Natural Gas Week articles from March 2008

Natural Gas Week archives from March 2008

Natural gas weekly spot prices.
March 3, 2008... NATURAL GAS WEEKLY SPOT PRICES Flow Dates: 2/26-3/3 Avg. Avg. Mar. Price Daily Daily Bid Point $/MMBtu Chg....

Coal prices soaring amid intense, expanding world demand, exports.
March 3, 2008... Coal, the world's most widely used fuel for power generation, has also been its fastest growing fuel for each of the past five years as nations have keyed on its relative abundance and low price. But recently, coal prices have skyrocketed,...

Cheniere Sabine Pass sale shows market change after commitment.
March 3, 2008... Cheniere Energy's decision to hang a "for sale" sign on the nearly completed Sabine Pass LNG receiving terminal and regasification terminal raises a number of questions about the viability of the independent merchant model in the supply chain,...

Funds, speculators in hotseat over soaring natural gas prices.
March 3, 2008... If this were August, you might think Nymex natural gas futures were in the grips of a hurricane-induced price surge. But it's late-winter, and while it's still cold in the major eastern markets, even the most ardent market bulls are having a...

US Coast Guard offering nod to Sparrows Point if conditions met.
March 3, 2008... US Coast Guard officials said last week that an AES-owned LNG project has not sufficiently addressed security concerns but that the terminal, Sparrows Point LNG, could operate safely in Maryland's Chesapeake Bay as long as emergency procedures...

Experiment set.(Late news ...)
March 3, 2008... Experiment set: Xcel Energy will begin testing technology to directly store wind energy in batteries. Xcel Chief Executive Dick Kelly said it will be the first use of the technology in the US. Xcel Energy will begin testing a 1-MW...

Lawsuit threatened.(Late news ...)
March 3, 2008... Lawsuit threatened: The Anchorage Daily News has reported that Alaska is planning to sue BP for "several hundred million dollars" to recover oil revenues lost when corrosion in pipelines at the supermajor's Prudhoe Bay oilfield forced a partial...

EOG unveils British Columbia's prolific Muskwa Shale gas play.
March 3, 2008... EOG Resources said last week that its Muskwa Shale operations in northeastern British Columbia will significantly increase its gas output in Canada in 2010 and beyond, further underscoring its belief that horizontal drilling is reshaping the...

Intrastate weekly spot prices.
March 3, 2008... INTRASTATE WEEKLY SPOT PRICES Flow Dates: 2/26-3/3 Avg. Avg. Mar. Price Daily Daily Bid Point $/MMBtu Chg. High Low...

Alaska governor talks gas line, polar bear woes on capitol hill.
March 3, 2008... Alaska Gov. Sarah Palin has been making the rounds in Washington to talk with federal officials about the state's efforts to get a multibillion dollar natural gas pipeline project off the ground, and the potential impacts on Arctic oil and...

Prices and differentials for major hubs and selected city gates.
March 3, 2008... SELECTED DAILY DIFFERENTIALS Differential 2/25 2/26 2/27 2/28 2/29 HH-NY +0.79 +2.34 +8.00 +3.57 +0.96 HH-Chicago +0.27 +0.27 +0.22 +0.13 +0.22 AECO-CHIC +1.01 +1.17 +1.23 +0.31 +1.07 AECO-PG&E...

Composite spot wellhead price.
March 3, 2008... COMPOSITE SPOT WELLHEAD PRICE January 2004 to Present ($/MMBtu) Year Jan. Feb. Mar. Apr. May Jun. Jul. 2008 7.83 8.30 2007 6.25 7.79 6.52 7.07 7.34 7.03 6.03 2006 8.20 7.30 6.47 6.61 5.93 6.04 5.93 2005...

LNG Islands, crowded applicant pool raising eyebrows in NY, NJ.
March 3, 2008... Federal maritime officials have granted New Jersey the right to veto an LNG terminal planned off the state's northern coast, but project leaders for the terminal, Atlantic Sea Island LNG, filed papers last week to challenge the US Maritime...

