Natural Gas Week articles from January 2004

Natural Gas Week archives from January 2004

Political heat.(Late News ...)
January 5, 2004... Political heat, US Democratic presidential candidate Sen. Joseph Lieberman (D-Connecticut) joins chorus of lawmakers seeking investigation into December spike in natural gas prices. "It does not appear that prices seen in the market can be...

In the zone.(Late News ...)
January 5, 2004... In the zone. US Coast Guard plans to make permanent 500-yard safety zone surrounding Cove Point, Maryland, LNG terminal, according to filing in Federal Register. Temporary zone had been in effect since terminal owner Dominion reopened Cove...

More time.(Late News ...)
January 5, 2004... More time. American Electric Power (AEP) asks federal court for more time to reply to lawsuit brought by Commodity Futures Trading Commission (CFTC) alleging firm reported false natural gas data. Columbus-based AEP asked US District Court for...

Average cash prices & futures strip.(Late News ...)
January 5, 2004... Cold weather in the western US lifted regional spot gas prices, while eastern points were mixed following volatile trading at Nymex.

Deepwater exploration push fails to boost gulf gas volumes.
January 5, 2004... Deepwater exploration continues to tick over at a healthy pace in the Gulf of Mexico, but while that has translated into rising off production, the incremental gas volumes have not been enough to offset falling gas output from the shallow...

Chemical industry sees better 2004 with recovering economy.
January 5, 2004... Despite being hammered by a slow economy and volatile natural gas prices, chemical industry watchers are now saying that the heavy gas-consuming industry is poised for a recovery in 2004. In its recently published outlook for the new year,...

Markets brace for more spikes after frigid January forecasts.
January 5, 2004... More price spikes appear in store for natural gas markets should forecasts for frigid cold through the first 10 days of the new year prove accurate. After exceptional--and often bewildering--upward price volatility at the New York...

Dynegy Chief: debt reduction is key to firm's long-term strategy.
January 5, 2004... Dynegy President and Chief Executive Bruce Williamson looks at his company and other former energy merchants as something akin to recovering addicts. "The first stop is to admit you have a problem," Williamson told Natural Gas Week,...

Major market prices.
January 5, 2004... MAJOR MARKET PRICES January 5, 2004 ($/MMBtu) This Weekly Bid Week Week Change for Jan. Chicago City Gate 5.93 -0.01 6.31 New York City Gate 6.32 ...

Spot prices on intrastate pipeline systems.
January 5, 2004... SPOT PRICES ON INTRASTATE PIPELINE SYSTEMS Delivered-to-Pipeline ($/MMBtu) January 5, 2004 This Weekly Bid Week Pipeline Week Change for Jan. ...

Davis-Besse nuclear plant could restart in next several weeks.
January 5, 2004... Although no restart date has been set, FirstEnergy Nuclear Operating Company (FENOC), which operates the Davis-Besse nuclear plant near Oak Harbor, Ohio, is hoping to schedule a meeting with nuclear regulatory officials within the next couple...

DOE eyes two rail lines to haul nuclear waste to Yucca Mountain.
January 5, 2004... The federal government has proposed shipping nuclear waste from the country's nuclear power plants by rail from just west of the Utah border to the Yucca Mountain Repository in Nevada. The Department of Energy (DOE) announced its primary...

2004 gas price outlook.
January 5, 2004... 2004 GAS PRICE OUTLOOK January 5, 2001/Week 1 12-Month Strip Wellhead Delivered-to-Pipeline Nymex $5.31 $5.38 $5.388 NOTES: (1) Prices are in $/MMBtu and are...

Composite spot wellhead price.
January 5, 2004... COMPOSITE SPOT WELLHEAD PRICE January 1991 to Present ($/MMBtu) Jan. Feb. March April May June July 2003 5.15 6.91 7.14 4.94 5.48 5.63 4.87 2002 2.14 2.11 2.74 3.16 3.24 3.01...

Industrials urge faster MMS on deep shelf royalty relief rule.
January 5, 2004... US industrials, still feeling the sting of high natural gas costs in a tight market, are growing impatient with the stalling of a proposed rule that could reduce or eliminate financial hurdles to gas production Two weeks age, Paul Cicio,...

Composite spot delivered-to-pipeline price.
January 5, 2004... COMPOSITE SPOT DELIVERED-TO-PIPELINE PRICE January 1991 to Present ($/MMBtu) Jan. Feb. March April May June July 2003 5.40 7.10 7.25 5.07 5.53 5.69 4.92 2002 2.28 2.23 2.87 3.28 3.33...

