Accounts

More than 16% of Albertans are employed in some area of the natural gas industry, according to an industry-sponsored study, and gas accounts for about 6.7% of Canada’s gross domestic product (GDP), compared with about 2.7% of GDP in the United States.

More than 16% of Albertans are employed in some area of the natural gas industry, according to an industry-sponsored study, and gas accounts for about 6.7% of Canada’s gross domestic product (GDP), compared with about 2.7% of GDP in the United States.

Tennessee initiated storage constraints Saturday that included no injections or transfers into interruptible accounts. See the bulletin board for other restrictions that will remain in effect until further notice.

Saying its system continues to experience low linepack conditions, Westcoast asked shippers Thursday to ensure that “any accounts in a drafted position are trending toward zero to a slight pack.” It also noted that colder weather is being forecast for the weekend in the British Columbia and Pacific Northwest regions. “Historically, during the first cold snap, production tends to be at risk of falling off,” Westcoast said, and if it observes that production has been lost, a shipper’s account availability may be reduced to match actual production.

Saying its system continues to experience low linepack conditions, Westcoast asked shippers Thursday to ensure that “any accounts in a drafted position are trending toward zero to a slight pack.” It also noted that colder weather is being forecast for the weekend in the British Columbia and Pacific Northwest regions. “Historically, during the first cold snap, production tends to be at risk of falling off,” Westcoast said, and if it observes that production has been lost, a shipper’s account availability may be reduced to match actual production.

Effective Friday, Sonat will not be accepting daily nominations for injections into interruptible accounts (ISS or Park and Loan) that rely on storage. The pipeline noted that it will not schedule due-pipeline imbalance makeups “on any day and cycle when we are limiting any nominations for injections under services that rely on interruptible storage.”

Responding to news accounts of a motion to compel that the Illinois Commerce Commission (ICC) staff recently filed as part of an annual review of gas purchasing practices for fiscal year 2001, Peoples Energy CEO Thomas M. Patrick said that the review involving the utility Peoples Gas “will show that the company conducted its business prudently and that none of our practices increased costs to customers.” He added that the case is on a typical procedural schedule that would bring it to conclusion early in 2003.

Kinder Morgan Inc. (KMI) said last week that it expects to “meet or beat” the consensus 2001 estimate for recurring earnings per share (EPS) of $1.88, representing a near 47% increase over the $1.28 per share the company posted in 2000. The company said it also believes it will meet or beat the third quarter earnings per share of $0.45.

After gapping lower at the open, natural gas futures turned higher Monday as non-commercial accounts covered shorts initiated in last week’s three-day, 64-cent price erosion. At the closing bell the May contract was 7.8 cents stronger for the session at $5.103.