Natural gas futures.
March 3, 2008... NATURAL GAS FUTURES Trading Dates: February 25 - February 29 NEW YORK MERCANTILE EXCHANGE (NYMEX) (HENRY HUB) Monday Tuesday Last Volume Last Volume March 2008 9.186...

Survey, speakers: M&A activity will remain strong through 2008.
March 3, 2008... The pace of mergers and acquisitions will increase this year, at least according to a survey of energy executives about their business strategies. CIT Group and CFO Research Service last week released its M&A in Challenging Times survey...

Fuelcast '08: rising production stabilizing, ignored by futures.
March 3, 2008... The latest report from Arlington, Virginia-based Energy Ventures Analysis (EVA), "Fuelcast: 2008 Short-Term Overview," does not reflect the constant pessimism heard over the last few years about US gas production limits. "It is so...

North American weekly gas storage.
March 3, 2008... NORTH AMERICAN WEEKLY GAS STORAGE (Billion Cubic Feet) Feb. Feb. Yr. 22 15 Weekly Year Ago 5-year 5-year Region Week Week Change Ago Change Average Change...

Natural gas bidweek prices.
March 3, 2008... NATURAL GAS BIDWEEK PRICES Flow Dates: 3/1-3/31 March Chg. Prev. Price Avg. from Bid- Point $/MMBtu Prev. High Low...

NGW'S monthly weighted averages.
March 3, 2008... $/MMBtu NGW'S MONTHLY WEIGHTED AVERAGES Price Point Feb-08 Jan-08 Dec-07 Nov-07 Gulf Coast ANR SE 8.53 7.87 7.08 7.01 Col. Gulf - Erath 8.40 7.92 7.06 6.93 Col. Gulf -...

Nuke overseers won't let sleeping guards lie.
March 3, 2008... It is mind-boggling to think that guards entrusted with the security of a nuclear plant can get caught napping in a nation that uses armed guards to keep vigil over even 3-ounce shipments of nuclear liquids on commercial aircraft. But it...

Generation failures in Florida, Texas cause emergencies on grids.(CURRENT)
March 3, 2008... Two nearly simultaneous generation-related incidents last Tuesday threatened the power grids in south Florida and West Texas, both regions heavy consumers of natural gas. In Florida, both 693-MW nuclear reactors at the Turkey Point nuclear...

Spot electricity trading.(CURRENT)
March 3, 2008... SPOT ELECTRICITY TRADING Trading Dates: February 25-February 29, 2008 NEW YORK MERCANTILE EXCHANGE (NYMEX) (HENRY HUB) Avg. Price Avg. Price This Last Year Month POINT ...

AEP divests five Texas dual-fuel plants.(CURRENT)
March 3, 2008... AEP Texas North Generation, a subsidiary of Columbus-based mega-utility American Electric Power, has sold four of its inactive plants in Texas to Eagle Construction and Environmental Services, LP. Last summer, AEP announced its intent to...

Suez lands wind deal in New Brunswick.(CURRENT)
March 3, 2008... Suez Renewable Energy North America has landed a power purchase agreement to build a new wind project in Canada to supply power to New Brunswick Power. The contract, spanning 20 years, is for US$511.4 million (C$500 million). A spokesman...

Comparative fuel prices.(CURRENT)
March 3, 2008... COMPARATIVE FUEL PRICES (Cash Market) March 3, 2008 APPALACHIA Appalachian Pool Ohio/Big Sandy River Coal Dlvd(Util) $85.00/ton $9.75/MMBtu ...

Sage grouse review progresses; new candidate species joins list.(Regional Market Roundup)
March 3, 2008... Federal wildlife protection reviews are progressing for the greater sage grouse, a stout bird whose range includes widespread oil and gas production areas in the Rocky Mountain region. The US Fish and Wildlife Service (FWS) last week opened...

Baker hughes rig count.(Regional Market Roundup)
March 3, 2008... BAKER HUGHES RIG COUNT Week Ended Feb. 29 Rotary Rigs Current Previous Year Week Week Ago Total US 1,763 1,771 1,752 Land ...

