Natural Gas Week articles from January 2003

Natural Gas Week archives from January 2003

Regulator ousted. (Late News).
January 6, 2003... California Public Utility Commission Chairwoman Loretta Lynch booted from top position by Gov. Gray Davis and replaced by Michael Peevey, appointed to commission last March. Peevey is former president of Edison International and its utility...

Enron aired. (Late News).
January 6, 2003... The Crooked E: The Unshredded Truth About Enron, television show about Enron's downfall scheduled to air last night on CBS. Movie -- starring Brian Dennehy and Mike Farrell -- follows 26-year-old golden boy and author Brian Cruver, who started...

Canadian prices. (Late News).
January 6, 2003... The composite spot import price this week is US$4.35/MMBtu for gas leaving Canada and entering the US through six border crossing points. Natural Gas Week's Jan. 7, 2002, average for Canadian exports was US$2.47/MMBtu. Canada's average spot...

Average cash prices & futures strip. (Late News).
January 6, 2003... Natural gas prices got a Late-week boost from bullish weather reports and positive economic news. [GRAPH OMITTED]

Temperature, industrial factors lead surge in US gas prices.
January 6, 2003... A bullish private weather forecast and the idea that industrial demand is at last making a comeback have combined to breathe new life into a US gas market recently bogged down under mild temperatures and light demand. The dramatic turn in...

Athabasca oil sands partners begin gas-consuming production.
January 6, 2003... The Athabasca Oil Sands Project in northeastern Alberta began commercial production of bitumen last week as the project's partners get set for synthetic oil production in early 2003. Shell Canada and Western Oil Sands announced that the...

Looming crisis in oil markets may fast-track US energy bill.
January 6, 2003... The 108th Congress convening on Jan. 7 is expected to breathe new life into an energy bill and a host of environment legislation against the backdrop of a skittish oil market faced with uncertainty in the Middle East and an interminable crisis...

Launer sees re-invented sector rebounding around hard assets.
January 6, 2003... This will be the year when hard assets in the ground, coupled with exploration and production properties, will determine the winners and losers, according to Credit Suisse First Boston (CSFB) analyst Curt Launer. In his outlook for 2003 --...

FERC further clarifies on El Paso.
January 6, 2003... The Federal Energy Regulatory Commission (FERC) late last month issued an order further clarifying some tariff issues stemming from the El Paso capacity allocation case. On Dec. 26, FERC issued an order accepting El Paso's reservation...

Major Market Prices.
January 6, 2003... MAJOR MARKET PRICES January 6, 2003 ($/MMBtu) This Weekly Bid Week Week Change for Jan. Chicago City Gate 4.78 -0.09 5.01 New York City Gate 5.86 +0.19 6.68...

Spot Prices on Intrastate Pipeline Systems.
January 6, 2003... SPOT PRICES ON INTRASTATE PIPELINE SYSTEMS Delivered-to-Pipeline ($/MMBtu) January 6, 2003 This Weekly Bid Week Pipeline Week Change for Jan. Louisiana...

S&P sees bright future ahead for Atlantic LNG development.
January 6, 2003... A further confirmation of liquefied natural gas' (LNG) rising star came from credit rating agency Standard & Poor's (S&P) last week, which gave its official blessings to the many LNG infrastructure projects under development in North America...

JP Morgan settles with insurers.
January 6, 2003... Last week, when a court dismissed allegations that JP Morgan Chase aided and abetted Enron in financial statement fraud against 11 insurance companies, one of the nation's largest banks took it as a cue to initiate settlement discussions that...

2003 Gas Price Outlook.
January 6, 2003... 2003 GAS PRICE OUTLOOK January 6, 2003/Week 1 Delivered- 12-Month Strip Wellhead to-Pipeline Nymex $4.77 $4.90 $4.912 NOTES: (1)Prices are in $/MMBtu and are for the calendar year. The...

EPA's NSR overhaul challenged by nine state attorneys general.
January 6, 2003... Nine states have fired the first legal salvo against the Environmental Protection Agency's (EPA) overhaul of key clean air rules, and more battles may lie ahead if key Democrats play the environmental card to put the Bush administration in a...

Composite Spot Wellhead Price.
January 6, 2003... COMPOSITE SPOT WELLHEAD PRICE January 1991 to Present ($/MMBtu) Jan. Feb. March April May June July August Sept. Oct. 1991 1.57 1.30 1.26 1.23 1.20 1.11 1.07 1.19 1.43 1.59 1992 1.29 1.07...

