Swing prices exploded Monday in hyper-volatile trading featuring across-the-board multi-dollar gains, with Northeast quotes soaring to peaks of more than $30 in some cases and most Gulf Coast/Midcontinent/Midwest numbers averaging between $10 and $20. The spikes weren’t quite as spectacular in the West, but still impressive as the Rockies market soared to $6-8, Malin peaked at more than $10 and El Paso-Permian was quoted as high as $15.95.
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Grand Jury Seeks Documents on El Paso Pipe Blast; S&P Issues Credit Downgrade
El Paso share prices were volatile last week fluctuating between the high $6s and $10/share, in response to a Standard and Poor’s downgrade and a New Mexico grand jury subpoena for documents in connection with a pipeline explosion on the El Paso Natural Gas South Mainline system that killed 12 members of two extended families in August 2000.
‘Mature’ E&Ps Less Likely to Respond to Volatile Markets, Say Analysts
Because of its maturity and growth, North America’s exploration and production (E&P) sector is less likely to respond as quickly as in the past when there were unsustainable commodity prices, and thus, the industry will trend toward less activity directed at short-term production maximization, according to analysts with RBC Capital Markets.
‘Mature’ E&Ps Less Likely to Respond to Volatile Markets, Say Analysts
Because of its maturity and growth, North America’s exploration and production (E&P) sector is less likely to respond as quickly as in the past when there were unsustainable commodity prices, and thus, the industry will trend toward less activity directed at short-term production maximization, according to analysts with RBC Capital Markets.
Utilities Move Up, Buoyed by Surging Market
It was a volatile day on Wall Street for the utility and energy merchant sector Wednesday, opening with a heavy sell-off by frazzled investors, with calm finally restored by noon, as the intrepid stepped in to buy what they hope become good bargains. The Dow Jones Industrial Average, which soared 488 points, carried with it nearly the entire energy marketplace, with few exceptions. Only two utilities, National Fuel Gas Co., off just over 1%, and Delta Natural Gas, down 4%, lost ground.
Utilities Move Up, Buoyed by Surging Market
It was a volatile day on Wall Street for the utility and energy merchant sector Wednesday, opening with a heavy sell-off by frazzled investors, with calm finally restored by noon, as the intrepid stepped in to buy what they hope become good bargains. The Dow Jones Industrial Average, which soared 488 points, carried with it nearly the entire energy marketplace, with few exceptions. Only two utilities, National Fuel Gas Co., off just over 1%, and Delta Natural Gas, down 4%, lost ground.
Electricity Reserves Look Adequate; Power, Gas Prices to Remain Volatile
A financial community audience hosted by Standard & Poor’s in New York City was told last Wednesday that in the wake of this year’s energy industry credit and credibility crisis, electricity reserves look adequate for North America through 2008, but energy price volatility is expected to continue, particularly in regard to natural gas. On average, however, gas prices should stay in the $2.75-$3.50/MMBtu range, according to a presentation by Boulder, CO-based researcher Douglas Logan, a principal in Platts Research & Consulting/RDI.
Williams’ Shares Tumble As Former Communications Unit Eyes Bankruptcy
Williams shares were volatile last week, as investors weighed the potential impact of its former communications subsidiary, Williams Communications (WCG), considering filing for voluntary Chapter 11 bankruptcy reorganization. WCG said it was considering bankruptcy as one potential option in its financial restructuring effort. Williams already is examining the possibility that it will be obligated to cover WCG’s $2.2 billion in debt if the communications company defaults on its loans.
Futures Finish Nearly Unchanged Following Volatile Trading Session
After probing to new lows just after the opening bell, natural gas futures rebounded Monday morning as traders covered shorts initiated during the recent string of losses. However, no sooner had the February contract notched an impressive $2.35 high, than sellers were back at work, rescinding the morning’s advances. The prompt month spiraled lower into the close, finishing the day with a 0.3-cent decline at $2.272.
Futures Shed a Dime in Volatile Trade
In a topsy-turvy session that left both bull and bear searching for answers, natural gas futures slipped lower Thursday as traders took profits following Wednesday’s shocking storage news and resultant 37.4-cent advance. At the closing bell yesterday, the September contract was 10.1 cents lower at $3.367.