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Northeast Plunges Run Counter to Overall Firmness
from NGI's Daily Gas Price Index February 09, 2010
Although Northeast citygates were descending rapidly from the lofty heights they had reached in pre-weekend trading, most of the market continued to rise Monday as a widespread snowstorm continued to envelop the Midwest, Northeast and even the northern reaches of the South. The general firmness also was supported by the previous Friday's 9.9-cent increase by March futures and the return of industrial load from its normal weekend hiatus.( more )
Futures Sink Despite Renewed Cold Surge
from NGI's Daily Gas Price Index February 09, 2010
After running higher prior to Monday's regular trading session, the March natural gas futures contract peaked at $5.679 just a few minutes after the open before declining for the rest of the day. The prompt-month contract finished out the regular session at $5.401, down 11.4 cents from Friday's close.( more )
Analysts: Supply Response Falls Short as Demand to Slacken This Year
from NGI's Daily Gas Price Index February 09, 2010
Natural gas prices will get support from cold temperatures in the first quarter, and strengthening coal markets will lift the gas-coal switching price floor in Q2 and Q3, but demand will fail to revive gas prices this year, according to analysts at Barclays Capital.( more )
Five Killed in Explosion at Gas-Fired Plant Site
from NGI's Daily Gas Price Index February 09, 2010
The death toll from a Sunday explosion at a natural gas-fired power plant under construction in Middletown, CT, should stand at five, according to Middletown Mayor Sebastian Giuliano, who said everyone assigned to work at the blast site when the explosion occurred has been accounted for.( more )
EV Energy, Partners Pay $330M for Ohio Tight Gas Sands Property
from NGI's Daily Gas Price Index February 09, 2010
EV Energy Partners LP (EVEP) and partnerships managed by EnerVest Ltd. agreed to pay Range Resources $330 million to acquire some tight gas sands property and producing wells in the Ohio portion of the Appalachian Basin, the companies said Monday.( more )
Energy Stocks Could Get Uglier, Say Analysts
from NGI's Daily Gas Price Index February 09, 2010
Recent stock market weakness and a bearish 2010 U.S. natural gas outlook appear to be trumping improved energy fundamentals, and energy stocks "could get much uglier if the market malaise continues," Raymond James & Co. Inc. analysts said Monday.( more )
Permit Denial for ConocoPhillips Comes Under Fire
from NGI's Daily Gas Price Index February 09, 2010
Both of Alaska's U.S. senators blasted the Obama administration's denial of ConocoPhillips' permit application to construct a bridge to access what would have been the first oil and natural gas leases in the National Petroleum Reserve-Alaska (NPR-A), insisting instead that the producer use directional drilling for the development.( more )
ExxonMobil Readies First Gas Well at Point Thomson
from NGI's Daily Gas Price Index February 09, 2010
ExxonMobil Production Co. on Monday said it has successfully drilled and cased the first of two development natural gas wells for its Point Thomson project on Alaska's North Slope to a targeted gas reservoir more than 1.5 miles under the Beaufort Sea .( more )
AGA Endorses Bill to Raise LIHEAP Funding by $2.5B Annually
from NGI's Daily Gas Price Index February 09, 2010
The American Gas Association (AGA) has endorsed House legislation that would significantly raise annual funding for a federal program that provides assistance to low-income energy customers.( more )
NOAA Creating Climate Service Office
from NGI's Daily Gas Price Index February 09, 2010
Responding to what it said is a rising tide of requests for information about climate change from "individuals and decision makers across widely diverse sectors," the National Oceanic and Atmospheric Administration (NOAA) is creating a climate service office dedicated to bringing together NOAA's climate science and service delivery capabilities, Commerce Secretary Gary Locke said Monday.( more )
New Pipes Spark Trading Activity at Clarington, Transwestern San Juan
from NGI's Daily Gas Price Index February 08, 2010
The build-out of pipeline infrastructure in recent years has contributed to the efficiency of the nation's natural gas delivery grid as previously stranded gas can now reach high-demand markets. New trading activity and pricing locations have emerged, prompting NGI to establish new price indices for Transwestern San Juan (TSJ) and the Clarington, OH, terminus of Rockies Express (REX).( more )
NGPL Tries to Refute Charges of Over-Recovering Cost of Service
from NGI's Daily Gas Price Index February 08, 2010
Natural Gas Pipeline Company of America (NGPL) Thursday filed a cost and revenue study for the 12-month period ending in October 2009, defending itself against FERC Section 5 charges that it was over-recovering its cost of service. NGPL was one of three pipelines accused by the Federal Energy Regulatory Commission of collecting a return on equity in 2008 of more than 20%, well above Commission guidelines (see Daily GPI, Nov. 20, 2009).( more )
Reports: Sempra Might Buy Back RBS Trading Interest