Liberty LNG drops Gulf project due to dredging difficulties.
January 5, 2004... The winnowing-out process for proposed Gulf Coast liquefied natural gas (LNG) receiving terminals is under way. The sponsor of an LNG receiving terminal proposed for Cameron, Louisiana, is ending its efforts. Houston-based HNG Storage told...

Formerly bankrupt NRG ends 2003 with $2.7 billion refinancing.
January 5, 2004... NRG Energy, the first energy merchant to emerge from bankruptcy in the post-Enron era, has wrapped up the year with a major financing package. NRG closed $2.7 billion in financing--$500 million more than originally planned--just weeks...

North American weekly gas storage.
January 5, 2004... NORTH AMERICAN WEEKLY GAS STORAGE (Billion Cubic Feet) Dec. 26 Dec. 19 Weekly Year Region Week Week Change Ago US East 1529.0 1584.0 -55.0 1400.0...

NERC: resources are adequate for short term.(Current)
January 5, 2004... An industry watchdog believes there are adequate resources to keep North America's lights on this winter. In its 2003-12 reliability assessment released last week, the North American Electric Reliability Council (NERC) said that between...

Comparative fuel prices.
January 5, 2004... COMPARATIVE FUEL PRICES (Cash Market) January 5, 2004 APPALACHIA Appalachian Pool Ohio/Big Sandy River Coal Dlvd (Util) $6.14/MMBtu $39.50/ten $1.65/MMBtu EAST...

Natural gas futures and spot electricity trading.
January 5, 2004... NATURAL GAS FUTURES AND SPOT ELECTRICITY TRADING Trading Dates Dec. 29-Dec. 31,2003 New York Mercantile Exchange (NYMEX) (Henry Hub) Monday Tuesday Wednesday Thursday ...

FERC orders grid reliability study.
January 5, 2004... FERC ordered FirstEnergy to pay for an independent study of Ohio's power grid, where the massive blackout that hit the Northeast, Midwest and Canada last August started. In a Dec. 24 letter to FirstEnergy Chairman Peter Burg, FERC gave the...

We energies starts pipeline to meet growing Wisconsin demand.
January 5, 2004... We Energies placed the long awaited 35-mile 30-inch Ixonia lateral pipeline into service last month. The $97 million Ixonia pipeline was designed to meet growing gas demand in Wisconsin by funneling 515 MMcf/d to nearly one million natural...

Enron increases creditor payback.
January 5, 2004... Enron, for a third time, boosted the amount of money unsecured creditors of its three largest divisions are expected to receive upon the failed Houston energy traders exit from Chapter 11 bankruptcy. Enron initially released its...

Spot prices on interstate pipeline systems--part 1.
January 5, 2004... SPOT PRICES ON INTERSTATE PIPELINE SYSTEMS--PART 1 Delivered-to-Pipeline ($/MMBtu) 5-Jan-04 Bid Bid Week Week ...

Tri-Valley drills at Elk Ridge.
January 5, 2004... Tri-Valley has begun drilling its Elk Ridge natural gas prospect located about 40 miles west of Bakersfield The Bakersfield, California-based company estimates a potential of 25 Bcf for the exploratory test well. "Success of that magnitude...

Spot prices on interstate pipeline systems--part 2.
January 5, 2004... SPOT PRICES ON INTERSTATE PIPELINE SYSTEMS--PART 2 Delivered-to-Pipeline ($/MMBtu) January 5, 2004 Bid Bid Week Week ...

Enbridge buys gathering system.
January 5, 2004... Enbridge Buys Gathering System Houston-based Enbridge Energy Partners closed its $247 million acquisition of a natural gas gathering pipeline known as the North Texas System. The system primarily serves the Fort Worth Basin, including...

Cash market hub trading.
January 5, 2004... CASH MARKET HUB TRADING ($/MMBtu) Henry Hub, La. Current month: Jan. 5: $5.76 Bid-Week for Jan.: $6.15 Jan. Feb. March April May June July 2003 5.30 7.35 8.06 5.27 5.78...

Natural gas rig count.
January 5, 2004... NATURAL GAS RIG COUNT Dec. 31: 1,125/966/85.8% Dec. 24: 1,114/959/86.1% Dec. 19: 1,112/956/86.0% Dec. 12: 1,109/959/86.5% Dec. 5: 1,111/956/86.0% Jan. Feb. March April May June July 2003...

Canadian gas well completions expected to set record in 2003.(Canadian Markets)
January 5, 2004... Record drilling in the fourth quarter is expected to push the 2003 Canadian well count to 21,415, up over 1,300 wells from previous expectations. "Activity in the fourth quarter...continued at a record pace with the active rig count...

