Natural Gas Week articles from October 2008

Natural Gas Week archives from October 2008

Natural gas weekly spot prices.
October 6, 2008... NATURAL GAS WEEKLY SPOT PRICES Flow Dates:9/30-10/6 Avg. Avg. Oct. Price Daily Daily Bid Point $/MMBtu...

Melt-down: bank, credit crisis crimps energy marketing sector.
October 6, 2008... The deepening financial and credit storm is beginning to move beyond the banking industry, negatively impacting a host of sectors, including the energy marketing industry. And while the full extent of the crisis' impact on energy marketers...

Atlantic and Pacific OCS seen as upcoming battle, future prospect.
October 6, 2008... With President Bush's removal of the executive ban on offshore oil and natural gas production along the East and West coasts this past summer--and the decision by national lawmakers to let the congressional ban on offshore development expire...

Exxon's methanol-to-gasoline process licensed to Houston firm.
October 6, 2008... The Fischer-Tropsch-based natural gas-to-liquids (GTL) process that converts natural gas into diesel and other middle distillates has been getting a lot of headlines in recent years, but moving under the radar have been a number of...

Gulf coast hurricane recovery efforts beginning to hit plateau.
October 6, 2008... The amount of shut-in natural gas and oil production in the US Gulf Coast remained relatively unchanged on Friday, as recovery operations seemed to be reaching a plateau. Three weeks after Hurricane Ike barreled through Gulf Coast...

Renewables tax.(Late news ...)
October 6, 2008... Renewables tax: The $700 billion economic stabilization act approved by the House of Representatives Friday included $100 billion in tax cuts for alternative energy. The energy tax credits will help the momentum of the alternative energy...

Capex cuts.(Late news ...)
October 6, 2008... Capex cuts: Oil and gas producer SandRidge Energy slashed its 2009 capital expenditure budget by half and cut its production outlook, citing recent declines in natural gas prices. It also plans to sell some assets. The news follows similar...

Rig awards.(Late news ...)
October 6, 2008... Rig awards: Texas independent contractor Forbes Energy and Mexico-based Merco Ingenieria Industrial have been awarded a two-year contract by Mexico's Pemex to provide $72 million worth of construction, work over and maintenance services to...

November gas futures a calm sea during stormy week for markets.
October 6, 2008... Talk about markets in disarray: last week's directionless stock market was a definite influence behind the oscillating energy commodities. But in the midst of the wild volatility, natural gas futures managed to find some footing. Still, the...

Intrastate weekly spot prices.
October 6, 2008... INTRASTATE WEEKLY SPOT PRICES Flow Dates: 9/30-10/6 Avg. Avg. Oct. Price Daily Daily Bid Point $/MMBtu Chg. High Low...

Been there, done that; US LNG sector snared in boom-bust loop.
October 6, 2008... American folk philosopher Yogi Berra once remarked, "This is like deja vu all over again." Exactly what the baseball legend was referring to has been lost to history, but he could have been referring to the efforts to develop a North American...

Prices and differentials for major hubs and selected city gates.
October 6, 2008... SELECTED DAILY DIFFERENTIALS Differential 9/29 9/30 10/1 10/2 10/3 HH-NY +0.32 +0.43 +0.44 +0.42 +0.27 HH-Chicago -0.69 -0.25 -0.27 -0.27 -0.53 AECO-CHIC +0.83 +1.16 +1.01 +1.01 +0.59 AECO-PG&E...

As new gas output grows, shale frenzy shows no signs of abating.
October 6, 2008... Over the past year, a steady stream of new shale gas plays across North America has created a heightened level of excitement around the industry. E&P companies that were once faced with the prospect of dwindling new sources and long-term output...

Composite spot wellhead price.
October 6, 2008... COMPOSITE SPOT WELLHEAD PRICE January 2004 to Present ($/MMBtu) Year Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. 2008 7.83 8.30 9.03 9.86 10.47 11.97 10.81 7.83 6.75 2007 6.25 7.79 6.52 7.07...

