Calling the blasts on the El Paso Natural Gas and Olympic PipeLine systems the “most visible indications of a serious, long-termproblem,” Rep. James L. Oberstar (D-MN) introduced pipeline safetylegislation this week in the House that he says takes a tougherstance against natural gas and hazardous liquid pipelines than theSenate measure passed last month.
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Unocal Updates Third Quarter Estimates
Unocal re-evaluated its third quarter estimate yesterday toannounce that it expected earnings not to be 70 cents per share asannounced on July 27, but that its earnings would be between 90-95cents per share. The new expectation beats First Call/ThomsonFinancial’s consensus estimate of 79 cents by at least 11 cents.
Western Frontier Pipe Gets Rave Reviews
After successfully completing a non-binding open season on Sept.21, for the Western Frontier project, Williams’ gas pipeline unitplans to hold a binding open season in the near future to gauge theexact market interest in the project that would transport gassupply from the Rockies to the mid-continent region.
Data Correction Adds 25 MMcf/d to Chevron Well
In the good news department: Chevron Canada Resources said thatits reported natural gas production volumes from its Fort LiardK-29 well in the southwestern part of the Northwest Territories areabout 25 MMcf/d more than it had estimated.
NY Heavy Into Analyzing Retail Market
Four stakeholders committees, set up last March by the PublicService Commission (PSC), have now identified the issues in thestate of New York’s stalled retail deregulation process forelectric power and natural gas, and by next spring they expect tohave some solutions — if it isn’t too late.
CA Retailers Weigh In on Restructuring
In the wake of a summer-long lamenting of the dysfunction, ifnot outright death, of California’s attempt at creating competitiveretail electricity markets, the state’s small remaining band ofnonutility retailers, or “energy service providers” (ESPs), isweighing in with state officials and utilities trying to breathenew life into the state’s once-optimistic drive for moremarket-based energy solutions.
Industry Briefs
True Quote announced an alliance with Cap Gemini Ernst &Young to provide customers with information technology consulting,as well as system and business integration services. In addition,the companies intend to license truequote.com’s advanced tradingplatform to the global marketplace, including turnkey solutions forother exchanges desiring real-time bid-ask systems. These serviceswill be provided to clients under the “TQ Trade Solutions” brandname. “This alliance will expedite the deployment of integratedsolutions beyond the box, allowing us to provide powerful and cost-effective products to our customers,” said True Quote President andCEO Dennis Crum. True Quote develops and operates independentelectronic energy trading platforms and portals. These systemsprovide virtual trading communities for market participants tocommunicate and transact in an efficient, real-time environment.The truequote.com application architecture is devoted to anopen-access, broker-assisted model that allows equal access to allqualified market participants. Currently, PG&E National EnergyGroup, APB Energy, Inc., Cap Gemini Ernst & Young, EnFORMTechnology LLC and Microsoft Corp. are the principal companiesworking together to develop and promote truequote.com. Thetechnology has been developed using the latest distributedapplication design and development principles, as outlined inMicrosoft’s Distributed Internet Application Architecture (WindowsDNA). For more information visit the company’s website atwww.truequote.com or call Lee Ann Zoeller at (800) 327-1499.
Prices Mostly Flat But Mixed With Big Gains, Losses
The cash market was a mix of ups and downs as far as priceaverages went Thursday, but sources agreed that the overall trendwas downward as trading proceeded through the morning. Flat quotesdominated again at many points, while sizeable gains and losseswere scattered.
Transportation Notes
Saying linepack was stabilized, El Paso canceled Thursday anUnauthorized Overpull Penalty situation that had been implementedTuesday.
Despite Cool Forecasts, Bears Have Their Way at Nymex
Volatility was once again the name of the game yesterday in thenatural gas pit at Nymex as prices tumbled lower after bulls failedto do much of anything with yesterday’s stronger opening trade. TheNovember contract was dealt the most severe blow, slipping 13.8cents to close at $5.152. The winter strip did not fare muchbetter, dropping a cool 12.5 cents to finish at 5.076.