2002 oil and gas stock prices generally beat rest of market.
January 6, 2003... In a year when it was tough to pick any winners in the equity market, oil and gas was not a bad place to be. While only a handful of top oil companies posted share price gains, the overall performance of the sector was strong compared to...

Salt Cavern Storage.
January 6, 2003... SALT CAVERN STORAGE (Billion Cubic Feet) MMcfd MMcfd Dec 27 Max Max Bcf Bcf Facility State Injection Withdraw...

Composite Spot Delivered-To-Pipeline Price.
January 6, 2003... COMPOSITE SPOT DELIVERED-TO-PIPELINE PRICE January 1991 to Present ($/MMBtu) Jan. Feb. March April May June July August Sept. Oct. 1991 1.66 1.41 1.33 1.31 1.27 1.19 1.15 1.27 1.52 1.68 1992...

AEP transmission line approval finally granted. (Current).
January 6, 2003... American Electric Power (AEP) last week received a crucial approval from the US Forest Service in its long-running attempt to construct a 765-kV power transmission line through West Virginia and Virginia that should give its coal-fired...

Duke announces two legal victories. (Current).
January 6, 2003... CHARLOTTE, North Carolina -- Duke Energy announced two legal victories regarding its energy trading business last week. On Dec. 26, a US District Court judge signed an order granting "in all respects" Duke's request for the dismissal of all...

Midlands sale progressing slowly. (Current).
January 6, 2003... KANSAS CITY, Missouri--Aquila, which is in the process of selling assets to improve its finances, said last week that the planned sale of UK power distributor Midlands Electricity has not proceeded as quickly as it had originally hoped. ...

Comparative Fuel Prices.
January 6, 2003... COMPARATIVE FUEL PRICES (Cash Market) January 6, 2003 EAST COAST Natural Gas Natural Gas New York Harbour: Texas New York Heating ...

PSI petitions for rate increase. (Current).
January 6, 2003... PLAINFIELD, Indiana -- PSI Energy filed a petition last week with the Indiana Utility Regulatory Commission for a rate increase that it said would raise customer electric bills by 16%-19%, if approved. The company said large portion of the...

Great River suspends Lignite study. (Current).
January 6, 2003... ELK RIVER, Minnesota -- Great River Energy (GRE) informed the North Dakota Industrial Commission (NDIC) last week that it has suspended its Lignite Vision 21 feasibility study on the construction of a new coal-based power plant in the state....

Natural Gas futures and spot electricity trading.
January 6, 2003... NATURAL GAS FUTURES AND SPOT ELECTRICITY TRADING Trading Dates: Dec. 30, 2002-Jan. 3, 2003 New York Mercantile Exchange (NYMEX) (Henry Hub) Monday Tuesday Wednesday Thursday ...

Constellation buys subsidiaries from troubled Allegheny Energy. (Briefs).
January 6, 2003... BALTIMORE, Maryland -- Baltimore-based Constellation Energy Group and Allegheny Energy said they have reached an agreement resulting in Constellation's purchase of two Allegheny Energy subsidiaries, Alliance Energy Services and Fellon-McCord &...

Northeastern Associations merge. (Briefs).
January 6, 2003... NEEDHAM, Massachusetts -- The New England Gas Association (founded in 1926) and the New York Gas Group (founded in 1973) announced last week that they have merged to become the Northeast Gas Association (NGA), effective last Wednesday. The...

XTO completes asset acquisition. (Briefs).
January 6, 2003... FORT WORTH, Texas -- XTO Energy last week completed a previously announced acquisition of coalbed methane gas producing properties in southwestern Colorado's San Juan Basin from J.M. Huber. The dosing price was $153.8 million with an effective...

Spot Prices On Interstate Pipeline Systems.
January 6, 2003... SPOT PRICES ON INTERSTATE PIPELINE SYSTEMS Delivered-to-Pipeline ($/MMBtu) January 6, 2003 This Weekly Bid Week Bid Week Pipeline Week Change for Jan. for...

CMS Energy shuts Houston office. (Briefs).
January 6, 2003... DEARBORN, Michigan--CMS Energy confirmed last week that it will shut its Houston energy trading office, removing itself completely from the city and moving operations back to Michigan. CMS said that it will lay off as many as 100 traders and...

Kerr-McGee to take 4Q '02 charge. (Briefs).
January 6, 2003... OKLAHOMA CITY -- Kerr-McGee said last week that it will take an after-tax charge of about $385 million against fourth-quarter earnings, mostly due to the poor performance of an oil field in the North Sea. Oklahoma City-based Kerr-McGee said...