Gas price trends.(Regional Market Roundup)
March 3, 2008... GAS PRICE TRENDS ($/MMBtu) ROCKY NEW CALIFORNIA MTNS MEXICO South North Mar 3, 2008 Inter (well) -- ...

Canada must be more aggressive as competition in arctic heats up.(Canadian Markets)
March 3, 2008... The melting of the Arctic ice cap and thawing of onshore regions formerly part of the permafrost are having an impact on the oil and natural gas industry at both the geopolitical and the operational level, according to speakers at the Canadian...

LNG imports to resurge in us as Eropean winter demand wanes.(World Roundup)
March 3, 2008... With European--including even Spanish--demand stuttering, the stars are aligning for a resurgence in shipments to the US, where a gas price spike has taken futures prices above $9/MMBtu through summer, and a demand surge is expected over the...

Mexico's Costa Azul opening delayed.(World Roundup)
March 3, 2008... Sempra Energy is delaying the start of its Costa Azul LNG receiving terminal on Mexico's Pacific coast for as long as two months. According to reports, construction on the terminal near the US border is running 30 to 60 days behind...

Bechtel to build angolan LNG train.(World Roundup)
March 3, 2008... US engineering firm Bechtel has been given the OK by Angola Liquefied Natural Gas to start construction of a 700 million cubic foot per day LNG train near Soyo, Angola. The project also includes storage and marine loading facilities for LNG,...

Canadian price report.(World Roundup)
March 3, 2008... CANADIAN PRICE REPORT ($U.S. per MMBtu/$Can per Gigajoule) BRITISH COLUMBIA Huntingdon/ Kingsgate/ ...

Seer: fundamentals dishing up good reasons for $9 gas market.
March 3, 2008... While end users anxiously wait for the current natural gas rally to play out, analyst Ron Denhardt says this could be about as low as it gets. In a recent research note issued by Strategic Energy and Economic Research (Seer), Denhardt puts...

Natural gas weekly spot prices.
March 10, 2008... NATURAL GAS WEEKLY SPOT PRICES Flow Dates: 3/4-3/10 Avg. Avg. Mar. Price Daily Daily Bid Point $/MMBtu...

It's Official: greens to oppose any LNG projects on West Coast.
March 10, 2008... In the past, California greens have focused their attention on individual LNG projects for their impact on the local environment. This past week all that changed as they shifted tactics and put the entire LNG industry in the crosshairs. ...

Senate bill would take Wyoming Range off table to natgas drilling.
March 10, 2008... Legislation before the US Senate would place 1.2 million acres of scenic lands in Wyoming off limits to natural gas production if passed by both houses of Congress. Meanwhile, similar legislation--just in proposal phase right now--would declare...

Shock and Awe: April gas soars to $10 amid speculative frenzy.
March 10, 2008... Last week provided natural gas traders with a spectacle not seen since the aftermath of hurricanes Katrina and Rita, as Nymex April gas futures exceeded $10/MMBtu, stunning a market that typically sees seasonal lows this time of year. But even...

Sage grouse decision extended months into next administration.
March 10, 2008... Though earlier this winter, a federal judge ordered the US Fish and Wildlife Service (FWS) to reconsider an Endangered Species Act (ESA) listing for sage grouse birds--a species with habitats overlapping considerable energy production areas in...

Feds sued.(Late news ...)
March 10, 2008... Feds sued: The Bureau of Land Management and the US Forest Service have been sued by several environmental groups and a Colorado county over claims the federal agencies were wrong in approving a 25-mile natural gas pipeline. The suit, filed in...

Action demanded.(Late news ...)
March 10, 2008... Action demanded: The American Chemistry Council (ACC) called on Congress to add domestic energy production to its agenda as US natural gas prices neared $10/MMBtu and oil prices stayed just over $100 per barrel. ACC President and Chief...

IGCC Plant.(Late news ...)
March 10, 2008... IGCC Plant: Appalachian Power reported Friday it has been given the green light by the Public Service Commission of West Virginia to build a 629-MW electric generating plant in West Virginia. A spokesman for Appalachian Power said the...