Rig count.(Canadian Markets)
January 5, 2004... There were 425 rigs drilling for natural gas and oil in Western Canada as of Dec. 30, a decrease of 50 from a week ago, according to the Canadian Association of Oilwell Drilling Contractors (CAODC). During the same period a year ago, CAODC...

Working gas.(Canadian Markets)
January 5, 2004... Working gas in all Canadian storage facilities increased to 77.2% of capacity as of Dec. 26, down from 79.4% the week before, according to the most recent Canadian Enerdata gas storage survey. Canadian storage facilities were 63.9% full a...

The composite spot import price.(Canadian Markets)
January 5, 2004... The composite spot import price this week is US$5.39/MMBtu for gas leaving Canada and entering the US through six border crossing points. Natural Gas Week's Jan. 6, 2003, average for Canadian exports was US$4.35/MMBtu. Canada's average...

Canadian price report.(Canadian Markets)
January 5, 2004... CANADIAN PRICE REPORT ($U.S. per MMBtu/$Can per Gigajoule) BRITISH COLUMBIA Huntingdon/ Kingsgate/ Total ...

City gate prices.
January 5, 2004... CITY GATE PRICES January 5, 2003 ($/MMBtu) Bid Week Bid Week City for Jan. for Dec. Austin, Texas Valero Transmission Co. ...

Gas price trends.
January 5, 2004... GAS PRICE TRENDS ($/MMBtu) ROCKY NEW CALIFORNIA MTNS MEXICO South North January 5, 2004...

Successful Arctic test well shows hydrates have potential.
January 5, 2004... The natural gas industry has taken a major step toward unlocking the potential of methane hydrates following promising results from a joint industry-government test project. The Department of Interiors US Geological Survey (USGS) announced...

Gas price report.
January 5, 2004... GAS PRICE REPORT ($/MMBtu-Spot) January 5, 2004 Interstate Intrastate Wellhead Wellhead Bid Bid ...

The natural gas week.
January 5, 2004... The Natural Gas Week composite spot wellhead price this week is $5.53/MMBtu, 3[cents] less than last week and 96 [cents] more than the Jan. 6, 2003, average. The spot delivered-to-pipeline price this week is $5.63/MMBtu, 3 [cents] less than...

No deal.(Late News)
January 12, 2004... US District Judge David Hittner on Friday ordered former Enron assistant treasurer Lea Fastow to trial Feb. 10 after failing to agree to plea bargain. Prosecutors were counting on her plea agreement to move forward with potential guilty plea by...

End of ban?(Late News)
January 12, 2004... Canada's new Natural Resources Minister John Efford supports offshore exploration and doesn't see major obstacles to drilling off British Columbia coast. "The oil and gas is out there," he told Globe and Mail. "We've proven in Newfoundland that...

Power conservation.(Late News)
January 12, 2004... Hydro-Quebec customers were asked to reduce use between 6 a.m. and 9 a.m. Friday, because of weather damage to 735-kV transmission line from Manic-Outardes complex. Line was temporarily repaired but could not be counted on to provide usual...

Average cash prices & futures strip.(Late News)
January 12, 2004... Northeast cash prices went sky high last week with weather constraints while the Gulf region was pulled up by a surging Nymex.

Northeast SOS: spike relief is only a stone's throw away.
January 12, 2004... The Northeast is weathering another brutal reminder from the natural gas market that it needs more supply outlets. But regulators in New York state are holding up a major solution only a stone's throw away. After a six-year wander in...

For sale? Rumors have Everett LNG terminal on auction block.
January 12, 2004... There is not actually a "For Sale" sign posted out front, but industry insiders report receiving hints that French company Suez may be looking to sell all or part of its Everett, Massachusetts, US liquefied natural gas (LNG) receiving terminal...

Sky is the limit for Nymex gas as cold forecasts jar market.
January 12, 2004... Traders who laid bid-week bets that cash prices would moderate in January saw those hopes dashed and were paying dearly for it last week. Cash prices in the frigid Northeast moved well over $10/MMBtu by week's end and the Henry Hub was trading...

US LNG imports double in 2003; no big jump seen this winter.
January 12, 2004... On the heels of a US government plea at its recent liquefied natural gas (LNG) summit in Washington, D.C., Natural Gas Week estimates show that LNG imports to US terminals doubled in 2003. Roughly 516 Bcf of gas was imported by ship last...

US LNG imports.
January 12, 2004... US LNG Imports 4Q 2003 4Q 2002 Terminal Volume #of Volume #of (MMcf/d) Cargoes (MMcf/d) Cargoes Everett 464 15 374 ...