Natural gas futures.
October 6, 2008... NATURAL GAS FUTURES Trading Dates: September 29-October 3 NEW YORK MERCANTILE EXCHANGE (NYMEX)(HENRY HUB) Monday Tuesday Wednesday Last Volume Last Volume Last Volume ...

Chesapeake grabs Exxon rights in Barnett play via Harding Energy.
October 6, 2008... Dallas-based Harding Energy Partners last week acquired--and then sold--all of the rights to a package of core Barnett Shale assets that it had held in a joint venture partnership with Exxon Mobil. The partnership between Harding and Exxon...

North American weekly gas storage.
October 6, 2008... NORTH AMERICAN WEEKLY GAS STORAGE (Billion Cubic Feet) Sep. Sep. Yr. 26 19 Weekly Year Ago 5-year 5-year Region Week Week Change Ago...

Natural gas bidweek prices.
October 6, 2008... NATURAL GAS BIDWEEK PRICES Flow Dates: 10/1-10/31 October Chg. Prev. Price Avg. from Bid- Point $/MMBtu Prev....

NGW's monthly weighted averages.
October 6, 2008... NGW'S MONTHLY WEIGHTED AVERAGES $/MMBtu Price Point Sep-08 Aug-08 Jul-08 Jun-08 May-08 Apr-08 Gulf Coast ANR SE 7.56 8.24 11.20 12.59 11.21 10.20 Col. Gulf - Erath ...

Ontario coal elimination could take until 2014.(CURRENT)
October 6, 2008... Ontario has an ambitious plan to shut down its coal-fired plants. But that plan has morphed considerably since it began after Dalton McGuinty became premier of the province in 2003. The "just say no to coal" deadline keeps inching back, from...

Young voters rally for green energy.(CURRENT)
October 6, 2008... If something has 78% of the nation's approval, it's not an act of rebellion. More than three-fourths of the country has told pollsters they want clean, renewable sources of energy. Perhaps that has helped the Energy Action Coalition (EAC)...

FERC vision bolstered; Nebraska utilities joining ranks of the SPP.(CURRENT)
October 6, 2008... Three public power utilities in Nebraska have signed membership agreements with a regional transmission operator, bolstering federal regulators' efforts to facilitate more cooperation between independent power companies. Nebraska Public...

RGGI holds first emissions auction in US.(CURRENT)
October 6, 2008... The Regional Greenhouse Gas Initiative's (RGGI) carbon dioxide emissions auction--the first its kind in the nation--netted $38.5 million on Sep.25. The money will be distributed to six of its 10 member states for investment in energy efficiency...

Spot electricity trading.(CURRENT)
October 6, 2008... SPOT ELECTRICITY TRADING Trading Dates: September 29-October 3, 2008 NEW YORK MERCANTILE EXCHANGE (NYMEX) (HENRY HUB) Avg. Price Avg. Price This Last Year Month POINT ...

Buffett advances constellation buyout.(CURRENT)
October 6, 2008... Constellation Energy Group (CEG) said last Thursday that MidAmerican Energy Holdings plans to move forward with its buyout of CEG, after having completed its 14-day due diligence process. The due diligence included reviewing its utility,...

NorthWestern energy seeking firm power.(CURRENT)
October 6, 2008... NorthWestern Energy of Butte, Montana, is seeking offers by Oct. 21 for up to 100 MW of firm electricity supply, in 25-MW blocks, to serve its Montana customers by July 2010. Power deliveries must come directly into NorthWestern's...

Comparative fuel prices.(CURRENT)
October 6, 2008... COMPARATIVE FUEL PRICES (Cash Market) October 6, 2008 APPALACHIA Appalachian Pool Ohio/Big Sandy River Coal Dlvd (Util) $117.00/ton $7.46/MMBtu ...

