Unfazed

Seemingly unfazed by depressed energy commodity prices and volatility, Sempra Energy senior executives hauled out the superlatives Tuesday for its joint venture in energy and metals commodity trading, RBS Sempra Commodities, announcing a nearly 100% quarter-over-quarter increase in profits, a new CEO and an integration of its Connecticut-based trading floor into one of North America’s largest operations. Sempra’s leaders made the comments during a first quarter conference call with financial analysts.

Natural gas futures were for the most part unfazed Thursday despite news that the Energy Information Administration (EIA) revealed a bearish 68 Bcf storage build for the week ended Oct. 19, which puts this year’s inventory back on track to reach record levels. After working lower prior to the 10:30 a.m. EDT report to record a $6.900 low, November natural gas futures reversed course, registering a high of $7.200 before settling the day at $7.188, up 21.6 cents from Wednesday.

Traders were mostly unfazed Thursday morning as the Energy Information Administration (EIA) reported that 96 Bcf was injected into underground storage for the week ended May 4, which was right in line with industry estimates. As a result, June natural gas traded in another tight range on the day before settling at $7.726, up less than a penny on the day.

By coming in larger than most estimates and shattering the five-year average build, the Energy Information Administration’s (EIA) estimated natural gas storage injection for the week ended Oct. 1 was an undeniably bearish 81 Bcf. But natural gas futures treated the report as a mere hiccup in Thursday morning trade.

Unfazed by storage data showing stocks decreased by 1 Bcf during the week ending Nov. 21, the natural gas futures market shifted lower Wednesday, as a local trader-led rally was crushed by another round of bearish weather forecasts. The January contract stair-stepped lower in two distinct selling surges. When the dust had settled and the orders were counted at Nymex, the prompt month had slipped 12.5 cents to close at $4.925 on its first day in the limelight.

Wall Street did not appear to be fazed late last week by the class-action lawsuit spearheaded by Oscar S. Wyatt Jr., one of the largest holders of El Paso Corp. stock, that accused the giant energy company and its top officials of participating in fraudulent “schemes and a pattern of conduct” to make El Paso “appear on paper far more successful than it actually was.”

Despite bullish over the counter dealings and a constructiveopening, the natural gas futures market shuffled lower Monday asshort-term traders sold off newly acquired long positions. TheNovember contract notched a $3.02 high shortly after the open thenproceeded lower to its $2.86 low for the session. A late rallybolstered prices near the closing bell to $2.92, a 5.5-cent loss onthe day.

Columbia shareholders have sent a “resounding message” to theColumbia board to sit down and negotiate a merger deal withNiSource. More than 60% (49,638,497) of CG common shares had beentendered in response to NiSource’s $68/share offer ($5.7 billion)as of last Friday and NiSource extended the deadline of the tenderoffer to Oct. 15.