Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!news.media.mit.edu!americast.com!americast.com!usa-post Newsgroups: usa-today.energy From: usa-post@AmeriCast.Com Organization: American Cybercasting Approved: usa-post@AmeriCast.com Subject: energy Wed, Aug 12 1992 Date: Wed, 12 Aug 92 04:31:16 EDT Message-ID: 08-12 0000 DECISIONLINE: Energy USA TODAY Update Aug. 12, 1992 Source: USA TODAY:Gannett National Information Network ENERGY FUTURES DOWN: Energy futures ended mostly lower on the New York Mercantile Exchange Tuesday ahead of a weekly report from the American Petroleum Institute showing an unexpected decline last week in U.S. crude oil stocks. The report could prompt a rise in crude prices Wednesday. The price of light sweet crude oil for September delivery fell 12 cents to $20.91 a barrel. DISTILLATES ON RISE: The American Petroleum Institute reported that the supply of distillates rose 3.51 million barrels to 118.13 barrels last week. September heating oil dropped .67 cent to 57.55 cents a gallon Tuesday on the New York Mercantile Exchange. September unleaded gasoline rose .04 cent to 59.83 cents a gallon. Natural gas dropped 0.2 cent to $1.922 per 1,000 cubic feet. REFINERY WORK DROPS CRUDE: Traders' perceptions that U.S. refiners are buying less crude for September pulled prices down again Tuesday, according to Bloomberg Business News. Post-summer refinery maintenance scheduled for August and September is reducing the amount of crude purchased by refiners in the nation's three big petroleum centers: the Gulf Coast, Midcontinent and West Coast. UNLEADED PRICE DROPS: The American Automobile Association reported Tuesday that the average price of self-serve unleaded gasoline fell 0.9 cents to $1.154 this week. This week's price is the lowest since June 2, when the average hit $1.146. Gasoline prices dropped in the Mid-Atlantic, Great Lakes, Midwest, Southeast and West, AAA said. Prices increased in New England and the Southwest. GAS PRICE BILL APPROVED: House member Mike Synar's, D-Okla., bill to protect independent gasoline retailers from predatory pricing by refiners and big oil companies was approved by a House Energy and Commerce subcommittee Tuesday. The bill will bar refiners from selling gasoline to their own stations for significantly less than they charge independent retailers. Synar said he hopes the bill will prod negotiation. KVB:ANALECT SERVES CEMS: KVB:Analect, a Research-Cottrell company and a subsidiary of Air & Water Technologies Corporation, announced Tuesday that it has been contracted to provide several utilities with continuous emissions monitoring systems. The systems, required under new air emissions management laws, will be delivered at a total cost of $8.3 million. The contracts were awarded in early July for utilities in Chicago, New York and California. PONDER DENIED CREDIT: Ponder Industries Inc., a provider of drilling services to oil and gas companies, Tuesday said its bank refused to advance Ponder a line of credit, according to Bloomberg Business News. The company didn't provide details. In July, Ponder said it hired Capital Alliance Corp. to help restructure Ponder's long-term debt, which the company reported is $1.52 million. EDISON TO REDUCE RATES: The Illinois Commerce Commission staff said Monday it has recommended Commonwealth Edison Co. reduce its current rates by $395.7 million. The recommendation increased speculation that the Chicago-based utility might be forced to cut its annual common stock dividend of $3 a share. In recent trading, the utility's stock was down 1 1:8 at 24 1:2. USX TO SELL GAS STOCKS: USX Corp. of Pittsburgh, Pa., filed Tuesday with the Securities and Exchange Commission to sell about $128 million of a new class of common stock. The 7.5 million common shares are a new class of USX common stock that is intended to reflect the performance of the Delhi Group of USX, the company's natural gas operation, the S-1 filing said. Six million shares will be offered in the USA. ALABAMA POWER TO SELL BONDS: Directors of Alabama Power Co. accepted bids Tuesday for the purchase of $275 million principal amount of First Mortgage Bonds of the company, according to William B. Hutchins III, senior vice president and chief financial officer. The directors accepted a bid of 98.209% for a 7.25%, $175-million, 15-year bond series due 2007 as the lowest cost to the company. GULF STATES SELLS DEBTS: Gulf States Utilities Company of Beaumont, Texas, has filed with the Securities and Exchange Commission to sell $300 million of debt securities. The electric company, which serves the Gulf Coast between Houston and New Orleans, plans to sell $75 million of first mortgage bonds due in 1996 through 1999. A company spokesperson said Tuesday the bonds should come to market in September. SIGEC EARNINGS UP: Southern Indiana Gas and Electric Company reported earnings per share of 64 cents for the quarter ended June 30, compared to 48 cents in 1991. Helping higher earnings: Fewer electric maintenance expenditures, down 38% for the quarter. The company said it expects to spend more on maintenance during the third and fourth quarters. Energy Editor: Martin Baucom. (1-919-855-3491) Making copies of USA TODAY Update (Copyright, 1992) for further distribution violates federal law. This article is copyright 1992 Gannett News Service. Redistribution to other sites is not permitted except by arrangement with American Cybercasting Corporation. For more information, send-email to usa@AmeriCast.COM