Natural Gas Week articles from July 2002

Natural Gas Week archives from July 2002

Boone or bust. (Late News).
July 1, 2002... Upstream energy firm Penn Virginia rejects $40/share takeover bid from two BP Capital partnerships controlled by T. Boone Pickens. Pickens and BP Capital -- which already owns about 7.6% of Penn Virginia stock -- last heard from during...

Beta testing. (Late News).
July 1, 2002... SmartMoney.com offers guidance to investors seeking shelter from volatile stock market by identifying 30 stocks with low beta -- measure of stock's volatility in relation to overall market -- and energy firms (mostly utilities) pepper the list....

Bright Horizon. (Late News).
July 1, 2002... Canadian Natural Resources applies for regulatory approval to build, operate its proposed Horizon Oilsands Project located 50 miles north of Fort McMurray, Alberta. Project is planned to produce 270,000 b/d of bitumen from three-phased surface...

Average cash prices & futures strip. (Late News).
July 1, 2002... Natural gas prices climbed early last week, but an above-expectations storage injection cooled the market. [GRAPH OMITTED] [GRAPH OMITTED]

Storage injections still strong, but heat key factor in summer.
July 1, 2002... This week's storage report from the Energy Information Administration (EIA) will be a key indicator of the current balance between gas supply and demand in the absence of significant economic, and thus industrial, recovery. The hot weather last...

Rockies producers await Kern to halt summer price drubbing.
July 1, 2002... Rockies gas producers historically have been the redheaded stepchildren of the US upstream, but rarely has the ignominy run so deep. Thanks to their own field success and a regional pipeline bottleneck, producers there are virtually giving...

Merchant moves fail to impress as share prices head downward.
July 1, 2002... If the pace at which share prices of energy merchants are declining doesn't slow, one of them may soon have the ignominious honor of joining Enron among the penny-stock ranks. No measure, tactic, or strategy any of the natural gas and...

Gas storage stocks contribute to slow service sector recovery.
July 1, 2002... Anyone holding their breath for a great recovery in the US oil service sector may want to exhale before it's too late. In the first quarter, many oil service executives spoke brightly about the likelihood of a rebound in drilling activity...

Leaders point to private study in support of Alaskan pipeline.
July 1, 2002... US Senate Democratic and Republican leaders said last week a recent private sector study supports their plan to subsidize a proposed $20 billion natural gas pipeline from Alaska, but President George W. Bush at the G-8 summit in Kananaskis,...

Energy bill conference meets.
July 1, 2002... US Senate and House of Representatives negotiators last week began the painstaking process of cobbling together compromise energy legislation, though influential members pledged to do what they could to send a final bill to President George W....

Clean power bill out of committee.
July 1, 2002... Last week, the Senate Environment and Public Works passed out of committee the first emissions reduction bill to regulate carbon dioxide ([CO.sub.2]) from power plants, though most observers give the bill little chance of becoming law this...

Major Market Prices.
July 1, 2002... MAJOR MARKET PRICES July 1, 2002 ($/MMBtu) This Weekly Bid Week Week Change for July Chicago City Gate 3.26 +0.06 3.26 New York City Gate 3.80 +0.23 3.65...

California eyes DG use mandate.
July 1, 2002... In an attempt to avoid more problems associated with the energy crisis it endured last year, the California Energy Commission (CEC) has released a strategic plan to advance the use of distributed generation (DG). The commission asserted...

Study finds small plant premium in generation sales assessment.
July 1, 2002... Bigger is not necessarily better when it comes to power generation assets, according to economists in a recently released study of generation asset sales. Oklahoma-based G.H. Guernsey & Co. conducted the study, in which 72 recent electric...

Spot Prices on Intrastate Pipeline Systems.
July 1, 2002... SPOT PRICES ON INTRASTATE PIPELINE SYSTEMS Delivered-to-Pipeline ($/MMBtu) July 1, 2002 This Weekly Bid Week Pipeline Week Change for July Louisiana Intrastates...

Executives eyeing trust issues in defining industry's future.
July 1, 2002... Energy industry executives continue to beat the drum for restoring investor confidence in an industry shaken by high-profile scandals and a mass shareholder exodus. Several industry leaders at a conference in Houston last week emphasized...