MMS chief says don't rule out natgas drilling offshore Virginia.
March 10, 2008... Natural gas reserves off the coast of Virginia shouldn't be ruled out as part of the government's five-year offshore leasing plan, the Interior Department director in charge of offshore leasing said at a federal Outer Continental Shelf policy...

Intrastate weekly spot prices.
March 10, 2008... INTRASTATE WEEKLY SPOT PRICES Flow Dates: 3/4-3/10 Avg. Avg. Mar. Price Daily Daily Bid Point $/MMBtu Chg. High...

Though best of show, Honda GX NGV still sputters; Volvo in wings.
March 10, 2008... For the fifth straight year, Honda's natural gas powered Civic GX has won the title of "greenest vehicle" in the annual rankings put out by the American Council for an Energy-Efficient Economy (Aceee), a group backed by an array of utilities,...

Prices and differentials for major hubs and selected city gates.
March 10, 2008... SELECTED DAILY DIFFERENTIALS Differential 3/3 3/4 3/5 3/6 3/7 HH-NY +0.74 +0.90 +1.01 +0.83 +1.58 HH-Chicago +0.45 +0.34 +0.43 +0.31 +0.24 AECO-CHIC +0.72 +1.20 +0.58 +1.25 +1.15 AECO-PG&E...

Woodmac: new discoveries fall to 10-year low in Gulf, could be lull.
March 10, 2008... Last year's contribution to the Gulf of Mexico deepwater reserve base was the lowest of the past decade, with discovered reserves of 553 million barrels of oil equivalent amounting to less than half of the reserves found in 2006, according a...

North American weekly gas storage.
March 10, 2008... NORTH AMERICAN WEEKLY GAS STORAGE (Billion Cubic Feet) Feb. Feb. Yr. 29 22 Weekly Year Ago 5-year 5-year Region Week Week Change Ago Change Average...

Strong market gives El Paso boost as 4th qtr earnings reports filed.
March 10, 2008... Helped by increased production and higher market prices, El Paso swung into a profit for the fourth quarter. The company reported net income for the three months ended Dec. 31 rose to $160 million (21cents/share), compared with a loss of...

Natural gas futures.
March 10, 2008... NATURAL GAS FUTURES Trading Dates: March 3 - March 7 NEW YORK MERCANTILE EXCHANGE (NYMEX) (HENRY HUB) Monday Tuesday Wednesday Last Volume Last Volume Last...

Pipeline capacity utilization.
March 10, 2008... PIPELINE CAPACITY UTILIZATION Location FlowDate Flow March (2008) March (2007) Month-to-Date Month-to-Date Transco Zone 6 NY 3/4/2008 1,417,877 1,547,220 ...

Green exchange to launch emissions contracts.(CURRENT)
March 10, 2008... It looks as though carbon trading in the US will take place before caps can be established. On the cusp of a national carbon policy, the New York Mercantile Exchange plans to launch a suite of new products next week centered on emission...

Path cleared for transmission lines.(CURRENT)
March 10, 2008... In a ruling that likely will be mirrored throughout various points of congestion throughout the electric grids in North America, the feds have approved incentives for a major transmission project that will facilitate the grid in much of the...

PPL to expand Susquehanna nuke; new reactor also planned for site.(CURRENT)
March 10, 2008... Allentown, Pennsylvania-based utility PPL, co-owner of the Susquehanna Steam Electric Station, has begun increasing the capacity of one of the nuke's two units. Unit 1 recently was taken down for refueling, maintenance and the planned...

Senator seeks new office for nuke woes.(CURRENT)
March 10, 2008... In the wake of problems uncovered by nuclear-industry whistle-blowers, Sen. Bob Casey Jr. (D-Pennsylvania), said he plans to propose legislation that would create a federal office aimed at addressing such concerns. Casey outlined his...