Cash Market Hub Trading.
January 6, 2003... CASH MARKET HUB TRADING ($/MMBtu) Henry Hub, La. Jan. Feb. March April May June July 1994 2.34 2.71 2.21 2.04 1.92 1.90 1.96 1995 1.48 1.54...

Natural Gas Rig Count.
January 6, 2003... NATURAL GAS RIG COUNT Jan. Feb. March April May June July 2000 Total 774 763 773 805 844 878 942 Gas 631 616 599 609 644 677 733...

Canadian Price Report.
January 6, 2003... CANADIAN PRICE REPORT ($U.S. per MMBtu/$Can per Gigajoule) BRITISH COLUMBIA ALBERTA Huntingdon/ Kingsgate/ Total ...

Williams, California case settled.
January 6, 2003... Williams said last week that it closed its long-term power settlement with the state of California, which announced that it renegotiated another long-term power contract with a smaller power provider. The agreement between the state and...

City Gate Prices.
January 6, 2003... CITY GATE PRICES January 6, 2003 ($/MMBtu) Bid Week Bid Week City for Jan. for Dec. Austin, Texas Valero Transmission Co. 4.72 4.10...

NGW table changes proposed.
January 6, 2003... Natural Gas Week is considering several changes to its pricing tables in an effort to more accurately reflect current market activity and provide more clear, timely, and robust data. NGW is offering interested subscribers the opportunity to...

Gas Price Trends.
January 6, 2003... GAS PRICE TRENDS ($/MMBtu) ROCKY NEW CALIFORNIA MTNS MEXICO South North December 23, 2002...

Bucking consensus predictions, firm sees E&P spending jump.
January 6, 2003... Investment bank Raymond James is bucking the trend regarding the outlook for upstream activity next year. Contrary to most analysts, the firm expects a surge in exploration and production (E&P) spending in 2003, in keeping with its view of a...

Gas Price Report.
January 6, 2003... GAS PRICE REPORT ($/MMBtu--Spot) January 6, 2003 Interstate Wellhead Intrastate Wellhead Bid Bid ...

The spot delivered-to-pipeline price.
January 6, 2003... The Natural Gas Week composite spot wellhead price this week is $4.57/MMBtu, 5Cents less than last week and $2.17 more than the Jan. 7, 2002 average. The spot delivered-to-pipeline price this week is $4.70/MMBtu, 7Cents less than last week and...

Charges delayed. (Late News).
January 13, 2003... Prosecutors ask federal judge in Houston to postpone hearing for Andrew Fastow, Enron's former chief financial officer, signaling they need more time to develop new charges against him and others. Justice Department lawyers said in December...

Standard contracts. (Late News).
January 13, 2003... Committee of Chief Risk Officers recommends standard agreement to make it easier for energy trading companies to use multi-lateral clearing platforms. Agreement would allow trading counterparties to adapt existing contracts to a universal...

Solar power. (Late News).
January 13, 2003... Evergreen Solar installs 9-kW photovoltaic system at White House. New solar roof is first solar electric project on the White House grounds. System directly feeds solar-generated power into mansion's distribution system. Two solar thermal...

CBM rules. (Late News).
January 13, 2003... Bureau of Land Management issues final environmental impact statements for oil and gas drilling in Powder River Basin dealing with 39,400 coalbed methane wells being sought by several companies. Among points: how displaced water would be dealt...

Average cash prices & futures strip. (Late News).
January 13, 2003... Natural gas prices advanced last week despite a below-expectations storage withdrawal. [GRAPH OMITTED] [GRAPH OMITTED]

Oil prices, approaching weather fend off bearish storage report.
January 13, 2003... Analysts have been clamoring to raise US gas price forecasts due to ongoing factors in both the natural gas and oil markets, but as the winter wears on gas prices are growing more dependent on the arrival of anticipated cold weather to spark...

Dividend tax repeal proposal may be boon for utility shares.
January 13, 2003... The Bush administration's plan to repeal the taxation of stock dividends should be a boon for natural gas and electric utility stock prices, according to several analysts and industry advocates. The administration announced the taxation...

Lacking MMS data, EIA predicts gas supply on a wing and prayer.
January 13, 2003... The US Energy Information Administration (EIA) released the final version of its 2003 Annual Energy Outlook last week which largely echoed its preliminary findings from two months ago (NGW Nov. 25, '02,p1). For the gas industry, what should be...