FERC approves pipeline projects designed for supply flexibility.
July 1, 2002... In their continuing quest to expand the nation's energy infrastructure, federal regulators approved a number of natural gas pipeline projects focused on the northwestern and southeastern US, areas of increasing demand for natural gas. At...

2002 Gas Price Outlook.
July 1, 2002... 2002 GAS PRICE OUTLOOK July 1, 2002/Week 26 12-Month Strip Wellhead Delivered-to-Pipeline Nymex $3.02 $3.14 $3.666 Notes: (1) Prices are in $/MMBtu and are for...

Composite Spot Wellhead Price.
July 1, 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...

Independence partners give up without long-term contracting.
July 1, 2002... The last chapter in the long-running saga of the Independence Pipeline was reached last week when its sponsors agreed to drop out of the project because it was unable to secure long-term customer contracts. "We're not going forward because...

Composite Spot Delivered-to-Pipeline Price.
July 1, 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...

Salt Cavern Storage.
July 1, 2002... SALT CAVERN STORAGE (Billion Cubic Feet) Jun 21 MMcfd MMcfd Bcf Bcf Facility State Max ...

FERC investigating RTO/ISO option decisions. (Current).
July 1, 2002... Like all the kings horses and all the king's men, federal regulators are trying to piece together the shattered remnants of the Alliance regional transmission organization (RTO) in an effort to clear up the muddled picture of power grid...

ISO approves Path 15 upgrade. (Current).
July 1, 2002... FOLSOM, California -- The California Independent System Operator (ISO) board of governors approved upgrading for Path 15, one of the state's major north-south transmission lines. The project will relieve a choke point in the California grid...

FPL to build another wind facility. (Current).
July 1, 2002... JUNO BEACH, Florida -- FPL Energy announced last week that it is going to build, own, and operate the largest wind energy project in the eastern US. Formerly known as the Backbone Mountain Wind Project, FPL said the West Virginia-based facility...

Praxair unveils burner technology. (Current).
July 1, 2002... DANBURY, Connecticut -- Praxair introduced its advanced, proprietary low-nitrogen oxide emissions burner technology for coal-fired, wall-fired utility and industrial boilers. According to the Connecticut-based industrial gas company, the...

TransEnergie holds open season. (Current).
July 1, 2002... WESTBOROUGH, Massachusetts -- TransEnergie US announced the beginning of an open season for the sale of rights to its Harbor Cable transmission project in the third quarter of this year. The Harbor Cable projects will consist of...

Comparative Fuel Prices.
July 1, 2002... COMPARATIVE FUEL PRICES (Cash Market) July 1, 2002 EAST COAST Natural Gas Natural Gas New York Harbor: Texas New York Heating...

Natural Gas Futures and Spot Electricity Trading.
July 1, 2002... NATURAL GAS FUTURES AND SPOT ELECTRICITY TRADING Trading Dates: Jun. 24-Jun. 28, 2002 New York Mercantile Exchange (NYMEX) (Henry Hub) Monday Tuesday Wednesday Thursday Last/Volume...

Cash Market Hub Trading.
July 1, 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.
July 1, 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 ...

Questar brings gas pipe online to boost supply to California. (Regional Market Roundup).
July 1, 2002... Michael Sultar Salt Lake City-based Questar Pipeline last week brought into service the eastern portion of its Southern Trails Pipeline. The $100 million project is scheduled to rise to full capacity by today, bringing 80 MMcf/d from the...

Montana. (Regional Market Roundup).
July 1, 2002... Denver-based Bill Barrett Corp. (BBC) last week reached an agreement with the Apsaalooke Crow Tribe in southeastern Montana for the development of coalbed methane on the Crow reservation. The agreement has been ratified by the tribe's...

Colorado. (Regional Market Roundup).
July 1, 2002... Kinder Morgan Energy Partners and its subsidiary, Kinder Morgan Interstate Gas Transmission (KMIGT), last week reported completion of an open season for firm storage service through their new Cheyenne Market Center (CMC) project. A total...

Texas. (Regional Market Roundup).
July 1, 2002... El Paso Energy Partners (EPEP) last week entered into three new natural gas transportation contracts totaling 246 Bcf/year of firm service on its El Paso Gas Transmission Texas intrastate pipeline. City Public Service of San Antonio has...

