Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!news.media.mit.edu!americast.com!americast.com!usa-post Newsgroups: usa-today.energy,americast.usa-today.energy From: usa-post@AmeriCast.Com Organization: American Cybercasting Approved: usa-post@AmeriCast.com Subject: energy Tue, Sep 8 1992 Date: Tue, 8 Sep 92 04:30:16 EDT Message-ID: 09-08 0000 DECISIONLINE: Energy USA TODAY Update Sept. 8, 1992 Source: USA TODAY:Gannett National Information Network OIL RISES BEFORE HOLIDAY: Prices of crude oil, natural gas and other energy commodities rose slightly in light trading Friday. Analysts said there was little news to affect the U.S. market, which was closed Monday for Labor Day. Light sweet crude oil for delivery in October, which fell 2 cents a barrel Thursday, settled 10 cents higher at $21.77 on the New York Mercantile Exchange. REFINED PETROLEUM PRODUCTS UP: Natural gas contracts for October settled at $2.147 per 1,000 cubic feet, up 1.6 cents Friday on the New York Mercantile Exchange. Markets were closed Monday for Labor Day. Home heating oil for October delivery settled at 60.84 cents a gallon, up 0.24 cent. Unleaded gasoline for delivery in October settled at 61.17 cents a gallon, up 0.07 cent. TRUNKLINE PIPELINE TO RETURN: Trunkline Gas Co. said Friday it expects its pipeline platform T-25 at Ship Shoal 139 to return to service Wednesday. That will make 350 million cubic feet per day of natural gas available. The platform had been taken out of service because of Hurricane Andrew. Trunkline, a unit of Panhandle Eastern Corp. said it expects to receive government approval for the restart by Tuesday. 16 BILLION CUBIC FEET CUT OFF: Trunkline Gas Co. Friday said it expects to restart its pipeline platform T-25 at Ship Shoal 139 on Wednesday after a shutdown for the hurricane. Trunkline and Texas Eastern Transmission Corp., both units of Panhandle Eastern Corp., said last week that 16 billion cubic feet of natural gas was interrupted by Hurricane Andrew. Platform damage cost Trunkline another 800 million cubic feet. EL PASO ELECTRIC REORGANIZES: El Paso Electric Company, based in Austin, Texas, is scheduled to file a reorganization plan Tuesday to emerge from Chapter 11 bankruptcy, according to Bloomberg Business News. The company is only the second U.S. utility to file for Chapter 11. SFPP FACES LAWSUITS: Santa Fe Pacific Pipeline Partners, L.P. announced Friday that Navajo Refining Co. and El Paso Refinery, L.P. have filed suits against SFPP in New Mexico and Texas, respectively. Both suits seek damages resulting from SFPP's alleged failure to provide additional pipeline capacity to Phoenix and Tucson, Ariz., from El Paso, Texas. NAVAJO ALSO WANTS INJUNCTION: In conjunction with its suit against Santa Fe Pacific Pipeline Partners L.P., Navajo Refining Co. is also seeking an injunction to prohibit SFPP from reversing the direction of product flow in one of its pipelines between Tucson and Phoenix. Santa Fe Pacific Pipeline Partners, L.P. is the largest independent refined products pipeline in the USA in terms of revenue generated. SUITS FILED AGAINST HOUSTON L&P: Two class-action lawsuits were filed Friday in Houston seeking more than $245 million in damages from Houston Lighting & Power Co. for employees fired by the utility in April. The suits were filed against HL&P and 13 other defendants on behalf of nearly a thousand former workers. One suit filed in federal court claims lack of proper notice. The suit in state court claims breach of contract. KOA LOWERS EARNINGS ESTIMATES: Koa Oil Co., a Japanese oil refiner, announced Monday revised earning estimates. According to Bloomberg Business News, the company said it now expects current profits to fall 22.5% to $5.7 million in the six months ending Sept. 30. JAPANESE DEMAND DECLINES: Demand for electricity in Japan during the fiscal year is expected to increase just 2% from the year before, compared with an initial forecast of a 3.4% increase, the Nihon Keizai newspaper said Monday. A strong yen and a drop in the price of crude oil will help companies, but electricity demand will hurt. The fiscal year ends March 31. COAL SHIPPED FROM YORK CANYON: The first trainload of York Canyon Coal from Raton, N.M., has been shipped to a Wisconsin power plant under a 15-year, $1 billion contract. The 12,400 tons of clean-burning, low-sulfur coal comprise the first of a 30 million-ton deal - the largest hauling contract in the history of the Santa Fe Railway, officials said. SDG&E TO REDEEM STOCK: San Diego Gas & Electric announced Friday it is redeeming three series of preference stock. They are: the $8.25 series issued in 1974, with 45,000 shares outstanding at a call price of $103.30; the $9.125 series issued in 1977, with 25,000 shares outstanding at a call price of $102.741; and the $2.475 series issued in 1978 with 1 million shares outstanding at call price of $28.35. Energy Editor: Beth Mann. (1-919-855-3491) Making copies of USA TODAY Update (Copyright, 1992) for further distribution purposes 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