Canadian Natural jumps after total takeover rumors surface.
January 12, 2004... Canadian Natural Resources watched its share price hit a 52-week high last week on rumors that French oil giant Total is considering making a bid for the Calgary-based oil and gas company. Officials for Total and Canadian Natural aren't...

Large number of companies still not reporting to indexes.
January 12, 2004... A quick survey of companies that have told federal regulators they provide prices to natural gas and electricity index publishers shows that while some market participants do provide prices, a seemingly larger number of companies do not,...

Arizona adopts new pipeline policy.
January 12, 2004... The Arizona Corporation Commission (ACC) has adopted a pre-approval cost-recovery policy to encourage building new pipelines and storage capacity to serve the robust growth in Arizona natural gas markets. The ACC wants to encourage...

Duke focuses on creating income, reducing debt instead of growth.
January 12, 2004... Duke Energy is retaining its generous $1.10/share annual common stock dividend, Chairman and Chief Executive Paul Anderson said last week, but the company is taking some strong financial hits in other areas. Pre-tax charges against...

Major market prices.
January 12, 2004... MAJOR MARKET PRICES January 12,2004 ($/MMBtu) This Weekly Bid Week Week Change for Jan. Chicago City Gate 6.69 +0.76 6.31 New...

Appeals court decision stymies adminstration's NSR changes.
January 12, 2004... In what was viewed as a setback by the utility industry and an early Christmas gift for environmentalists, a federal appeals court granted a motion on Christmas Eve to stay the implementation of a new US Environmental Protection Agency (EPA)...

Spot prices on intrastate pipeline systems.
January 12, 2004... Spot Prices on Intrastate Pipeline Systems Delivered-to-Pipeline ($/MMBtu) January 12, 2004 This Weekly Bid Week Pipeline Week Change for Jan. ...

Green lawsuit stops BLM meeting on drilling in New Mexico Mesa.
January 12, 2004... Earthjustice last week successfully halted a US Bureau of Land Management (BLM) meeting to consider recommendations for oil and gas development in New Mexico. The environmental watchdog filed suit in a federal court in New Mexico on Jan. 2...

2004 gas price outlook.
January 12, 2004... 2004 GAS PRICE OUTLOOK January 12, 2004/Week 2 12-Month Strip Wellhead Delivered-to-Pipeline Nymex $5.65 $5.98 ...

Well leak spoils holidays for GulfSouth, small La. Parish.
January 12, 2004... Christmas was not so merry for the people of Grand Bayou in Assumption Parish, Louisiana. While most families in surrounding towns were unwrapping presents or eating their holiday meal, the 30 residents of Grand Bayou were rushed to a Best...

North American weekly gas storage.
January 12, 2004... North American Weekly Gas Storage (Billion Cubic Feet) Jan. 2 Dec. 26 Weekly Region Week Week Change US East 1495.0 1529.0 ...

Producers look to biogenic gas to meet demand.(E & P Update)
January 12, 2004... As US exploration and production companies leave no stone unturned in their search for additional domestic gas supplies, some are turning their attention to biogenic gas, a resource that has received relatively little attention up to now. ...

FERC moves to regulate reliability standards.(Current)
January 12, 2004... In the absence of an energy bill, apparently scuttled by Congressional infighting, the Federal Energy Regulatory Commission (FERC) will try to create some form of authority for electricity grid reliability standards. The North American...

JOA creates largest power market.(Current)
January 12, 2004... The largest regional transmission organizations (RTO) in the US have signed a milestone deal that charts the course for the first and largest application of macro, inter-market functionality in competitive electricity markets. The Midwest...

Dynegy buys out dominion contract.(Current)
January 12, 2004... Dynegy has bought out a wholesale power telling agreement with Dominion Resources' Virginia Power for $34 million, eliminating $63 million in future capacity payments. Cancellation of the ll0-MW supply contract, which was entered into in...

Comparative fuel prices.
January 12, 2004... COMPARATIVE FUEL PRICES (Cash Market) January 12, 2004 EAST COAST Natural Gas New York Heating Residual Residual City Gate Oil--No. 2 * 0.3% ...

BPA completes Puget Sound line.(Current)
January 12, 2004... The Bonneville Power Administration (BPA) finished a $40 million power line in Washington state's Puget Sound before New Year's Eve, just in time to meet record high demand, the federal power distributor said last week. BPA's chief...

Company to replace 5 vessel heads.(Current)
January 12, 2004... Nuclear Management Co. plans to replace the vessel heads on five reactors at three nuclear power stations in the Midwest. "This was a proactive measure on our part," Nuclear Management spokeswoman Maureen Brown said, citing problems with...