Futures Exchanges head to court for Nymex, ICE monopoly spat.
January 13, 2003... The all-electronic IntercontinentalExchange (ICE) is counter-suing the New York Mercantile Exchange (Nymex) for abuse of monopoly power in the North American energy futures market and for attempting to extend its monopoly into the...

New Mirant plan fails to impress.
January 13, 2003... Beleaguered energy merchant Mirant unveiled a survival plan last Friday under which it will focus on a few key US power markets and dramatically curtail its gas marketing activities. The plan calls for further sales, more cost cutting, and...

Dynegy shares receive a boost from brighter earnings guidance.
January 13, 2003... Dynegy had a good week in which its stock price climbed above $2/share for the first time in months. It hasn't had a week that delivered as much positive news in more than a year, since its ill-fated attempt to acquire failed energy...

Enron, PGE conduct case delayed by US inter-agency infighting.
January 13, 2003... Bureaucratic snafus have stymied a quick resolution of the standards-of-conduct case against Enron and electric utility Portland General Electric (PGE), a Federal Energy Regulatory Commission (FERC) staff attorney said during a pretrial...

ConocoPhillips to take charges, but will retain strong ratings.
January 13, 2003... ConocoPhillips provided a sneak preview of its fourth-quarter results last week that offered few surprises -- with the exception of some non-cash impairment charges that could reduce net income by $1.3 billon. Wall Street analysts said...

Major market prices.
January 13, 2003... MAJOR MARKET PRICES January 13, 2003 ($/MMBtu) This Weekly Bid Week Week Change for Jan. Chicago City Gate 4.93 +0.15 5.01 New York City Gate 6.34 +0.48 6.68...

House Republicans choose Pombo to lead key Resources Committee.
January 13, 2003... Hard-charging conservative California Republican Rep. Richard Pombo, who was backed by powerful House Majority Leader Tom DeLay (R-Texas), has been named chairman of the House Resources Committee -- a committee with much say on drilling and...

Suncor boosts upstream spending aimed at developing oil sands.
January 13, 2003... Suncor Energy said it expects no "material impact" on its business or growth from the Kyoto Protocol, which Canada adopted last month, as it moves ahead with its capital expenditure program focused on oil sands. Suncor last week announced...

Spot prices on intrastate pipeline systems.
January 13, 2003... SPOT PRICES ON INTRASTATE PIPELINE SYSTEMS Delivered-to-Pipeline ($/MMBtu) January 13, 2003 This Weekly Bid Week Pipeline Week Change for Jan. ...

Losses at French utility Suez could step up asset disposals.
January 13, 2003... French utility giant Suez warned last week that its 2002 group results, due out in March, will likely show a net loss of $945 million. It plans to reduce debt by one-third, step up asset disposals, and to further rationalize its business. ...

Salt cavern storage.
January 13, 2003... SALT CAVERN STORAGE (Billion Cubic Feet) Jan 3 MMcfd MMcfd Bcf Bcf Facility State Max Max ...

2003 Gas price outlook.
January 13, 2003... 2003 GAS PRICE OUTLOOK January 13, 2003/Week 2 12-Month Strip Wellhead Delivered-to-Pipeline Nymex $4.71 $4.84 $4.849 NOTES: (1)Prices are in $/MMBtu and are...

Lull ahead for deepwater gas production. (E & P Update).
January 13, 2003... Industry watchers say 2003 will be a reasonably healthy year for new deepwater startups in the Gulf of Mexico, with roughly the same number of significant new fields coming online as in 2002. But viewed strictly in terms of new gas streams,...

Gas rigs vs. total rigs.
January 13, 2003... Gas Rigs Vs. Total Rigs Total Rigs Gas Rigs 1/1/1999 587 461 1/1/2000 774 631 1/1/2001 1118 879 1/1/2002 867 725 12/6/2002 852 705 12/13/2002 850...

Inspector General faults NRC, FirstEnergy. (Current).
January 13, 2003... The Nuclear Regulatory Commission (NRC) should have ordered an earlier shutdown of the Davis-Besse nuclear reactor and failed to carry out its proper regulatory role, according to a report from NRC's Inspector General issued last month. ...

Cross Sound withdraws Cable request. (Current).
January 13, 2003... Cross Sound Cable (CSC)--which laid down a 330-MW electric transmission line across the Long Island Sound last spring--had sought the approval of the Connecticut Siting Council last week to begin operating the underwater cable. But the company...

Progress scales back trading. (Current).
January 13, 2003... RALEIGH, North Carolina -- Progress Energy announced last week that it is scaling back on its trading and power plant operations due to continued softness in the wholesale energy market. The company is eliminating 50 jobs within the...