Kinder Morgan and ETO agree to build 2 Bcf/d Fayetteville pipe.(Regional Market Roundup)
October 6, 2008... Kinder Morgan Energy Partners and Energy Transfer Partners (ETP) are proposing a joint venture to build a new $1.3 billion, 187-mile pipeline to transport natural gas out of the booming Fayetteville Shale natural gas play. The 2 billion...

Baker Hughes rig count.(CURRENT)
October 6, 2008... BAKER HUGHES RIG COUNT Week Ended Oct. 3 Rotary Rigs Current Week Previous Week Year Ago Total US 1,979 1,995 1,755 Land 1,887 1,912 ...

Gas price trends.(Regional Market Roundup)
October 6, 2008... GAS PRICE TRENDS ($/MMBtu) ROCKY NEW CALIFORNIA MTNS MEXICO South North Oct 6, 2008 Inter (well) -- -- 2.41 ...

Geopolitics continues to stymie, but not stop Rabaska LNG project.(Canadian Markets)
October 6, 2008... The Rabaska LNG project thought it had cleared its biggest hurdle last spring when Russian natural gas giant Gazprom agreed to become the sole supplier for the 500 million cubic feet per day receiving terminal and regasification plant to be...

North West Shelf train 5 gets ready for winter cargo delivery.(World Roundup)
October 6, 2008... Incremental LNG will likely be available on the spot market from Train 5 at Australia's North West Shelf (NWS) project over the coming winter, given higher-than-expected output from the new facility, NWS sources tell Energy Intelligence, adding...

Canadian price report.(World Roundup)
October 6, 2008... CANADIAN PRICE REPORT ($U.S. per MMBtu/$Can per Gigajoule) BRITISH COLUMBIA Huntingdon/ Kingsgate/ Total Sumas ...

Rex-West deliveries begin to take toll on Midcontinent market.
October 6, 2008... While the natural gas futures market seems to be taking the notion of swelling gas supply into account, the physical market is beginning to reel from the reality. Nowhere is that clearer than the October bidweek results, which not only...

Natural gas weekly spot prices.
October 13, 2008... NATURAL GAS WEEKLY SPOT PRICES Flow Dates: 10/7-10/13 Avg. Avg. Oct. Price Daily Daily Bid Point $/MMBtu Chg. High Low Vol....

E&P firms feeling the squeeze, cut capex, production outlooks.
October 13, 2008... A number of small to medium-sized exploration and production companies are feeling the pinch of a tightening credit market, lower natural gas prices and the effects of Gulf of Mexico hurricanes this summer. Several notable companies,...

Market fear impacts hedge funds; some find opportunity in Chaos.
October 13, 2008... Even though the equities and commodity markets have been shaken by the recent financial and credit industry meltdown, some hedge funds appear to be thriving. "This is going to be a bad quarter for some hedge funds because the amount of...

Emerging floor: signals suggest gas futures bottom might be in.
October 13, 2008... Though November gas futures fell lower last week, they still reflected some amazing resiliency considering the general market meltdown from equities to energy commodities. And this suggests that a bottom might be in for the rest of the year....

Rex-East delayed at least five months; will miss winter season.
October 13, 2008... The long-anticipated eastern arm of Rockies Express (Rex-East) pipeline will go into service at least five months later than expected, a delay that causes eventual service of the cross-continental project effectively to miss the 2008-09 winter...

Spin-off delay.(Late news ...)
October 13, 2008... Spin-off delay: Entergy's plan to create the first, stand-alone nuclear power company in the US may be delayed by a freeze-up in risky debt markets, the Wall Street Journal reported Friday. The company's plan to spin off five nukes into a new,...

LNG application.(Late news ...)
October 13, 2008... LNG application: Oregon LNG filed a formal application for its proposed 1.5 billion cubic feet per day LNG receiving terminal with federal regulators on Friday. The terminal, which has been opposed by several environmental groups, would sit...

Alaska trial.(Late news ...)
October 13, 2008... Alaska trial: Prosecutors on Thursday wrapped up their case against US Sen. Ted Stevens (R-Alaska) 13 days into his federal corruption trial. He is accused of failing to disclose more than $250,000 in gifts and home renovations from Bill Allen,...