Natural Gas futures and spot electricity trading.
January 12, 2004... Natural Gas Futures and Spot Electricity Trading Trading Dates: Jan. 5-Jan. 9, 2004 New York Mercantile Exchange (Nymex) (Henry Hub) Monday Tuesday Wednesday Last/Volume ...

CL&P settles congestion dispute.(Current)
January 12, 2004... Connecticut Light & Power (CL&P) agreed to settle a dispute with power suppliers over transmission congestion costs worth as much as $200 million, according to the utility and Connecticut's attorney general. CL&P wanted the energy...

KeySpan tests new NYC power plant.(Current)
January 12, 2004... KeySpan successfully tested a new 250-MW power plant to serve New York City, the first major plant to be built in the city since deregulation of the power industry took effect in the late-1990s. The new natural gas-fueled plant at KeySpan's...

Cash market hub trading.
January 12, 2004... Cash Market Hub Trading ($/MMBtu) Henry Hub, La. Current month: Jan. 12: $6.64 Jan. 5: $5.76 Bid-Week for Jan.: $6.15 Jan Feb. March April May June 2003 5.30 7.35 8.06 ...

Natural gas rig count.
January 12, 2004... Natural Gas Rig Count Jan. 9: 1,106/957/86.5% Jan. Feb. March April May June 2004 Total Gas % Gas 2003 Total 854 907 941 983 1034 1067 Gas ...

XTO energy adds 182 Bcfe with purchases in Texas and Louisiana.(Regional Market Roundup)
January 12, 2004... XTO Energy agreed to acquire producing properties located primarily in East Texas and northern Louisiana. The agreements, with multiple sellers, total $249 million. The acquisitions are expected to close before the end of this month and...

Gulf of Mexico.(Regional Market Roundup)
January 12, 2004... Shell Exploration and Production has increased production from its Princess oil and gas field located about 140 miles southwest of New Orleans in the Gulf of Mexico by bringing three subsea wells on line. Princess began producing in late...

Spot prices on interstate pipeline systems--Part 1.
January 12, 2004... Spot Prices on Interstate Pipeline Systems--Part 1 Delivered-to-Pipeline ($/MMBtu) January 12, 2004 Pipeline This Weekly Week Change ANR...

California.(Regional Market Roundup)
January 12, 2004... Edison International reported that its Edison Mission Energy unit sold oil and gas interests to Medicine Bow Energy for about $100 million through the sale of all of the stock of subsidiary Edison Mission Energy Oil and Gas. The oil and...

Texas.(Regional Market Roundup)
January 12, 2004... Peoples Energy Production, the oil and gas production subsidiary of Chicago-based Peoples Energy, acquired $35 million worth of oil and gas properties in the Corpus Christi area of Texas from a group of private entities. The acquired reserves,...

Pennsylvania.(Regional Market Roundup)
January 12, 2004... Pennsylvania-based Penn Virginia has approved a $98 million capital expenditures budget for 2004--roughly the same as in 2003. The company plans to spend about 50% for development wells, including horizontal coalbed methane (CBM) wells....

Spot prices on interstate pipeline systems--Part 2.
January 12, 2004... Spot Prices on Interstate Pipeline Systems--Part 2 Delivered-to-Pipeline ($/MMBtu) January 12, 2004 This Weekly Pipeline Week ...

Study backs oil sands, supports N. Alberta gas well shutdowns.(Canadian Markets)
January 12, 2004... Alberta's oil sands developers have won the latest round in their long battle with the region's natural gas producers. The Alberta Energy and Utilities Board (AEUB) issued a report a week ago that listed 464 gas pools, or 60% of the gas...

Rig count.(Canadian Markets)
January 12, 2004... Rig Count: There were 544 rigs drilling for natural gas and oil in Western Canada as of Jan. 6, an increase of 119 from a week ago, according to the Canadian Association of Oilwell Drilling Contractors (CAODC). During the same period a...

Working gas.(Canadian Markets)
January 12, 2004... Working gas in all Canadian storage facilities decreased to 75.3% of capacity as of Jan. 2, down from 77.2% the week before, according to the most recent Canadian Enerdata gas storage survey. Canadian storage facilities were 60.4% full a...

The composite spot import price.(Canadian Markets)
January 12, 2004... The composite spot import price this week is US$6.31/MMBtu for gas leaving Canada and entering the US through six border crossing points. Natural Gas Week's Jan. 13, 2003, average for Canadian exports was US$4.53/MMBtu. Canada's...