from NGI's Daily Gas Price Index February 08, 2010
San Diego-based Sempra Energy is thought to be negotiating with the Royal Bank of Scotland (RBS) to buy back RBS's 51% interest in the two firms' joint venture trading unit, RBS Sempra Commodities. Two sources in the financial and energy trading space told NGI Thursday that this would make sense for the U.S. energy holding company if it can get the right price.( more )
Analysis Finds Alberta Shale Economics Lag U.S. and BC Plays
from NGI's Daily Gas Price Index February 08, 2010
Alberta will remain a blank spot on the shale gas production map of North America until the provincial government overhauls unfavorable royalties, according to a study circulating in the industry capital of Calgary.( more )
Colorado Gas Output Up -- Despite Lower Rig Count
from NGI's Daily Gas Price Index February 08, 2010
More stringent drilling rules and low natural gas prices -- which led to some well shut-ins last year -- failed to deter Colorado's natural gas production, which grew in 2009 from 2008, according to the Colorado Oil and Gas Conservation Commission (COGCC).( more )
NOAA: Fading El Nino Could Intensify Hurricane Season
from NGI's Daily Gas Price Index February 08, 2010
A "strong and mature" El Nino -- the warming of sea surface temperatures in the central and eastern equatorial Pacific Ocean -- persisted during January, but it is likely to fade this spring, increasing the chances for an active Atlantic hurricane season this year, according to the National Oceanic and Atmospheric Administration's Climate Prediction Center (CPC).( more )
Fort Worth Considers More Tests at Barnett Drilling Sites
from NGI's Daily Gas Price Index February 08, 2010
The Fort Worth, TX, city council is considering whether to use city funds to retest ambient air quality around the city's natural gas drilling sites to determine whether drilling and production are contributing to the city's air pollution.( more )
Marcellus Coalition Defends Pennsylvania Water Handling
from NGI's Daily Gas Price Index February 08, 2010
As natural gas production in the prolific Marcellus Shale continues to ramp up in Pennsylvania, proponents say drilling and well stimulation practices are safe and that steps are being taken to ensure the protection of the Commonwealth's water resources for all Pennsylvanians.( more )
Wall Street Watching Regulator Actions, Says CPUC Member
from NGI's Daily Gas Price Index February 08, 2010
Wall Street has a closer eye on the nation's energy utility sector and the kind of state regulation impacting it, and so far in the new year it doesn't necessarily like what it sees, according to John Bohn, a member of the California Public Utilities Commission (CPUC) who recently returned from a week-long series of conferences and meetings with financial analysts in New York City.( more )
Shell Announces New Job Cuts, More Upstream Spending
from NGI's Daily Gas Price Index February 05, 2010
With Royal Dutch Shell's earnings in free-fall during the last three months of 2009, the oil major is selling some refineries and shifting some spending to the upstream to prepare for a longer-term focus on natural gas, CEO Peter Voser said Thursday.
( more )
Northern Natural Says It Under-Recovered Cost of Service in 2009
from NGI's Daily Gas Price Index February 05, 2010
MidAmerican Energy's Northern Natural Gas pipeline Thursday reported that it significantly under-recovered its cost of service during a 12-month period ended in October 2009 compared to the 2008 period on which FERC based its Section 5 charges that Northern Gas and two other interstate natural gas pipelines -- Natural Gas Pipeline Company of America (NGPL) and Great Lakes Gas Transmission Ltd. Partners -- over-recovered their cost of services by more than 20% (see Daily GPI, Nov. 20, 2009).( more )
EnCana Calls BC Leak 'Rare Piping Failure,' Institutes Changes
from NGI's Daily Gas Price Index February 05, 2010
EnCana Corp. instituted new safety procedures and conducted a risk assessment review at 500 drilling sites ahead of a report issued Thursday by the British Columbia (BC) Oil and Gas Commission (OGC) that said the producer failed to properly execute its emergency response plan following a natural gas leak last November at a shale drilling site.( more )
Oxy's Proven Reserves Grow in California, Permian Basin
from NGI's Daily Gas Price Index February 05, 2010
Occidental Petroleum Corp. (Oxy) said Wednesday that its year-end 2009 worldwide proved reserves jumped to 3.23 billion boe from 2.98 billion boe at the end of 2008.
( more )
California Opens Utility Shutoff Probe, Adopts Interim Rules
from NGI's Daily Gas Price Index February 05, 2010
Lacking a voluntary solution by all the state's major investor-owned utilities (IOU), the California Public Utilities Commission (CPUC) Thursday ordered interim actions by the IOUs to address the mushrooming problem of energy utility service disconnections, along with opening a statewide proceeding on the festering issue. After obtaining stakeholder feedback and ideas in the weeks and months ahead, the CPUC said it intends to act on a final order in June.( more )
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