Path: bloom-picayune.mit.edu!snorkelwacker.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, Oct 27 1992 Date: Tue, 27 Oct 92 04:59:45 EST Message-ID: 10-27 0000 DECISIONLINE: Energy USA TODAY Update Oct. 27, 1992 Source: USA TODAY:Gannett National Information Network CRUDE OIL CLIMBS: Crude oil futures prices settled higher Monday in extremely light, uneventful trading. Light sweet crude oil for delivery in December, which fell 16 cents on Friday, rose 8 cents to settle at $21.27 per barrel on the New York Mercantile Exchange. Increased oil output by OPEC producers of as much as one million barrels per day was a factor in trading, traders said. REFINED PRODUCTS MIXED: Among refined petroleum products, unleaded gasoline for delivery in November settled at 59.30 cents a gallon, up .41 cent after rising .27 cent on Friday. Home heating oil for delivery in November, which fell .12 cent on Friday, gained .05 cent to settle at 61.85 cents a gallon. The December natural gas futures contract was trading at $2.27 down 7 cents from Friday's close. EDISTO FILES CHAPTER 11: Dallas-based Edisto Resources Corp. Monday filed a prepackaged Chapter 11 bankruptcy to resolve debt problems. The long-struggling natural gas concern filed the proposed reorganization plan in Delaware. The proposal calls for Edisto to exchange 90% of its common stock for $113 million in defaulted corporate bonds. Stockholders will retain a 10% stake in the company. HEATING BILLS COULD RISE: The American Gas Association has projected that the national average heating bill for residential natural gas customers could increase this season from 6% to 18% over last year's national average heating bill. The biggest unknown "is always weather," according to AGA President Michael Baly III. Though last year's winter was mild, if colder weather returns, prices could soar. BILL COULD JUMP $3.60 PER MONTH: The American Gas Association's annual outlook for the heating season estimates the national average heating bill will be about $395. That's up $3.60 per month over last year - if weather is similar to last year. If weather is normal the average heating bill will be about $440 or $11.15 per month higher, according to AGA President Michael Baly III, speaking in Chicago. GASOIL PRICES SLIDE: Traders in London Monday lost hopes for increased winter demand for gasoil and futures prices on the international Petroleum Exchange dropped. Hopes of a cold winter to boost sales and cut levels of gasoil in storage haven't materialized because it hasn't been cold enough. "It will have to get pretty cold to make any impression," according to one trader. TRANSMATION GETS TWO ORDERS: Transmation Inc. Monday said its Singapore unit has received two orders for $900,000 for products used in petrochemical and power plants. Transmation makes monitoring devices for industrial processes. The Rochester, N.Y.-based company said it will ship the orders over the next six months. The company posted net income of $101,700 for the first quarter ended June 30. SECRETARY PRAISES BILL: Energy Secretary James Watkins Monday said the national energy bill signed Saturday is the most "comprehensive and balanced energy legislation ever enacted." Watkins praised the law for its positive effect on consumer finances, especially those in the Midwest in what Watkins called "energy-intensive states." Watkins cited ethanol production that could expand corn demand. UNOCAL INCOME SOARS: Unocal Corp. Monday said third-quarter income from operations was up 140% from a year ago. The company praised higher oil and natural gas prices and better profit margins from refining and marketing for the increase. The ninth-largest oil company in the United States said earnings increased to $65 million for the quarter compared to $23 million in the quarter a year ago. DETROIT ED ANNOUNCES EARNINGS: Detroit Edison Monday announced earnings for common stock for the three months ended Sept. 30 of $147.8 million compared to $155.4 million for the quarter a year ago. That's a decrease of 4.9%. Total and per-share earnings for common stock for the third quarter decreased due to lower operating revenues resulting primarily from cooler-than-normal summer weather. PHILLIPS ANNOUNCES EARNINGS: Phillips Petroleum Co. Monday reported third quarter net income of $99 million, or 38 cents a share, compared with $56 million, or 21 cents a share for the same period last year. Net income for the quarter included a gain of $6 million from an asset sale and a $78 million benefit from revised estimates of future tax obligations, partially offset by a $19 million charge. CRASHES RAISE CONCERNS AGAIN: Fiery accidents on opposite coasts over the past week have raised concerns anew about the safety of gasoline trucks on busy urban highways. Both crashes, in California Sunday and Maryland Oct. 19, killed the tanker-truck drivers and tied up traffic for hours. Nationwide, gasoline trucks make more than 40,000 deliveries each day to service stations. 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. 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