Already

Besieged by a deteriorating fundamental picture in a market that is already firmly entrenched in a downtrend, natural gas futures traders pressured prices to new lows yesterday, amid a seemingly relentless barrage of selling activity. Even the season’s first triple-digit storage withdrawal (124 Bcf) failed to induce much of any buying sympathy, giving traders little choice but to continue to short the market. The February contract closed 19.7 cents lower at $2.268 and in doing so broke its previous all-time low at $2.415 notched back in February 1999.

CMS Trunkline LNG Co. LLC, which already operates the largest North American liquefied natural gas (LNG) terminal near Lake Charles, LA, has filed applications at FERC for authorization to make the facility even bigger, increasing its sendout deliverability, storage and metering capacities.

Calgary-based Petro-Canada, which already is one of the largest oil refiners in Canada, plans to move toward the western part of the country and into Alaska as it establishes a broader base for its natural gas growth. CFO Harry Roberts told analysts at the Merrill Lynch Global Energy Conference Wednesday that the company has “excellent” prospects for its upstream business.

Calgary-based Petro-Canada, which already is one of the largest oil refiners in Canada, plans to move toward the western part of the country and into Alaska as it establishes a broader base for its natural gas growth. CFO Harry Roberts told analysts at the Merrill Lynch Global Energy Conference Wednesday that the company has “excellent” prospects for its upstream business.

FERC denied rehearing of a June order that permits Arizona Public Service Co. to assign its full-requirements (FR) capacity contract on El Paso Natural Gas to affiliate Pinnacle West Energy to serve a new gas-fired generation facility that it is building in Arizona. On the surface, it seemed a clear victory for the companies involved. However, Chairman Pat Wood made it very clear that he has concerns about FR service on El Paso, which entitles customers to unlimited capacity at frozen rates, and that he plans to take up the issue at a later date.

An already bullish California oil/gas developer with both deep-drilling and shallow gas exploration in separate parts of Kern County received another shot of optimism earlier this month on reports that EOG Resources plans to expand its oil drilling program in the general area within 10 or 15 miles of the town of Delano, CA. EOG officials in Denver denied having any such plans.

An already bullish California oil/gas developer with both deep-drilling and shallow gas exploration in separate parts of Kern County received another shot of optimism earlier this month on reports that EOG Resources plans to expand its oil drilling program in the general area within 10 or 15 miles of the town of Delano, CA. EOG officials in Denver denied having any such plans.

The American Gas Association’s (AGA) proposal to expand the rights of firm capacity-holders to recall released capacity — to include recalling capacity on which gas has already been nominated or scheduled to flow — has come under fire at FERC from natural gas producers, marketers and pipelines.

The American Gas Association’s (AGA) proposal to expand the rights of firm capacity-holders to recall released capacity — to include capacity on which natural gas has already been scheduled to flow — has come under fire at FERC from natural gas producers, marketers and pipelines.