The May futures contract suffered a third straight day of lossesby slipping a mere 0.6-cents to settle at $2.469 in relativelyquiet trading. The session was marked by light selling as bearsprobed for sell-stops but was kept in check by buying ahead of the2.435-.440 level. A modest 31,695 contracts changed hands in asession that saw no new fundamental developments.
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Duke Growing Pipe Presence in TX, LA
Duke Energy Field Services further expanded its South Texasgathering and processing assets with the acquisition of theBrooks-Hidalgo Pipeline System from subsidiaries of Aquila Energyand Mitchell Energy effective April 1.
NGC Emphasizing Generation Ability
Look for NGC to focus its efforts on growing the powergeneration segment of its energy store concept of providing gas,power and gas liquids, CEO Chuck Watson told reporters in HoustonMonday. “We are going to optimize and strategically grow our powergeneration assets. Greater than 50%, probably almost 75%, of ouravailable cash flow in this company over the next several yearswill be in power generation, either greenfield projects, merchantplants, or in possibly acquiring some of these plants that are spunoff from the utilities over the next several years.”
Protests of El Paso-NGC Agreement All ‘Smoke,’ NGC Says
Many of the “incendiary” allegations arising from Natural GasClearinghouse’s (NGC) acquisition of 1.3 Bcf/d of firmtransportation capacity from El Paso Natural Gas – that thecontracted amount far exceeded NGC’s market needs, that NGC hasacquired monopoly control over pipeline capacity into California,that California border prices have shot up as a result, and thatthe contracts contain a “covenant” whereby NGC and El Paso haveagreed not to compete – have generated a lot of smoke, but no realfire, the Houston-based gas marketer says.
Warm Weather Cools Columbia Earnings
Warmer-than-normal weather caused Columbia Energy Group toreport first-quarter 1998 net income down from the same period lastyear. Results in the company’s marketing business were off sharplydue mainly to expenses.
XENERGY Wins Procurement Contract
New York State Electric and Gas’ indirect subsidiary XENERGYInc. has won a contract to provide gas and power supply procurementand management services for 3,000 state facilities of theCommonwealth of Massachusetts. The first phase of the three-phasecontract begins immediately, and is worth almost $500,000. Thecommonwealth spends $80 million/year on gas and electricity for allits facilities.
NGC Growing Strong CA Presence
NGC Corp. touted several recent developments as evidence of itsstrong position in the California electricity marketplace.
Expected Softening Occurs Except in West Canada
Weekend prices were down by as much as a dime or so almostacross the board Friday. Although the screen’s almost imperceptibledrop provided no further impetus for cash softening, the decreaseswere widely expected as cold areas started warming and warm areasstarted cooling.
Futures Traders End Week With Little Fanfare
The May Nymex contract nudged 0.4 cents lower to $2.475 Friday,amid a day when the contract could neither sustain a move belowtechnical support at $2.44 nor rise any higher than $2.498. Totalestimated volume came in at 46,216, much of which was the work oftraders covering positions before the weekend, a source said.
Glynn Sees PG&E Trimming Assets
Without giving specifics, the CEO of PG&E Corp.confirmedhe is looking to sell some of its recently acquiredmulti-billion-dollar gas and electric assets in the U.S. andAustralia later this year.