Shale sale.(Late news ...)
October 13, 2008... Shale sale: Linn Energy has agreed to sell its deep rights in certain central Oklahoma acreage, including the Woodford Shale interval, for $229 million. The sale includes no producing reserves and Linn will retain rights to the shallow portion...

Experts: gas production rivals 1970s mark; Heating Bills Rising.
October 13, 2008... The times, they are a-changin'. Bob Dylan's adage rings true for the transforming position of natural gas in the marketplace, according to several predictions released last week from analysts and government experts. Recent natural gas...

Intrastate weekly spot prices.
October 13, 2008... INTRASTATE WEEKLY SPOT PRICES Flow Dates: 10/7-10/13 Avg. Avg. Oct. Price Daily Daily Bid Point $/MMBtu Chg. High...

BP folds NJ crown landing LNG; cites widespread market risks.
October 13, 2008... British Petroleum (BP) has dropped plans to build the $700 million Crown Landing LNG import terminal in New Jersey after "a variety of considerations" led it to conclude that importing LNG into the US is not a commercially sound idea, at least...

Prices and differentials for major hubs and selected city gates.
October 13, 2008... SELECTED DAILY DIFFERENTIALS Differential 10/6 10/7 10/8 10/9 10/10 HH-NY +0.35 +0.38 +0.35 +0.34 +0.27 HH-Chicago -0.39 -0.40 -0.37 -0.40 -0.61 AECO-CHIC +0.54 +0.95 +0.25 +0.66 +0.47 AECO-PG&E...

Estimate of hurricane damage to US Gulf infrastructure increases.
October 13, 2008... As new damage assessments became available from offshore operators, the federal Minerals Management Service has updated the number and severity of offshore oil and gas production platforms and pipelines affected by hurricanes Ike and Gustav....

North American weekly gas storage.
October 13, 2008... NORTH AMERICAN WEEKLY GAS STORAGE (Billion Cubic Feet) Oct. Sep. Yr. 3 26 Weekly Year Ago 5-year 5-year Region Week Week Change Ago Change Average Change US ...

Nova Scotia looks forward to flurry of offshore E&P activity.
October 13, 2008... Nova Scotia is looking ahead to the most active offshore drilling program in 2009 that it has seen in years. Development drilling for the Deep Panuke field is set to begin, Exxon Mobil is looking to drill another development as well at the...

Natural gas futures.
October 13, 2008... NATURAL GAS FUTURES Trading Dates: October 6 - October 10 NEW YORK MERCANTILE EXCHANGE (NYMEX) (HENRY HUB) Monday Tuesday Wednesday Last Volume Last Volume Last...

Pipeline capacity utilization.
October 13, 2008... PIPELINE CAPACITY UTILIZATION Location FlowDate Flow Oct. (2008) Oct. (2007) Month-to-Date Month-to-Date Transco 10/6/2008 1,079,598 1,155,124 1,244,750 Zone 6 NY ...

Lights out for many in 2009, study predicts.(CURRENT)
October 13, 2008... Just as the last power customers in the Houston area were getting their electricity service restored post Hurricane Ike, a new study was released indicating the entire US faces significant risk of power brownouts and blackouts as early as next...

Whatever its parentage, UniStar moves ahead with NY state nuke.(CURRENT)
October 13, 2008... No matter who ends up owning UniStar, the nuclear joint venture between France's EDF and Constellation Energy, it is moving forward with its plans for newbuild nuclear generation. Days after a merger was announced between co-parent...

Reliant considers options, possible sale.(CURRENT)
October 13, 2008... Shortly after downgrading its profit forecast--and adding $1 billion to support its business through credit woes--Houston-based utility Reliant Energy announced it is up for sale. "In light of the challenges facing our industry and the...

Spot electricity trading.(CURRENT)
October 13, 2008... SPOT ELECTRICITY TRADING Trading Dates: October 6-October 10, 2008 NEW YORK MERCANTILE EXCHANGE (NYMEX) (HENRY HUB) Avg. Price Avg. Price This Last Year Month POINT ...