EEI: power output up in 2002. (Current).
January 13, 2003... WASHINGTON, D.C. -- US electricity output sharply rebounded in 2002 following a year of slackened demand, according to the Edison Electric Institute (EEI). Whereas electricity demand actually declined by 0.6% in 2001, it grew by 4.1% in...

FPL Energy adds wind capacity. (Current).
January 13, 2003... JUNO BEACH, Florida -- FPL Energy announced last week that it successfully added 324 MW to its wind portfolio in 2002. The company also said it that it began commercial operations last month at its 66-MW Mountaineer Wind Energy Center in...

Pataki eyes renewables growth. (Current).
January 13, 2003... ALBANY, New York -- New York Gov. George Pataki announced last week a major statewide expansion for renewable energy. Under the new program, which was mentioned during Pataki's "State of the State" address last week, a renewable portfolio...

Calpine signs power supply deal. (Current).
January 13, 2003... SAN JOSE, California -- Calpine last week said it signed a five-year deal to provide geothermal power to the bankrupt Pacific Gas and Electric utility. Under the terms of the deal--which went into effect Jan. 1--Calpine is contracted to...

Comparative fuel prices.
January 13, 2003... COMPARATIVE FUEL PRICES (Cash Market) January 13, 2003 EAST COAST Natural Gas Natural Gas New York Harbor: Texas New York Heating Residual ...

Natural gas futures and spot electricity trading.
January 13, 2003... NATURAL GAS FUTURES AND SPOT ELECTRICITY TRADING Trading Dates Jan. 6- Jan. 10, 2003 New York Mercantile Exchange (NYMEX) (Henry Hub) Monday Tuesday Wednesday Thursday Last/Volume...

Cash market hub trading.
January 13, 2003... 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.
January 13, 2003... NATURAL GAS RIG COUNT Jan. Feb. March April May June July 2000 Total 774 763 773 805 844 878 942 Gas 631 616 599 609 644 677 733...

Marathon chooses LNG builders; CFE seeking Altamira LNG bids. (Regional Market Roundup).
January 13, 2003... Marathon Oil said last week that it selected Kellogg Brown & Root and Techint as the engineering, procurement, and construction firms for its $1.5 billion Baha, California, liquefied natural gas (LNG) receiving terminal. The Marathon-led...

British Columbia. (Regional Market Roundup).
January 13, 2003... Duke Energy Gas Transmission (DEGT) announced last week that it obtained final approval from Canada's National Energy Board to construct the US$42.5 million (C$66 million) Grizzly Pipeline extension in northeastern British Columbia and Alberta....

Wyoming. (Regional Market Roundup).
January 13, 2003... Chanute, Kansas-based Infinity--an independent energy exploration/development company with a focus on coalbed methane (CBM) projects--reported last week that the Section 13 wells at its Pipeline project in Wyoming have reached production of...

Rockies. (Regional Market Roundup).
January 13, 2003... Rocky Mountain Gas (RMG) said last week that it signed an option agreement with an undisclosed party to purchase CBM properties and assets in the Powder River Basin near Gillette, Wyoming. The agreement covers more than 10,000 gross acres of...

Spot prices on interstate pipeline systems.
January 13, 2003... SPOT PRICES ON INTERSTATE PIPELINE SYSTEMS Delivered-to-Pipeline ($/MMBtu) January 13, 2003 This Weekly Bid Week Pipeline Week Change for...

Total exercises purchase option to develop Athabasca oil sands. (Canadian Markets).
January 13, 2003... Total Fina Elf joined the movement to develop northern Alberta's giant Athabasca oil sands deposits last week when it exercised an option to purchase a 43.5% stake in the Surmont oil sands project southeast of Fort McMurray from Conoco Phillips...

Canadian price report.
January 13, 2003... CANADIAN PRICE REPORT ($U.S. per MMBtu/$Can per Gigajoule) BRITISH COLUMBIA ALBERTA Huntingdon/ Kingsgate/ Total ...

Fire affects Athabasca production.
January 13, 2003... A fire early last week shut down production at the Athabasca Oil Sands Project in northeastern Alberta. Shell Canada said the fire--started by a hydrocarbon leak just eight days after the Muskeg River Mine began commercial bitumen...

Gas price trends.
January 13, 2003... GAS PRICE TRENDS ($/MMBtu) CALIFORNIA South North ROCKY MTNS NEW MEXICO December 23, 2002 (Revised) Inter (well) -- -- 2.97 4.27 Intra...