Natural Gas Week articles from February 2002

Natural Gas Week archives from February 2002

Shared away. (Late News).
February 4, 2002... Sales of shredding machines look set to rise on publicity generated by Enron and its auditor, Andersen, says executive from General Binder. "We will see a definite surge in sales, but it's always unexpected," says Carolyn Muller, senior product...

State of Union's energy. (Late News).
February 4, 2002... President Bush's State of the Union Address highlights several key energy initiatives, urges Senate to pass proposed legislation to "encourage conservation, promote technology, build infrastructure, and increase energy production at home so...

Sable estimate cut. (Late News).
February 4, 2002... Shell Canada cuts estimate of reserves at massive Sable natural gas project off Nova Scotia by 27%, citing conclusions from geological studies since production began at end of 1999. Company has 31.3% stake in Sable, which pumps about 550...

Average Cash Prices & Futures Strip. (Late News).
February 4, 2002... The February gas futures contract closed just above $2/MMBtu and led to a weak bid-week. [Graph omitted]

Gas market remaining bearish; bulls eyeing production drop.
February 4, 2002... The natural gas market is heading into the homestretch of winter with a plethora of working gas in storage, weak prices for competing fuels, plentiful hydropower, and the industrial sector in tatters. But a significant and sustained cold snap...

Northeast swing supply in Limbo over sensitive politics of LNG.
February 4, 2002... Distrigas would like to boost its imports of liquefied natural gas (LNG) into Boston. The mayor of Boston would like Distrigas to go away. Amid this tug-of-war rests the ate of a major swing supply of natural gas into the Northeast market. ...

Newcomer aims to build pipeline to challenge El Paso's market.
February 4, 2002... Pacific & Texas Corp., a Phoenix-based newcomer to the natural gas business, is developing plans for it first natural gas line, and directly challenging El Paso's grip on the Southwest market. The proposed $1.3 billion, 800-mile line would...

Asset write-downs mar results as producers rethink spending.
February 4, 2002... Asset write-downs have marred early fourth-quarter results from top US independent and integrated producers, and with natural gas prices in a slump most are refocusing spending plans. The biggest surprise came from top-independent Anadarko,...

Aquila buys SouthWest storage.
February 4, 2002... Aquila announced last week its purchase of the Red Lake storage project from Southwest Gas. As a result of the acquisition, Aquila will develop a storage facility with a capacity of 12 Bcf on a 36,000-acre parcel located about 30 miles...

Cooper takes reigns at Enron; Dienstbier to head NNG, again.
February 4, 2002... The Wall Street workout specialist Enron brought in to salvage the remnants of its once global empire comes to the job committed to bringing a viable pipeline company out of the bankruptcy proceedings. Stephen Cooper would be returning...

Major Market Prices.
February 4, 2002... MAJOR MARKET PRICES February 4, 2002 ($/MMBtu) This Weekly Bid Week Week Change for Feb. Chicago City Gate 2.09 -0.03 2.06 New York City Gate 2.37 -0.01 2.52...

Canadian M&A activity rolls on; Oilpatch activity could continue.
February 4, 2002... Last week was a week of mega-mergers in Canada's oil-patch. One resulted in the creation of the world's largest independent oil and gas company and the other created Canada's largest integrated oil company. First, PanCanadian Energy and...

Composite Spot Wellhead Price.
February 4, 2002... COMPOSITE SPOT WELLHEAD PRICE January 1990 to Present ($/MMBtu) Jan. Feb. March April May June July August Sept. Oct. 1990 2.23 1.68 1.42 1.39 1.39 1.40 1.36 1.32 1.37 1.56 1991 1.57 1.30...

Composite Spot Delivered-to-Pipeline Price.
February 4, 2002... COMPOSITE SPOT DELIVERED-TO-PIPELINE PRICE January 1990 to Present ($/MMBtu) Jan. Feb. March April May June July August Sept. Oct. 1990 2.41 1.82 1.56 1.60 1.59 1.60 1.54 1.49 1.52 1.74 1991...