Peak-shy Connecticut gaining generation.(CURRENT)
October 13, 2008... The Connecticut Department of Public Utility Control (DPUC) has awarded GenConn Energy permission to build a two-unit, 200-MW natural gas-fueled peaking plant at NRG Energy's existing site in Middletown, Connecticut. Once online in the...

Comparative fuel prices.(CURRENT)
October 13, 2008... COMPARATIVE FUEL PRICES (Cash Market) October 13, 2008 APPALACHIA Appalachian Pool Ohio/Big Sandy River Coal Dlvd (Util) $85.00/ton $6.76/MMBtu ...

Regulators reissue approval for Maryland LNG terminal expansion.(Regional Market Roundup)
October 13, 2008... The Federal Energy Regulatory Commission has reissued its authorization of the expansion of a Maryland LNG terminal. Just over two months ago, a US appeals court halted the project because of safety concerns. Federal regulators said...

Baker Hughes rig count.(Regional Market Roundup)
October 13, 2008... BAKER HUGHES RIG COUNT Week Ended Oct. 10 Rotary Rigs Current Week Previous Week Year Ago Total US 1,990 1,979 1,767 Land 1,889 ...

Gas price trends.(Regional Market Roundup)
October 13, 2008... GAS PRICE TRENDS ($/MMBtu) ROCKY NEW CALIFORNIA MTNS MEXICO South North Oct 13, 2008 Inter (well) -- -- 2.25 2.23...

Onshore shale play in Maritimes Canada looking more promising.(Canadian Markets)
October 13, 2008... The rolling hills and farmlands of what once was French Acadia don't seem much like typical oilpatch territory, but they are the site of one of North America's least known shale gas plays. The shale is nonetheless highly visible if one knows...

Mexico reforms to energy sector moving forward; Pemex targeted.(World Roundup)
October 13, 2008... The government of Mexican President Felipe Calderon made progress toward an energy reform bill last week, after his National Action Party reached an agreement with opposition congressmen from the Institutional Revolutionary Party to allow...

Peru awards andean pipeline contract.(World Roundup)
October 13, 2008... Kuntur Transportadora de Gas has been awarded a 30-year concession contract by the government of Peru to build a 700-mile, $1.4 billion pipeline to carry natural gas from the Camisea gas fields to the port of Ilo in southern Peru. The...

Credit crunch shrinks Australia project.(World Roundup)
October 13, 2008... The global credit crunch has forced Mitsui E&P Australia to drop plans to farm in to Nexus' Crux liquids project in the gas-rich Browse Basin offshore Western Australia, A person close to Mitsui said the firm could return to the deal "if...

Canadian price report.(World Roundup)
October 13, 2008... CANADIAN PRICE REPORT ($U.S. per MMBtu/$Can per Gigajoule) BRITISH COLUMBIA Huntingdon/ Kingsgate/ Total Sumas ...

Supply-demand fundamentals may reemerge if specs wash out.
October 13, 2008... Last year at this time, the Nymex November gas futures held the line around $7/MMBtu in the face of deteriorating supply and demand fundamentals, bolstered by bullish speculation in crude. Gas also had its speculative momentum that gamed...

Natural gas weekly spot prices.
October 20, 2008... NATURAL GAS WEEKLY SPOT PRICES Flow Dates: 10/14-10/20 Avg. Avg. Oct. Price Daily Daily Bid Point $/MMBtu...

Senior energy advisors magnify McCain, Obama NatGas priorities.
October 20, 2008... The next US president scheduled to take office three months from now will actively support exploration and production of natural gas reserves, promote gas as a partner to renewable power, and attempt to see an Alaska gas pipeline to completion,...

Traders flocking to regulated exchanges; OTC volumes shrink.
October 20, 2008... As the credit crisis expands, a trend is emerging in which energy traders, marketers, banks and hedge funds are migrating to the safety of traditional regulated futures exchanges instead of Over-The-Counter (OTC) markets in order to mitigate...

