Almost a third of gas and oil companies surveyed expect to havecompleted Year-2000 (Y2K) remediation by the end of the year,according to the results of a new survey by the Natural Gas Council (NGC) that was released last week. It further found that73% said they would be ready by June 1999, while all respondentsindicated they would be ready by December 1999.
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Articles from Third
Sale of Trunkline Segment Comes Under Fire
A proposal of Trunkline Gas to sell one third of its mainlinegas system – about 720 miles – to an affiliate for transportationof ethane and other hydrocarbons came under heavy attack at FERCfrom the pipeline’s shippers this week.
Futures Bend But Refuse to Break
The May futures contract suffered a third straight day of lossesby slipping a mere 0.6-cents to settle at $2.469 in relativelyquiet trading. The session was marked by light selling as bearsprobed for sell-stops but was kept in check by buying ahead of the2.435-.440 level. A modest 31,695 contracts changed hands in asession that saw no new fundamental developments.
Futures Rally in Response to Cash Gains
For the third day in a row the April Futures contract tested butwas unable to break through the $2.185 resistance level, stoppingshort at $2.172 Wednesday. April opened higher in sympathy withHenry Hub cash market prices, which eked out a couple-cent gain onthe day, but it was limited to a 4-cent trading range with arelatively light 31,462 contracts changing hands.