Senate to hear from lay today; assertions to be put to test.
February 4, 2002... Senators appear to be ready for bear and are likely to demand, none too politely, what Lay knew, when he knew it, and why he did nothing about it. Kenneth L. Lay, Enron's former chairman and chief executive, the man who last fall told...

Red-Hot LNG market ices over as terminals wilt amid slump.
February 4, 2002... Only a year ago, announcements for new US liquefied natural gas (LNG) import terminals were coming out at the rate of about one per week, as gas prices soared to $10/MMBtu on indications that North American supplies were fast depleting. ...

Salt Cavern Storage.
February 4, 2002... SALT CAVERN STORAGE (Billion Cubic Feet) Jan 25 MMcfd MMcfd Bcf Bcf Facility State Max ...

FERC to look into power market with an eye toward California.
February 4, 2002... An inquiry by federal regulators into allegations that Enron manipulated forward prices could have serious ramifications for companies that entered into long-term contracts to provide power to California and western utilities. Federal...

2002 Gas Price Outlook.
February 4, 2002... 2002 GAS PRICE OUTLOOK February 4, 2002/Week 5 12-Month Strip Wellhead Delivered-to-Pipeline Nymex $2.25 $2.38 $2.516 NOTE: (1)Prices are in $/MMBtu and are for...

City Gate Prices.
February 4, 2002... CITY GATE PRICES February 4, 2002 ($/MMBtu) Bid Week Bid Week City for Feb. for Jan. Austin, Texas Valero Transmission Co. 2.02 ...

New York, New England ISO agree to merge. (Current).
February 4, 2002... The transmission grid operators for New York and New England last week agreed to merge their markets in a move that should benefit natural gas-fired generation in the region. However, both groups have had dissention within their organizations,...

Huge capacity additions expected. (Current).
February 4, 2002... The flurry of power project deferrals and cancellations will not alter the coming glut of electric generating capacity since it only affects projects not yet under construction, according to a new study from Energy Ventures Analysis (EVA). ...

Enron wake slows PUHCA repeal; Lawmakers appeal to SEC chair. (Current).
February 4, 2002... The political winds have shifted in the wake of the Enron investigation as Democratic lawmakers are slowing efforts to repeal the Public Utility Holding Company Act (PUHCA). The 66-year-old law is championed as protection for consumers from...

SouthWestern Power Plant rejected. (Current).
February 4, 2002... PHOENIX -- Regulators in Arizona rejected an application last week by SouthWestern Power Group II to build an 1,800-MW power plant near the Ironwood Forest National Monument, about 60 miles southeast of Phoenix. The plant -- which was given...

Comparative Fuel Prices.
February 4, 2002... COMPARATIVE FUEL PRICES (Cash Market) February 4, 2002 EAST COAST Natural Gas Natural Gas New York Harbor: Texas New York Heating ...

Congress eyes pollutant bill.
February 4, 2002... WASHINGTON, D.C. -- Congress can spur development of new clean air technology with legislation tightening the limits on power plant emissions of sulfur dioxide, nitrogen oxides, mercury, and carbon dioxide, a prominent backer said last week....

Natural Gas and Electricity Futures Trading; Trading Dates: January 28-February 1, 2002.
February 4, 2002... NATURAL GAS AND ELECTRICITY FUTURES TRADING Trading Dates: January 28 - February 1, 2002 New York Mercantile Exchange (NYMEX) (Henry Hub) Monday Tuesday Wednesday Thursday ...

Cash Market Hub Trading.
February 4, 2002... CASH MARKET HUB TRADING ($/MMBtu) Henry Hub, La. Jan. Feb. March April May June July August Sept. Oct. 1994 2.34 2.71 2.21 2.04 1.92 1.90 1.96 1.66 1.49 1.51 1995 1.48 1.54 1.52 1.59...