Spot electricity trading.(CURRENT)
March 10, 2008... SPOT ELECTRICITY TRADING Trading Dates: March 3-March 7, 2008 NEW YORK MERCANTILE EXCHANGE (NYMEX) (HENRY HUB) Avg. Price Avg. Price This Last Year Month POINT ...

Reliant divests Texas Cogeneration plant.(CURRENT)
March 10, 2008... Independent power producer Reliant Energy will sell its Channelview Cogeneration plant and related contracts to Kelson Energy for $468 million. Proceeds from the sale of the 830-MW plant near Houston would be used to settle about $379...

Comparative fuel prices.(CURRENT)
March 10, 2008... COMPARATIVE FUEL PRICES (Cash Market) March 10, 2008 APPALACHIA Appalachian Pool Ohio/Big Sandy River Coal Dlvd(Util) $77.00/ton $10.02/MMBtu ...

Sonatrach, StatoilHydro ink deal creating Cove Point partnership.(Regional Market Roundup)
March 10, 2008... Algeria's state oil and gas company Sonatrach has signed an agreement with Norway's StatoilHydro for a long-term partnership at Cove Point LNG in Maryland. Under the deal, Sonatrach will receive access to 200 million cubic feet of...

Baker hughes rig count.
March 10, 2008... BAKER HUGHES RIG COUNT Week Ended Mar. 7 Rotary Rigs Current Previous Year Week Week Ago Total US 1,802 1,763 1,757 Land ...

Gas price trends.
March 10, 2008... GAS PRICE TRENDS ($/MMBtu) ROCKY NEW CALIFORNIA MTNS MEXICO South North Mar 10, 2008 Inter (well) -- -- 8.51 8.80...

Ziff: frontier gas critical, but Canadian pipeline faces hurdles.(Canadian Markets)
March 10, 2008... Natural gas developments from Alaska and Canada will be critical for North America's energy needs over the next decade. But getting the gas to the markets where it is needed could face major obstacles, according to a report released last week...

Qatar on track to open six LNG trains; first megatrain set for '08.(World Roundup)
March 10, 2008... Qatar has revised the completion schedule for its six new giant LNG trains, devoting contractors' stretched resources to ensuring that the first megaproject--Qatargas-2 Train 1--is completed by mid-2008 and the second, RasGas Train 6, by the...

Pemex stepping up Burgos Basin output.
March 10, 2008... Mexico is set to boost production at the Burgos Basin near the US border to 1.5 billion cubic feet per day this year, Pemex officials report. Pemex is planning a 300-well exploration and development drilling campaign in the basin. Last...

Devon selling assets in Cote d'Ivoire.
March 10, 2008... Devon Energy is selling its oil and natural gas business in the African nation of Cote d'Ivoire to Afren for $205 million. Assets include Devon's interests in offshore producing Block CI-11, offshore undeveloped Block CI-01 and the onshore...

Canadian price report.
March 10, 2008... CANADIAN PRICE REPORT ($U.S. per MMBtu/$Can per Gigajoule) BRITISH COLUMBIA Huntingdon/ Kingsgate/ Total Sumas ...

Texas power emergency shows problem of over-reliance on wind.
March 10, 2008... For the past two years, Texas has had the distinction of being home to one of the world's largest collection of wind-farms. Sparse populations and wide open spaces from the Panhandle into West Texas provide fertile ground for wind...

Natural gas weekly spot prices.
March 17, 2008... NATURAL GAS WEEKLY SPOT PRICES Flow Dates: 3/11-3/17 Avg. Avg. Mar. Price Daily Daily Bid Point $/MMBtu Chg....

Runaway oil, gas markets spark outcry for speculative controls.
March 17, 2008... Catastrophic pricing struck the oil and gas markets last week, but the only disaster here is a tsunami of speculative money overwhelming real supply and demand fundamentals. "History has shown that sometimes markets can be distorted by...

Montana CBM water study shows no harm to Tongue River, ranches.
March 17, 2008... A new study by Montana environmental officials has shown that coalbed methane production has not harmed crops, the soil or the Tongue River as a result of water discharge from CBM projects in the Powder River Basin. Water is a key resource...

