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Columbia Cites Flaws in WGL Plan to Isolate System from LNG
Breaking News from NGI's Daily Gas Price Index posted Aug 20, 12:36 PM
Columbia Gas Transmission Wednesday questioned Washington Gas Light's (WGL) proposal that casts the pipeline in a leading role in the utility's efforts to prevent further coupling leaks on its system, which WGL blames on regasified liquefied natural gas (LNG).( more )
State Leaders Look for 'Coherent' National Energy Policy
Breaking News from NGI's Daily Gas Price Index posted Aug 20, 9:14 AM
Fueled by a rare degree of bipartisan agreement on climate change-driven alternative energy solutions, a National Clean Energy Summit concluded Tuesday in Las Vegas with an extensive wish list directed at the party platform authors at both upcoming major political conventions. Nothing was left out, and one of the conference's hosts, U.S. Senate Majority Leader Harry Reid (D-NV), committed to seeking bipartisan support for energy action when Congress returns in September.
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Bullish Case Building; September Called 15 Cents Higher
Breaking News from NGI's Daily Gas Price Index posted Aug 20, 7:49 AM
Natural gas futures are anticipated to open 15 cents higher Wednesday morning at $8.13 as traders ponder the likelihood of technical strength and seasonality being able to avert the ongoing price slide. Overnight petroleum markets rose.( more )
Softness Continues to Dominate Cash Market
from NGI's Daily Gas Price Index August 20, 2008
Although flat to nearly 30 cents higher numbers continued in parts of the cash market Tuesday -- primarily in the Midcontinent/Midwest, Southwest basins, California and the Pacific Northwest/Western Canada areas -- most points were still in softening mode as cooling load remains fairly meager for what is often the hottest month of the year and prior-day screen guidance was negative again.( more )
Despite Gains, Bears Seen as Still Holding the Reins
from NGI's Daily Gas Price Index August 20, 2008
Traders put in a new low for the move in September natural gas futures in early morning trade on Tuesday, which, combined with strength in petroleum liquids markets, triggered a wave of short-covering that resulted in a $7.976 close, up 8.8 cents from Monday's finish. Despite the gains, some market experts believe the bears are still running the show and that the market could still shear off another 40 cents or so before it is finished.( more )
API Says 'Gang of 10' Offshore Plan Falls Short
from NGI's Daily Gas Price Index August 20, 2008
A bipartisan Senate proposal that would allow drilling in waters off four Atlantic Coast states and increase activity in the eastern Gulf of Mexico "falls short of what is needed" to expand domestic oil and natural gas production, says the head of the American Petroleum Institute (API).
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Technology Unlocking Previously Ignored Gas in Alberta
from NGI's Daily Gas Price Index August 20, 2008
Intensive application of improved drilling methods has paid off for an aggressive "junior" among Canadian natural gas producers while highlighting an industry trend of using technology to tap targets previously regarded as beyond economic reach. ( more )
Consultant Predicts LNG Spending Boom, Notes 'Limits' of U.S. Production
from NGI's Daily Gas Price Index August 20, 2008
Capital spending on liquefied natural gas (LNG) is poised to reach new peaks between now and 2012 with $106 billion expected to be spent on export terminals, tankers and import terminals over the next five years, according to research by consultancy Douglas-Westwood Ltd. of the United Kingdom.( more )
Equitable Resources Changes Direction on Appalachian Gas Pipe Projects
from NGI's Daily Gas Price Index August 20, 2008
Equitable Resources Inc. denied reports that it was pulling out of the Northeast Passage pipeline project, but rather said it merely has altered its game plan to get its Appalachian natural gas to market.
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Avista Asks Idaho PUC for 14.2% Gas Cost Rate Hike
from NGI's Daily Gas Price Index August 20, 2008
Spokane, WA-based Avista Utilities said Monday it has filed with the Idaho Public Utilities Commission (PUC) for an $11.6 million, or 14.2%, natural gas rate increase for its 72,000 Idaho customers to recover high wholesale costs of gas. It asked for the rate hike to be effective Oct. 1.( more )
'Loose' Gas Supply Expected to Fill Storage by End of Injection Season
from NGI's Daily Gas Price Index August 19, 2008
The natural gas price declines in early July mirrored a broader sell-off in commodities and occurred before bearish data became available, but most of the price adjustments resulted from the "sudden loosening of the supply and demand balance," which was evident in storage data issued by the Energy Information Administration, Lehman Brothers analysts said Monday. Early in the summer the market appeared tighter than a year earlier, but it's now "significantly looser" and U.S. inventories are forecast to close the deficit by the end of the injection season.( more )
Producers Say Testing on REX Would Shut in Rockies Gas
from NGI's Daily Gas Price Index August 19, 2008
Major producers have asked FERC for an immediate injunction and expedited technical conference to bar Rockies Express Pipeline (REX) from carrying out hydrostatic testing on its line in September, a move that could shut in half of the Rockies natural gas flowing on the pipeline at the height of hurricane and storage injection seasons.( more )
E&Ps Said to Need $8+ Gas Prices to Deliver Return
from NGI's Daily Gas Price Index August 19, 2008
North American exploration and production (E&P) companies' cost structures and current share prices suggest that natural gas prices need to be more than $8/Mcf and oil has to be more than $70/bbl to deliver a market return on equity capital, according to an analysis by SunTrust Robinson Humphrey/the Gerdes Group (STRH).( more )
Nymex Members Vote in Favor of CME Merger
from NGI's Daily Gas Price Index August 19, 2008
The merger of CME Group and Nymex Holdings cleared its largest hurdle Monday afternoon as Nymex's shareholders and its 816 seatholders voted to accept the merger proposal. With the approval out of the way, the closing date of the union, which has been valued recently anywhere between $7.9 billion to $8.4 billion, is scheduled to take place on Friday (Aug. 22), when Nymex Holdings will merge with and into CMEG NY Inc., a wholly owned subsidiary of CME Group.( more )
Pelosi Says House to Consider Opening Some OCS Areas
from NGI's Daily Gas Price Index August 19, 2008
House Speaker Nancy Pelosi (D-CA) said Saturday the Democratic leadership plans to offer a broad energy bill in September that would open some closed portions of the federal Outer Continental Shelf (OCS) to oil and natural gas drilling. Instead of welcoming her remarks, however, House Republicans continued to be wary.