Natural Gas Rig Count.
February 4, 2002... NATURAL GAS RIG COUNT Jan. Feb. March April May June July August Sept. 1999 Total 587 542 526 496 516 558 588 639 696 Gas 461 425 412 371 380 434 478 527 565 ...

Algonquin to expand HubLine; Firm sees stronger NE demand. (Regional Market Roundup).
February 4, 2002... Algonquin Gas Transmission, a subsidiary of Duke Energy, is seeking approval for an expanded HubLine Project. According to a filing with the Federal Energy Regulatory Commission (FERC), Algonquin wants approval for a 29.4-mile, 30-inch diameter...

Colorado Interstate Gas. (Regional Market Roundup - Colorado).
February 4, 2002... FERC approved plans by Colorado Interstate Gas, another subsidiary of El Paso, to expand its natural gas pipeline system by 282 MMcf/d. The new capacity will service power plants and local distribution companies along the eastern slope of the...

Tuscarora Gas Transmission. (Regional Market Roundup - Nevada).
February 4, 2002... An expansion of the Tuscarora Gas Transmission system also got a nod of approval from FERC. Tuscarora is 49% owned by TransCanada PipeLines. The extension consists of a 14-mile pipe from the current terminus of the pipeline at Reno,...

Conoco Canada consolidated all of its Canadian natural gas marketing services within its Conoco Gas & Power Marketing division as of the end of last week. (Regional Market Roundup - Canada).
February 4, 2002... Conoco Canada consolidated all of its Canadian natural gas marketing services within its Conoco Gas & Power Marketing division as of the end of last week. Previously, Conoco Canada's natural gas marketing activities were split between Conoco...

Reef International. (Regional Market Roundup - Texas).
February 4, 2002... Reef International, a subsidiary of Tidelands Oil & Gas, filed with FERC for a presidential permit to allow it to build a six-mile set of pipelines from Eagle Pass, Texas, across the border to Piedras Negras, Mexico. Reef plans a 12-inch...

FERC last week approved a request from El Paso Natural Gas to expand the capacity of its Samalayuca Pipeline into Mexico. (Regional Market Roundup - Mexico).
February 4, 2002... FERC last week approved a request from El Paso Natural Gas to expand the capacity of its Samalayuca Pipeline into Mexico. The pipeline will be expanded to 308 MMcf/d d from 208 MMcf/d. It is located at the US-Mexico border, six miles south...

Spot Prices On Interstate Pipeline Systems - Part 1.
February 4, 2002... SPOT PRICES ON INTERSTATE PIPELINE SYSTEMS Delivered-to-Pipeline ($/MMBtu) February 4, 2002 This Weekly Bid Week Pipeline Week Change for Feb. ...

Pipes, LDCs fare well in 2001; gas producers were not as lucky. (Canadian Markets).
February 4, 2002... The first earnings reports for the fourth quarter began to trickle out of Canada and companies not exposed to last year's volatile commodity prices fared much better than those that were. TransCanada Pipelines (TCPL) and Enbridge, two firms...

Canadian Price Report.
February 4, 2002... CANADIAN PRICE REPORT ($U.S.per MMBtu/$Can per Gigajoule) BRITISH COLUMBIA ALBERTA Huntingdon/ Kingsgate/ Total ...

Spot Prices On Intrestate Pipeline Systems.
February 4, 2002... SPOT PRICES ON INTRASTATE PIPELINE SYSTEMS Delivered-to-Pipeline ($/MMBtu) February 4, 2002 This Weekly Bid Week Pipeline Week Change for Feb. Louisiana Intrastates LIG, Bridgeline,...

Gas Price Trends.
February 4, 2002... GAS PRICE TRENDS ($/MMBtu) ROCKY NEW CALIFORNIA MTNS MEXICO TEXAS Gulf Coast ...

Enbridge to join Alaska effort? Firm evaluates all pipe options.
February 4, 2002... A recently published report has pipeline operator Enbridge ready to throw its hat into the race to bring Arctic natural gas south. But while company officials deny they are prepared to move ahead with a pipeline on their own, they acknowledge...

