Toss

Each week dozens of prognosticators toss out their predictions of the weekly gas storage change, the most significant piece of supply and demand information available in the gas market today. But it’s surprising to know that on average the predictions of 34 top firms, including five energy companies, 28 financial houses and one energy consulting firm, have been off by about 13.2 Bcf/week since the Energy Information Administration (EIA) took over the survey from the American Gas Association in May 2002.

Each week dozens of prognosticators toss out their predictions of the weekly gas storage change, the most significant piece of supply and demand information available in the gas market today. But it’s surprising to know that on average the predictions of 34 top firms, including five energy companies, 28 financial houses and one energy consulting firm, have been off by about 13.2 Bcf/week since the Energy Information Administration (EIA) took over the survey from the American Gas Association in May 2002.

FERC staff last week moved to clear various power-related entities of charges that they tried to manipulate California’s electricity markets in 2000-2001. Under separate settlements, FERC staff proposed tossing out gaming allegations against Portland General Electric (PGE), American Electric Power (AEP), San Diego Gas & Electric Co. (SDG&E) and Aquila Merchant Services Inc.

A leading shareholder proxy service on Tuesday recommended that El Paso Corp. shareholders vote out the current management team and elect a slate of energy professionals proposed by a dissident stockholder group. Only Selim Zilkha, who leads the dissident group, was not recommended because he was a board member and adviser to the company until last year.

A FERC judge on Tuesday will hear arguments on whether to toss out an agency subpoena that orders El Paso Corp. to furnish documents on its deceptive price reporting activities to California parties to support their claim for refunds.

Locked into a 30-year naming rights agreement that Houston baseball fans feared would have led to a plethora of “strike out” jokes this year, Enron Corp. on Wednesday announced a settlement agreement that voids its contract with the Houston Astros Baseball Club and will remove the Enron logo from the city’s plush downtown stadium. The logo has been on the stadium since it was completed two years ago.

In a preemptive move ahead of what could be another bearish storage release today, natural gas futures slipped lower yesterday as profit-takers rescinded advances achieved in Monday’s expiration session. The December contract began its tenure as prompt month in dramatic fashion, gapping lower at the open en route to a 15.6-cent decline and $3.183 close.