Chesapeake launches spirited defense of prospects, valuation.
October 20, 2008... Oklahoma City-based Chesapeake Energy--which has expanded aggressively over the past several years to become the country's number one gas producer--has fallen on hard times over the past few weeks. Once the darling of the E&P sector for...

Torp pulls application for LNG open-loop terminal off Alabama.
October 20, 2008... The company behind a proposed LNG regasification terminal 60 miles offshore Alabama has withdrawn its deepwater port license application in light of opposition from the state's governor, environmental concerns and a weak US market for LNG. ...

Capex cuts.(Late news ...)
October 20, 2008... Capex cuts: Questar has indicated its 2009 capital spending likely will be lower than the 2008 spending plan of $2.6 billion, including $710 million in property acquisitions. The 2009 budget is expected to range from $1.5 billion to $1.6...

Pipe bombed.(Late news ...)
October 20, 2008... Pipe bombed: A bomb reportedly damaged a natural gas pipeline in northeastern British Columbia on Thursday, the second attack of its kind in the area in a week. The EnCana pipeline, near the town of Dawson Creek, was damaged in the explosion...

LNG progress.(Late news ...)
October 20, 2008... LNG progress: Suez LNG has finished laying pipeline for the Neptune LNG terminal project offshore Massachusetts. In May, it will begin connecting the 13-mile sub-sea line with Spectra Energy's existing HubLineSM and installing two off-loading...

Reserve growth.(Late news ...)
October 20, 2008... Reserve growth: The US posted increases in proved reserves of both oil and natural gas in 2007, according to new Energy Information Administration data. Additions to proved reserves of natural gas were a record 46.1 Tcf last year, more than...

Exiting shorts, looming winter helping NatGas fight down trend.
October 20, 2008... Though oil and almost every other energy commodity followed the global free fall in stock prices to levels that few predicted mere weeks ago, natural gas futures have remained unusually resilient. The key reason: Short position open interest is...

Intrastate weekly spot prices.
October 20, 2008... INTRASTATE WEEKLY SPOT PRICES Flow Dates: 10/14-10/20 Avg. Avg. Oct. Price Daily Daily Bid Point $/MMBtu Chg. High...

Bullish outlook seen for NatGas despite recent plunge in prices.(Conference notes)
October 20, 2008... Though natural gas prices in the US have fallen nearly 50% from highs earlier this summer, the fossil fuel still holds a promising future, former Petrobras Americas president Renato Bertani told a Houston audience last week. "This is a...

Prices and differentials for major hubs and selected city gates.
October 20, 2008... SELECTED DAILY DIFFERENTIALS Differential 10/13 10/14 10/15 10/16 10/17 HH-NY +0.42 +0.40 +0.44 +0.42 +0.38 HH-Chicago -0.40 -0.32 -0.21 -0.17 -0.24 AECO-CHIC +0.09 +0.95 +0.24 +0.03 -0.10 AECO-PG&E...

North American weekly gas storage.
October 20, 2008... NORTH AMERICAN WEEKLY GAS STORAGE (Billion Cubic Feet) Oct. Oct. Yr. 10 3 Weekly Year Ago 5-year 5-year Region Week Week Change Ago...

Natural gas futures.
October 20, 2008... NATURAL GAS FUTURES Trading Dates: October 13- October 17 NEW YORK MERCANTILE EXCHANGE (NYMEX) (HENRY HUB) Monday Tuesday Wednesday Last Volume Last Volume Last Volume...

EIA slashes projected level of 2009 LNG imports to US by half.(LNG Update)
October 20, 2008... The US Energy Information Administration has slashed its predictions nearly in half for how much LNG will be imported in 2009, according to the independent agency's newly released short-term energy outlook. In July, the EIA predicted...

Prices for major Atlantic basin LNG hubs.(LNG Update)
October 20, 2008... [ILLUSTRATION OMITTED] * European 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...