Gas Price Report.
February 4, 2002... GAS PRICE REPORT ($MMBtu-Spot) February 4, 2002 Interstate Interstate Wellhead Wellhead Bid ...

Naming wrongs. (Late News).
February 11, 2002... Houston Astros ask bankruptcy court to remove Enron's name from their stadium. Team claims name Enron's Field has hurt its image because of association with company's "alleged bad business practices and bankruptcy." In 1999, Enron paid $100...

Cover letter. (Late News).
February 11, 2002... New memo surfaces showing former Enron Chief Executive Ken Lay's fondness for current Federal Energy Regulatory Commission (FERC) Chairman Pat Wood dates back to early '90s. Letter to then-Gov. George W. Bush dated Dec. 21, 1994, asks Bush to...

Quite contrary. (Late News).
February 11, 2002... Kinder Morgan announces increased stock repurchase program, earnings guidance for 2002, touts firms strong cash flow, solid balance sheet. "Contrary to many companies in our industry, we have built a portfolio of fee-based assets integral to...

Average cash prices & futures strip.
February 11, 2002... Natural gas prices advanced slightly last week, though the bearish fundamentals remain firmly in place. [Graph omitted] [Graph omitted]

Separating fact from fiction over mandatory storage cycling.
February 11, 2002... The specter of late-winter mandatory storage withdrawals has sent some analysts into a tizzy. Many are predicting an implosion in near-term gas prices due to cycling requirements at many storage fields. However, there is clearly some...

Sector feeling Enron's pain; merchants cater to rating firms.
February 11, 2002... The military calls it "collateral damage." It refers to the harm caused unintentionally by, for example, bombs that missed their targets or debris blown into adjacent areas. Wall Street has its own name for collateral damage these days,...

Bearish fundamentals continue; Storage gas outweighs all else.
February 11, 2002... Weather forecasters are predicting a change this month from the warmth of November, December and January, but it won't he the kind of change that will force significant gas volumes to be pulled out of storage prior to spring. Salomon Smith...

Once-Heralded Georgia program proving one more dereg flop.
February 11, 2002... Problems with customer service, billing, and bad debt have forced a sobering realization upon utility regulators in Georgia. Their deregulation experiment in natural gas simply isn't working. This would have come as a surprise to most in...

Judge rejects PG&E's reorganization.
February 11, 2002... A federal bankruptcy judge denied Pacific Gas & Electric's (PG&E) reorganization plan last week citing state opposition to the plan, which would have removed most of the companies assets from state regulatory oversight. US Bankruptcy Judge...

Alaska funds for pipeline risky and project still uneconomic.
February 11, 2002... Providing funds to construct a natural gas pipeline from Alaska's North Slope to the Lower 48 is too risky for state funds, concluded a recent report from the Alaska Department of Revenue. Instead, gas producers and the federal government...

Desert Crossing moving forward.
February 11, 2002... Partners in the Desert Crossing storage and transportation project recently asked federal regulators for permission to move forward with the plan, which is designed to bring greater supply and transportation flexibility to natural gas industry...

Skilling claims his innocence; several execs take the fifth.
February 11, 2002... Former Enron chief executive Jeff Skilling last week insisted he was innocent of any wrongdoing in the scandalous business practices that brought down the once-mighty energy company in the biggest bankruptcy in US corporate history. Facing...

Major Market Prices.
February 11, 2002... MAJOR MARKET PRICES February 11, 2002 ($/MMBtu) This Weekly Bid Week Week Change for Feb. Chicago City Gate 2.15 +0.06 2.06 New York City Gate 2.62 +0.25 ...

Lay severs his last Enron tie; powers issues scathing report.
February 11, 2002... And then he was gone. Kenneth Lay, ousted only two weeks before as chairman and chief executive, severed his last tie with Enron last week when he resigned from the bankrupt energy trading company's board of directors. Enron noted the...