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BLM Eyes Sept. 24 Lease Sale of Alaska Acreage
from NGI's Daily Gas Price Index August 19, 2008
The Interior Department's Bureau of Land Management (BLM) has announced that it will hold an oil and gas lease sale on Sept. 24 for available onshore tracts in the Northeast and Northwest planning areas of the National Petroleum Reserve -- Alaska (NPR-A) in the North Slope region.( more )
Forest Pays $892M for Oklahoma, Texas, Louisiana Properties
from NGI's Daily Gas Price Index August 19, 2008
Forest Oil Corp. has agreed to pay $892 million in cash and stock to privately held Cordillera Texas LP for a package of natural gas-weighted properties in Oklahoma, East Texas and North Louisiana that now produce around 34 MMcfe/d. Total reserves are estimated at 350 Bcfe, which are 36% proved developed.( more )
Regulators to Enforce Stricter Rules for Producers in Marcellus
from NGI's Daily Gas Price Index August 19, 2008
The Susquehanna River Basin Commission (SRBC), an independent interstate compact agency, has notified natural gas producers of its intent to enforce stricter regulations with respect to the use of water to develop wells in the Marcellus, Utica and other shale formations in the Susquehanna watershed in Pennsylvania and New York.
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FERC OKs Transco's Sentinel Expansion
from NGI's Daily Gas Price Index August 19, 2008
FERC approved a proposed project, called Sentinel, to expand Williams' Transcontinental Gas Pipe Line (Transco) to serve markets in the northeastern United States.( more )
Cheniere Energy Closes $250M Financing
from NGI's Daily Gas Price Index August 19, 2008
A capital infusion -- the announcement of which last week lifted Cheniere Energy Inc. shares more than 50% -- has closed, the struggling liquefied natural gas (LNG) terminal developer said Monday.( more )
Border Governors Sign Energy Cooperation Pacts
from NGI's Daily Gas Price Index August 19, 2008
Ten U.S. and Mexican states making up the Border Governors Conference concluded their three-day meeting Friday by signing joint commitments to step up cooperative energy, environmental and economic development efforts, among others. California Gov. Arnold Schwarzenegger played host at Universal Studios Hollywood, adding some special effects with a Green Tech Expo Thursday and a new agreement on pushing green projects in Mexico.( more )
CFTC's Data 'Flawed' in Speculation Report, Senators Charge
from NGI's Daily Gas Price Index August 18, 2008
Four Democratic senators have called for an investigation of the Commodity Futures Trading Commission's (CFTC) release in mid-July of an interim report that absolves futures market speculators of blame in the run-up of oil prices when the CFTC allegedly knew the report's data was flawed. The report was issued just days before a Senate vote to curb speculation was blocked.( more )
Global Prices Have Freeport LNG Looking to Export
from NGI's Daily Gas Price Index August 18, 2008
Saying worldwide demand and relatively low prices in the United States have slowed deliveries of liquefied natural gas (LNG) to its Texas terminal, Freeport LNG Development LP is looking to reverse the spigot by seeking permission to export previously imported LNG to Europe and Asia.
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British Columbia, Saskatchewan Lead Alberta in 2008 Lease Sales
from NGI's Daily Gas Price Index August 18, 2008
British Columbia (BC) and Saskatchewan brought in a combined C$745 million in land rights on Thursday, boosting their claims that they -- and not Alberta -- hold the best exploration spots in Canada.( more )
Nymex, CME Hold Collective Breath Ahead of Monday Merger Vote
from NGI's Daily Gas Price Index August 18, 2008
As CME Group and Nymex Holdings continue to keep their fingers crossed that stockholders and members will vote through their pending $8.4 billion merger on Monday, the companies reported Friday that the closing date of the union is scheduled for Aug. 22. If the deal is consummated, Nymex Holdings will merge with and into CMEG NY Inc., a wholly owned subsidiary of CME Group.( more )
Chesapeake Readies Midstream Spin-off
from NGI's Daily Gas Price Index August 18, 2008
Chesapeake Energy Corp. has begun a "series of steps" to spin off a subsidiary to hold its midstream natural gas assets -- and allow it to build pipeline infrastructure in some of its productive shale plays. The new subsidiary would be formed within "months, not quarters," said a senior executive.( more )
SemGroup Energy Partners Stung By Parent's Bankruptcy
from NGI's Daily Gas Price Index August 18, 2008
Three weeks after parent company SemGroup LP filed for bankruptcy on $3.2 billion in trading losses in crude deals on the New York Mercantile Exchange and over-the-counter energy derivative markets (see Daily GPI, July 28; July 24), SemGroup Energy Partners LP (SGLP), the only publicly traded subsidiary of SemGroup, announced through a Friday filing with the Securities and Exchange Commission (SEC) that it is in a spot of bother as well and might have to sell a portion or all of its assets.( more )
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