Spot Prices on Interstate Pipeline Systems -- Part 1 & Part 2.
July 1, 2002... SPOT PRICES ON INTERSTATE PIPELINE SYSTEMS -- PART 1 & PART 2 Delivered-to-Pipeline ($/MMBtu) July 1, 2002 This Weekly Bid Week Bid Week Pipeline Week Change...

Nova Scotia distribution eyed though company interest wanes. (Canadian Markets).
July 1, 2002... Nova Scotia is ready once again to tap the Sable Offshore Energy Project, which currently produces 550 MMcf/d of sale gas and 20,000 b/d of natural gas liquids off its coast. Even though gas from the project came ashore in 1999, residents and...

Canadian Price Report.
July 1, 2002... CANADIAN PRICE REPORT ($U.S. per MMBtu/$Can per Gigajoule) BRITISH COLUMBIA Huntingdon/ Kingsgate/ Total ...

City Gate Prices.
July 1, 2002... CITY GATE PRICES July 1, 2002 ($/MMBtu) Bid Week Bid Week City for July for June Austin, Texas Valero Transmission Co. 3.30 3.12...

Gas Price Trends.
July 1, 2002... GAS PRICE TRENDS ($/MMBtu) ROCKY NEW CALIFORNIA MINS MEXICO South North July 2001 ...

Kerr-McGee starts up Boomvang as deepwater gas accelerates.
July 1, 2002... Analysts recently have questioned to what extent deepwater gas will support output in the Gulf of Mexico in the years ahead (NGW Jun. 17, p1). But there is little doubt that new deepwater sources will make a substantial supply contribution in...

Energy systems seen as vulnerable.
July 1, 2002... The vulnerability of energy systems to terrorist attack is one of the key components of a recent report by the National Research Council (NRC), one of the arms of the National Academies which provide science, engineering, and medical advice to...

Gas Price Report.
July 1, 2002... GAS PRICE REPORT ($/MMBtu--Spot) July 1, 2002 Interstate Intrastate Wellhead Wellhead Bid ...

Bout of cooler weather ahead should maintain weak gas prices.
July 8, 2002... Despite some record power loads last week in major eastern and midwestern markets, the gas market remains in a near-term bearish situation. The Energy Information Administration (EIA) continues to revise storage levels upward, while weather...

Water use issues could derail Canada's oilsands mining boom.
July 8, 2002... As companies pump billions of dollars into Alberta's oil-sands to develop the huge reserves of tar-like crude, it is water -- not technology or commodity prices -- that could cool a boom sparked by the energy-hungry US. Northern Alberta's...

Power trading future in doubt, but gas seen surviving crisis.
July 8, 2002... Who or what survives the meltdown of the energy merchant sector is far from clear, but a few vague shapes that may provide an outline of the future are beginning to emerge from the cloud of dust raised by the Enron collapse. The early...

PG&E weighs in. (Late News).
July 8, 2002... PG&E asks Federal Energy Regulatory Commission (FERC) to reconsider May 31 order on capacity allocation on the El Paso system serving California. PG&E points out FERC erred by not declaring that El Paso breached its "fundamental public service...

Emissions commission. (Late News).
July 8, 2002... Cantor Fitzgerald's C02e.com brokers largest trade ever in global greenhouse gas emissions market. Ontario Power Generation buys 6 million tons of carbon dioxide equivalent reductions from US greenhouse gas emissions marketer Blue Source to...

Disputes unresolved. (Late News).
July 8, 2002... Allegheny Energy reveals in regulatory filing that it has ended efforts to resolve differences with California Department of Water Resources over more than $4 billion in long-term power supply contracts. Firm asked FERC for administrative...

Average cash prices & futures strip. (Late News).
July 8, 2002... Despite some extremely hot weather in key consuming regions, gas prices declined due to the approaching holiday weekend. [GRAPH OMITTED]

Anadarko gets credit downgrade due to acquisition-related debt.
July 8, 2002... Mounting debt incurred from a pair of high-priced acquisitions in 2001 and a disappointing forecast of flat production this year persuaded Fitch to downgrade Anadarko's senior unsecured debt by one notch last week. Fitch, one of the three...

