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Canadian prices were strong Thursday, but it was a verydifferent market south of the border. Nearly all U.S. points werefalling between a nickel and a dime in what several sources agreedwas a “very quiet” trading day near the end of a quiet tradingweek. One marketer said he thinks everybody in the industry wantsto go play golf and say, “See you Sept. 1.”

Columbia Gas of Virginia says the first year of its two-yearcustomer-choice program has captured high marks, with aboutone-fifth of its eligible customers in the northern part of thestate having signed up to participate in it so far. This is the”best endorsement for the [program’s] expansion” throughoutColumbia’s entire service territory, a company official said.

A 14% increase in electric sales and the absence of $70 millionin merger-related costs (posted in 2Q97) sent Duke Energy earningsper share soaring 77% during the second quarter to 76 cents/share,well above analysts’ estimates. Duke reported earnings for commonstock of $274.4 million compared to $157.6 million in 2Q97.

With little to go on in the way of guidance, cash prices muddledaround in an essentially flat performance. There were scattered upsand downs, but no point moved by more than a nickel in eitherdirection and most changes were minuscule.

Metrocall Inc. of Alexandria, VA, announced it has entered intoa new two-year strategic marketing agreement with Washington Gas tooffer Metrocall pagers and services to the utility’s customer basein the Washington, D.C. and parts of Maryland.

Last year set a 1990s record for exploration and productioncapital spending, but the five-year trend of capital spendingincreases may end this year with the first decline since 1992.That’s one finding of Global Upstream Performance Trends, a reviewof domestic and international results for 131 publicly tradedcompanies by Arthur Andersen and John S. Herold.

Funding for the Low Income Home Energy Assistance Program(LIHEAP) is up in the air again with a Senate committeereauthorizing funding through 2004 and a House subcommittee votingto zero out 1999 fiscal year funding for the program. Rallying forLIHEAP’s continuation is the American Gas Association. “Thisunanimous [Senate] committee vote demonstrates the depth of supportthat LIHEAP has in the Senate. In fact, several senators at themarkup expressed their dismay about the House subcommittee actionto eliminate program funding,” said Steve Crout, AGA director ofgovernment relations. “We intend to fight hard to restore the ’99funding for LIHEAP, and today’s action shows that we can count onstrong support from the Senate.”

The depressed crude oil market continued to fuel an acquisitionfrenzy north of the border yesterday with Canadian producerRenaissance Energy mounting a friendly takeover of fellow CanadianPinnacle Resources Ltd. Renaissance CEO Clayton Woitas said theC$1.06 billion deal is designed to improve “operatingefficiencies,” build a stronger presence at a “fair price andcreate “long-term value” for shareholders.

Wednesday’s last-day plunge in June futures had cash sellersrunning scared, sources said. However, basis differentials did notappear to be changing much if any, a Gulf Coast producer said, sobidweek deals done prior to Wednesday afternoon will tend to beanywhere from 6 to 10 cents above the current market. He was makingsales Wednesday at $2.00-02 for Henry Hub and $1.99-2.00 forColumbia Gulf-onshore.