With moderating temperatures, a hurricane lull and an upcomingholiday weekend pulling the rug out from under bidweek cash prices,the Nymex October futures contract also decided to take the plungeyesterday, plummeting into the $2.70s before settling in thelow-$2.80s and adding to last week’s market dip. Some observersbelieve October is destined to test at least the $2.60s before thisdrop is over.
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Aggressively attempting to lower debt before its upcoming mergerwith Seagull Energy, Ocean Energy Inc. sold its Canadian oil andgas division Friday to Quintana Minerals Canada Corp. for $74million. OEI said shareholders for both companies are holdingspecial meetings March 30 to vote on the merger. If they vote infavor, the company will be officially merged that afternoon.
The Pennsylvania Gas Deregulation bill, which was introduced tothe state legislature last week, will meet steadfast oppositionduring the upcoming Senate Consumer Protection committee hearing onMarch 23. The hearing will be the first time the bill goes up fordebate.
One of the “biggest issues” facing the natural gas industry inthe upcoming year with respect to Y2K will be the readiness of “keyproviders and dependent players,” namely the electricity andtelecommunications industries, said pipeline and LDC officials lastweek.