Spot Prices on Intrastate Pipeline Systems.
February 11, 2002... SPOT PRICES ON INTRASTATE PIPELINE SYSTEMS Delivered-to-Pipeline ($/MMBtu) February 11, 2002 This Weekly Bid Week Pipeline Week Change for Feb. Louisiana Intrastates ...

Nuclear wins, gas R&D slashed in Bush's 2003 budget request.
February 11, 2002... The Bush administration last week released its budget requests for fiscal year 2003 (FY03) with the promise of more money to boost energy efficiency and renewable resources, build more nuclear power plants, and bolster energy infrastructure...

Salt Cavern Storage.
February 11, 2002... SALT CAVERN STORAGE (Billion Cubic Feet) MMcfd MMcfd Feb 1 Max Max Bcf Bcf Facility State Injection...

2002 Gas Price Outlook.
February 11, 2002... 2002 GAS PRICE OUTLOOK February 11, 2002/Week 6 Wellhead $2.31 Delivered-to-Pipeline $2.44 12-Month Strip $2.578 Nymex NOTES: (1) Prices are in $/MMBtu and are for the calendar year. The...

EnCana deal creates latest super independent. (E&P Update).
February 11, 2002... There is a new top independent producer in North America -- and Houston is not its home. Calgary-based firms PanCanadian and Alberta Energy (AEC) recently came to terms on a merger of equals, creating the latest "super independent" that will...

Gas Rigs vs. Total Rigs.
February 11, 2002... Gas Rigs Vs. Total Rigs Total Rigs Gas Rigs 2/1/98 974 589 2/1/99 542 425 2/1/00 763 616 2/1/01 1136 898 1/4/02 883 744 1/11/02 856 719 1/18/02...

Storage-Price-Gas Rig Count.
February 11, 2002... Storage-Price-Gas Rig Count Bcf in storage gas price 12/7 3,106 769 12/14 3,061 756 12/21 2,980 741 12/28 2,858 748 1/4 2,666 744 1/11 2,529 ...

Parties disagree on issue of PUHCA repeal. (Current).
February 11, 2002... Federal regulators and industry participants backed the repeal of the Public Utility Holding Company Act (PUHCA) at Senate hearings last week, despite allegations from one witness that regulators disregarded the law by giving failed energy...

Consultant eyes potential DG market. (Current).
February 11, 2002... With distributed generation (DG) being touted by nation's energy problems, one company is getting in the business of forecasting the market for such products. Jeff Price, analyst specializing in renewable power generation technologies for...

Deregulation not harmed by Enron. (Current).
February 11, 2002... Conservatives had their chance last week to beat upon Enron, as panelists at a luncheon sponsored by The Progress & Freedom Foundation argued that the company was no true friend to free markets and deregulation. The panelists, speaking at the...

Dominion to manage FPL's fuel. (Current).
February 11, 2002... RICHMOND, Virginia -- Dominion Energy Clearinghouse, a unit of Dominion, last week was named the fuel manager and fuel supplier for FPL Energy's 665-MW natural gas fired combined-cycle unit and its recently completed 171-MW simple cycle peaking...

NEI announces record Nuke output. (Current).
February 11, 2002... NEW YORK--The nuclear energy industry is taking an optimistic view of its future. Citing preliminary performance figures from 2001, the Nuclear Energy Institute (NEI) told financial analysts on Wall Street earlier this month that the industry's...

Comparative Fuel Prices.
February 11, 2002... COMPARATIVE FUEL PRICES (Cash Market) February 11, 2002 EAST COAST New York Harbor: Natural Gas Natural Gas ...

Natural Gas and Electricity Futures Trading.
February 11, 2002... NATURAL GAS AND ELECTRICITY FUTURES TRADING Trading Dates: February 4-February 8, 2002 New York Mercantile Exchange (NYMEX)(Henry Hub) Monday Tuesday Wednesday Thursday Last/Volume...

