Cash prices continued their upward direction Wednesday, but at aslightly slower pace than the prior two days. A fading winterblast in the Northern Plains, combined with forecasts of moderatingtemperatures and a softening Nymex screen, eased the punch of thestrong cash market in late trading, sources said.
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After a four-year wait, Cincinnati Gas & Electric Co. and PSIResources finally received unconditional approval of their mergerinto Cinergy Corp. from the Securities and Exchange Commission. Afinal decision on the merger was held up by potential Congressionalaction on the Public Utility Holding Company Act.
TransCanada PipeLines subsidiary Nova Gas Transmission and twogroups of Canadian producers are on their way to a whole newcompetitive pricing structure aimed at “[taking] on the realcompetition, which are the U.S. basins.”
As several observers expected, cash prices started to retracetheir steps back down Thursday after having peaked the day before.Declines ranged from as little as a nickel to nearly 15 cents, butmost were in the neighborhood of a dime.
International gas producers are sailing into a political stormas they pursue their next drilling target off the East Coast, theCanadian half of Georges Bank between Nova Scotia and New England.Three wholly-owned arms of senior U.S. gas suppliers — TexacoCanada, Chevron Canada and Amoco Canada — are out to persuadeCanadian federal and provincial authorities to let a moratorium onresource exploration on Georges expire.
International gas producers are sailing into a political stormas they pursue their next drilling target off the East Coast, theCanadian half of Georges Bank between Nova Scotia and New England. Three wholly-owned arms of senior U.S. gas suppliers – TexacoCanada, Chevron Canada and Amoco Canada – are out to persuadeCanadian federal and provincial authorities to let a moratorium onresource exploration on Georges expire.
At a time when the gas distributors and marketers are spendingbig bucks importing celebreties to popularize their brand names inthe retail market, Yankee Gas in Meriden, CT has engineered a swapwith one – none other than the ultimate TV homemaker, MarthaStewart – in its own back yard.
Shareholders of Canada’s Tarragon Oil and Gas Ltd. yesterdayapproved the indirect acquisition of their company by Marathon Oilfor an estimated $1.1 billion. Still, the final fate of the mergerwas up to the Ontario Court (General Division), which was expectedto issue a favorable decision either late Tuesday or today.
IPL Energy and MCN Energy took the last major regulatory step inadvancing their 1 Bcf/d Vector Pipeline project this week by filingan application with Canada’s National Energy Board forauthorization to construct the 16-mile Ontario portion of the342-mile line. An application for the larger U.S. portion was filedwith FERC in December.
TransCanada PipeLines Limited and NOVA Corp. last week completedtheir merger, the largest ever undertaken by energy companies inCanada. The new TransCanada PipeLines Limited and NOVA Corp. begantrading in Canada July 3. Trading began in the United StatesMonday.