Values

Addressing speculative rumors of large losses due to plummeting natural gas futures values, Houston-based energy hedge fund Trident Asset Management LP. said Friday that contrary to trader gossip, the fund has suffered “no major losses” and is doing fine, thank you very much.

Transportation values to the Northeast have rocketed to astronomical heights this week, and spreads widened even further on Tuesday as Gulf prices slipped while Northeast points continued to soar, reaching the highs of almost $14 on Iroquois and more than $15 on Algonquin.

On a day that had virtually all traders mesmerized by the hemorrhaging of merchant energy values on Wall Street (see related stories), cash gas prices were mostly lower by small amounts Tuesday. Mild gains of a nickel or less at a few western points (intra-Alberta, Sumas and Kern River) were the exceptions to flat to as much as 40 cents lower (Transco Zone 6-NYC) numbers elsewhere.

On a day that had virtually all traders mesmerized by the hemorrhaging of merchant energy values on Wall Street (see related stories), cash gas prices were mostly lower by small amounts Tuesday. Mild gains of a nickel or less at a few western points (intra-Alberta, Sumas and Kern River) were the exceptions to flat to as much as 40 cents lower (Transco Zone 6-NYC) numbers elsewhere.

The value of merger and acquisition activity in the Canadian oil and gas industry has soared this year to the highest level in 10 years, but with the decline in commodity prices, the pace has slowed significantly in the second half, said Calgary-based Sayer Securities Ltd., which has been tracking M&A activity in Canada since 1987.

The value of merger and acquisition activity in the Canadian oil and gas industry has soared this year to the highest level in 10 years, but with the decline in commodity prices, the pace has slowed significantly in the second half, said Calgary-based Sayer Securities Ltd., which has been tracking M&A activity in Canada since 1987.

Buoyed by stronger cash market values and bullish speculationahead of the latest AGA storage report, natural gas futures clawedtheir way off early morning lows yesterday as buyers added to theirsummer long positions. However, that buying pressure was all fornaught because prices came cascading back down late in the session,leaving the April contract with a 4.3-cent loss for the day. Theprompt month settled at $5.236.

Despite a lower open and crumbling cash market values, naturalgas bulls fought their way higher on Friday as February pricesmoved above a key momentum number on technician’s charts. TheFebruary contract spent most of day trimming losses incurred duringthe overnight Access session, which paved the way for a lateshort-covering rally. The prompt month finished the day at $7.256,down 1.4 cents for the session but well above its $7.10 openingmark.