EPA touts Clear Skies benefits, but greens prefer Senate plan.
July 8, 2002... The Environmental Protection Agency (EPA) last week released a new study touting the health benefits of the Bush administration's "Clear Skies" plan -- which is designed to clean up electric power plant emissions -- but environmental groups...

Oil & Money Conference 2002: Oil and Money in a Changed World.
July 8, 2002... On Nov. 5 and 6, top industry executives and officials will gather at London's Hotel Inter-Continental for the 23rd annual Oil & Money Conference. This year's topic, "Oil and Money in a Changed World," examines the ongoing transformation of the...

LDCs up their hedging practices despite warmth of last winter.
July 8, 2002... Despite a warmer-than-normal winter heating season in 2001-02, many gas companies are going to continue the hedging practices they started last season as a result of the big freeze that caused natural gas prices to skyrocket during the previous...

California sues Sempra Energy.
July 8, 2002... California's Department of Water Resources (CDWR) sued Sempra Energy last week, hoping to void a power supply contract. CDWR maintains that Sempra is refusing to build new power plants in the state, while Sempra officials claim they are caught...

Major Market Prices.
July 8, 2002... MAJOR MARKET PRICES July 8, 2002 ($/MMBtu) This Weekly Bid Week Week Change for July Chicago City Gate 3.13 -0.13 3.26 New York City Gate 3.73 -0.07 3.65...

Duke's hourly firm gas service reflects expanding power link.
July 8, 2002... The Federal Energy Regulatory Commission (FERC) recently gave Duke Energy Gas Transmission (DEGT) the green light to provide its customers the ability to contract firm hourly swing services on Texas Eastern Transmission (Tetco) laterals. ...

TXU buying more foreign assets.
July 8, 2002... TXU recently strengthened its Nordic region position with the acquisition of the Norwegian electricity supplier Forbrukerkraft for $5.2 million, in a move counter to the recent trend of many of the firm's US counterparts. The Oslo-based...

Spot Prices on Intrastate Pipeline Systems.
July 8, 2002... SPOT PRICES ON INTRASTATE PIPELINE SYSTEMS Delivered-to-Pipeline ($/MMBtu) July 8, 2002 This Weekly Bid Week Pipeline Week Change for July Louisiana Intrastates LIG,...

Washington Gas seeks extension to winter gas hedging program.
July 8, 2002... Citing relative success in fostering price stability, Washington Gas wants the District of Columbia to continue allowing the firm to hedge its gas supplies for the winter heating season. "It's pretty difficult to say from either the...

2002 Gas Price Outlook.
July 8, 2002... 2002 GAS PRICE OUTLOOK July 8, 2002/Week 27 12-Month Strip Wellhead Delivered-to-Pipellne Nymex $2.98 $3.10 $3.623 NOTES: (1)Prices are in $/MMBtu and are for...

Salt Cavern Storage.
July 8, 2002... SALT CAVERN STORAGE (Billion Cubic Feet) Jul 28 MMcfd MMcfd Bcf Bcf Facility State Max ...

NewPower sells more customers; Vectren adds to Ohio gas base. (Briefs).
July 8, 2002... EVANSVILLE, Indiana -- The New Power Co., a subsidiary of NewPower Holdings, has agreed to sell its customer contracts in Ohio to Vectren Source (VeSo), a subsidiary of Vectren. The agreement specifies that VeSo will pay $25 per customer...

MMS five-year lease plan approved. (Briefs).
July 8, 2002... WASHINGTON, D.C. -- US Interior Secretary Gale Norton has approved a plan by the Minerals Management Service (MMS) for a new five-year leasing plan to schedule 20 lease sales in eight Outer Continental Shelf planning areas in the Gulf of Mexico...

Enterra buys Alberta gas property. (Briefs).
July 8, 2002... CALGARY -- Enterra Energy last week acquired a natural gas property in the Bindloss area of southeastern Alberta. The property contains over 3.5 Bcf of proven reserves, which will increase Enterra's total proven natural gas reserves by about a...

Aquila to sell power plant stake. (Briefs).
July 8, 2002... KANSAS CITY -- Aquila has agreed to sell its 16.58% stake in the 180-MW natural gas-fired Lockport Energy power plant, located about 30 miles north of Buffalo, New York, for $37.5 million to facility manager Fortistar Capital. The sale is...

