Unity in price direction returned to the cash market Monday as all points rose in response to somewhat colder-than-expected weather forecasts and the previous Wednesday’s 17.3-cent advance by January futures. Last Wednesday’s report of a 147 Bcf storage withdrawal for the week ending Dec. 19, which exceeded consensus expectations, and the restoration of industrial load following a long holiday weekend added to cash bullishness Monday.
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All Points Except One See Flat to Higher Quotes
A previously divided cash market came together for an impressive show of unity Tuesday as NGPL’s TexOk zone was the only point to show a decline (a little less than a dime). Prices were flat to higher in the rest of the market, deriving support from the previous day’s increase of 13.7 cents by October futures and further indications that ongoing outages of significant amounts of Gulf of Mexico (GOM) supplies are having more of a price impact as they continue to accumulate.
KMPG CEO Calls for Unity in Financial Reporting Reforms
In a call to action for the energy industry Wednesday, KMPG LLP CEO Stephen G. Butler said the “systemic flaws” revealed by Enron Corp.’s bankruptcy have to be fixed, but warned it will take more than just rewriting accounting rules. Speaking at Cambridge Energy Research Associates’ 21st Annual CERAWeek Executive Conference in Houston, Butler suggested several reforms, including replacing required quarterly reports with information in “real time” to offer a more transparent picture of a company’s health.
KMPG CEO Calls for Unity in Financial Reporting Reforms
In a call to action for the energy industry Wednesday, KMPG LLP CEO Stephen G. Butler said the “systemic flaws” revealed by Enron Corp.’s bankruptcy have to be fixed, but warned it will take more than just rewriting accounting rules. Speaking at Cambridge Energy Research Associates’ 21st Annual CERAWeek Executive Conference in Houston, Butler suggested several reforms, including replacing required quarterly reports with information in “real time” to offer a more transparent picture of a company’s health.