and/or recompleted pre-Jan. 1, 1993or whether they were recompleted after Dec. 31, 1992.
Producers Ask FERC to Lift Restriction on Tax Credits
Major and independent gas producers last week commended FERC fortaking steps to reinstate its authority to make well determinationsso that qualified producers can obtain Section 29 tax credits forhigh-cost gas wells. But they urged the Commission to extend thedetermination process to all qualifying wells, irrespective ofwhether the wells were spudded and/or recompleted pre-Jan. 1, 1993or whether they were recompleted after Dec. 31, 1992.
Weekend Prices Advance Except in OFO-Shy West
Cash traders in markets outside the West, taking encouragementfrom patches of cold weather (both existing and predicted) and ascreen that briefly tested the waters above $3 Friday morning,pushed weekend prices higher by about a nickel in the Gulf Coastand Midcontinent/Midwest to more than a dime in the Northeast.
PaineWebber: Let the Good Times Roll
Taking into account strong gas futures prices despite thewarmest winter on record, a bleak supply picture and projections ofa very hot summer, PaineWebber reported an increase in its year2000 projection of composite spot gas prices from $2.40/MMBtu to$2.50/MMBtu. The firm’s report, issued yesterday, also indicatedthat the time is right to invest in diversified energy companies.