Cogentrix seeks approval for plant. (Current).
February 11, 2002... CHARLESTON, West Virginia -- The Public Service Commission (PSC) of West Virginia gave provisional approval last week to a North Carolina-based company that wants to build an 1,100-MW power plant in its state. Cogentrix Energy of...

BC Hydro picks new plant site. (Current).
February 11, 2002... VANCOUVER -- BC Hydro & Power Authority has a found a new location for a proposed power plant on Vancouver Island, after having had its original site rejected. BC Hydro and its joint partner Calpine Canada are looking to secure the Duke...

Cash Market Hub Trading.
February 11, 2002... CASH MARKET HUB TRADING ($/MMBtu) Henry Hub, La. Jan. Feb. March April May June July August Sep. 1994 2.34 2.71 2.21 2.04 1.92 1.90 1.96 1.66 1.49 1995 1.48 1.54 1.52 1.59...

Natural Gas Rig Count.
February 11, 2002... NATURAL GAS RIG COUNT Jan. Feb. March April May June July August Sept. 1999 Total 587 542 526 496 516 558 588 639 696 Gas 461 425 412 371 380 434 478 527 565 %...

Aquila seeks storage customers; Red Lake to hold 12 Bcf of gas. (Regional Market Roundup).
February 11, 2002... Kansas City-based Aquila, a subsidiary of UtiliCorp United, began a binding open season for its Red Lake storage facility. The open season will run though Mar. 15. Red Lake is slated to be a 12 Bcf high-deliverability salt cavern storage...

Spot Prices on Interstate Pipeline Systems -- Part 1.
February 11, 2002... SPOT PRICES ON INTERSTATE PIPELINE SYSTEMS -- PART 1 Delivered-to-Pipeline ($/MMBtu) February 11, 2002 This Weekly Bid Week Bid Week 2001 Pipeline Week Change for Feb....

Spot Prices on Interstate Pipeline Systems -- Part 2.
February 11, 2002... SPOT PRICES ON INTERSTATE PIPELINE SYSTEMS -- PART 2 Delivered-to-Pipeline ($/MMBtu) February 11, 2002 This Weekly Bid Week Bid Week 2001 Pipeline week Change for Feb. for...

Lower prices hit integrateds; higher output expected in '02. (Canadian Markets).
February 11, 2002... The fourth quarter wasn't strong for Canada's five largest integrated companies -- Imperial Oil, Petro-Canada, Shell Canada, Suncor Energy, and Husky Energy -- as their combined profits came in at C$505 million (US$346 million), down from C$1.5...

Canadian Price Report.
February 11, 2002... CANADIAN PRICE REPORT ($U.S. per MMBtu/$Can per Gigajoule) BRITISH ALBERTA COLUMBIA Huntingdon/...

Dynegy blames Enron for Enron.
February 11, 2002... Dynegy, Enron's one-time suitor, responded to Enron's $10 billion damage suit in a filing with the US Bankruptcy Court for the Southern District of New York last week, often using Enron's own words to make its case. In its response, Dynegy...

Gas Price Trends.
February 11, 2002... GAS PRICE TRENDS ($/MMBtu) ROCKY NEW CALIFORNIA MTNS MEXICO South North February 2001 Inter (well) -- ...

CMS line converted to products as Midwest gas patterns change.
February 11, 2002... Call it recycling on a major scale. At a time when constructing new pipelines or utility infrastructure of any kind can be a major battle, CMS Energy found a new use for a no-longer-needed natural gas pipeline from Louisiana to Illinois through...

Gas Price Report.
February 11, 2002... GAS PRICE REPORT ($/MMBtu--Spot) February 11, 2002 Interstate Interstate Wellhead Wellhead Bid ...

Trading gamed. (Late News).
February 18, 2002... Federal Energy Regulatory Commission will ask UBSWenergy for records of former EnronOnline's transactions in California after Jan. 1, 2000, in its investigation of allegations that Enron manipulated California electricity market, industry...