End-users hopeful of near-term correction in natgas, oil futures.
March 17, 2008... If fundamentals were driving Nymex April gas futures last week, then the bulls must have been betting on a scorching hot summer, devastating hurricanes, a tight LNG market, trouble refilling storage and falling production. But unless they go...

Arkansas Gov. plans gas hike as study finds huge economic boost.
March 17, 2008... Arkansas Gov. Mike Beebe announced a proposal last week to significantly raise the state's natural gas severance tax rate. The plan would change the tax rate from three-tenths of a cent per 1,000 cubic feet--currently among the lowest rates...

Shut-downs studied.(Late news ...)
March 17, 2008... Shut-downs studied: The US Nuclear Regulatory Commission decided against shutting down eight nuclear plants in advance of their regularly scheduled spring maintenance in order to get weld repairs to their pressurized water reactors. The work...

Funding secured.(Late news ...)
March 17, 2008... Funding secured: US Renewables Group and Riverstone Holdings have agreed to provide development capital for Davenport Power's Newberry Geothermal Project. None of the companies involved released financial terms of the deal. Davenport Power said...

Rising Rockies output creating flurry of gas pipeline proposals.
March 17, 2008... The natural gas-rich Rocky Mountain region has gone from being pipeline poor to likely becoming pipeline rich al most overnight. Just last week, two Rockies pipeline projects were unveiled, adding to the growing list of proposals designed...

Intrastate weekly spot prices.
March 17, 2008... INTRASTATE WEEKLY SPOT PRICES Flow Dates: 3/11-3/17 Avg. Avg. Mar. Price Daily Daily Bid Point $/MMBtu Chg. High...

Equitable Resources sees vast potential in the Devonian Shale.
March 17, 2008... The playing field of unconventional resource basins in North America is constantly shifting, enlarging and coming into sharper focus. And in the midst of that process, independent gas explorer and midstream operator Equitable Resources believes...

Prices and differentials for major hubs and selected city gates.
March 17, 2008... SELECTED DAILY DIFFERENTIALS Differential 3/10 3/11 3/12 3/13 3/14 HH-NY +0.88 +0.79 +0.77 +0.72 +0.88 HH-Chicago +0.20 +0.13 +0.20 +0.22 +0.22 AECO-CHIC +1.08 +1.53 +0.98 +0.60 +0.88 AECO-PG&E...

Conoco goes slow in approach to NatGas development in lower 48.
March 17, 2008... Executives at ConocoPhillips continue to field questions about the oil major's decision two years ago to pay $35.6 billion for Burlington Resources. While many large US gas producers have been rapidly growing production over that time,...

North American weekly gas storage.
March 17, 2008... NORTH AMERICAN WEEKLY GAS STORAGE (Billion Cubic Feet) Mar. 7 Feb. 29 Weekly Year Yr. Ago 5-year 5-year Region Week Week Change Ago Change Average Change US East 706 ...

US Congress leaves door open on assisting Alaska with gas pipeline.
March 17, 2008... Alaska legislators attending the annual spring conference of the Energy Council in Washington, D.C., earlier this month heard conflicting messages from national lawmakers on what additional support Congress might be willing to provide a North...

Natural gas futures.
March 17, 2008... NATURAL GAS FUTURES Trading Dates: March 10 - March 14 NEW YORK MERCANTILE EXCHANGE (NYMEX) (HENRY HUB) Monday Tuesday Wednesday Last Volume Last Volume Last Volume ...

Maritimes Canada LNG projects on track, except needed supply.(LNG Update)
March 17, 2008... Two of Eastern Canada's remaining LNG import projects reported progress on the regulatory track last week, but neither can yet state that firm supply agreements or even that capacity commitments are in the works. MapleLNG in Nova Scotia...

Prices for major Atlantic Basin LNG hubs.(LNG Update)
March 17, 2008... Europeon gas prices are four-week spot averages from World Gas Intelligence. US gas prices are Natural Gas Week's volume-weighted composites from delivery first day of month through most current delivery date. New York Citygate is a weighted...