Exelon to buy remainder of Sithe. (Briefs).
July 8, 2002... CHICAGO -- Exelon agreed to buy the other half of Sithe New England Holdings for $543 million in an effort to build its power business in the Northeast. As part of the deal -- which was announced Jun. 27 -- Exelon will assume about $1.15...

Spot Prices on Interstate Pipeline Systems.
July 8, 2002... SPOT PRICES ON INTERSTATE PIPELINE SYSTEMS -- PART 1 Delivered-to-Pipeline ($/MMBtu) July 8, 2002 This Weekly Bid Week Bid Week Pipeline Week Change for Jul....

Regulators seeking liquidity through SMD. (Current).
July 8, 2002... The Federal Energy Regulatory Commission (FERC) believes its Standard Market Design (SMD)-- a plan addressing a number of power industry issues that is expected to be out by yearend--will help provide electricity markets more liquidity. ...

Consol fires up Buchanan plant. (Current).
July 8, 2002... PITTSBURGH -- Consol Energy said the 88-MW Buchanan Generation Units 1 and 2 were placed into commercial service on Jun. 25 and began generating electricity for sale onto the grid two days later. The generating facility is owned by Buchanan...

Calpine expands Bethpage plant. (Current).
July 8, 2002... BETHPAGE, New York -- Calpine said last week that it has completed a 48-MW expansion of its existing Bethpage Energy Center in Long Island. Fueled by natural gas, the facility is providing seasonal peaking capacity to the Long Island Power...

APS lowers electricity rates. (Current).
July 8, 2002... PHOENIX -- For the eighth time in nine years, Arizona Public Service (APS) is lowering electricity prices for its full-service residential and small commercial customers. The company has reduced prices by 14.5% since 1993. APS said its...

Comparative Fuel Prices.
July 8, 2002... COMPARATIVE FUEL PRICES (Cash Market) July 8, 2002 EAST COAST Natural Gas Natural Gas New YorkHarbor: Texas New York Heating ...

Natural Gas Futures and Soft Electricity Trading.
July 8, 2002... NATURAL GAS FUTURES AND SPOT ELECTRICITY TRADING Trading Dates: Jul. 1-Jul. 3, 2002 New York Mercantile Exchange (NYMEX) (Henry Hub) Monday Tuesday Wednesday Thursday Last/Volume...

Browne says incentives needed to make Alaskan pipe feasible. (Canadian Markets).
July 8, 2002... Tax incentives are necessary if Alaska's North Slope gas pipeline venture is to be economically feasible, according to EP Chief Executive John Browne. Speaking at a meeting in Anchorage, Browne did not endorse specific incentives pending...

Ladyfern and offshore East Coast Canada. (Canadian Markets).
July 8, 2002... While demand for Canadian natural gas was up 2% through May of this year, gas production in the country only increased 1%. However, a report last week by Lehman Brothers said Ladyfern and offshore East Coast Canada appear to have more than...

Rig count. (Canadian Markets).
July 8, 2002... There were 284 rigs drilling for natural gas and oil in Western Canada as of July 2, an increase of 10 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).
July 8, 2002... Working gas in Canadian storage facilities was not available this week due to our early Independence Day deadline.

The composite spot import price. (Canadian Markets).
July 8, 2002... The composite spot import price this week is US$1.88/MMBtu for gas leaving Canada and entering the US through six border crossing paints. Natural Gas Week's July 9, 2001, average for Canadian exports was US$2.59/MMBtu. Canada's average...

Canadian Price Report.
July 8, 2002... CANADIAN PRICE REPORT ($U.S. per MMBtu/$Can per Gigajoule) BRITISH COLUMBIA ALBERTA Huntingdon/ Kingsgate/ Total ...

Cash Market Hub Trading.
July 8, 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.
July 8, 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 ...

Gas Price Trends.
July 8, 2002... GAS PRICE TRENDS ($/MMBtu) ROCKY NEW CALIFORNIA MTNS MEXICO South North July 2001 Inter...

Gas Price Report.
July 8, 2002... GAS PRICE REPORT ($/MMBtu--Spot) July 8, 2002 Interstate Intrastate Delivered Wellhead Wellhead To ...