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The Michigan Public Service Commission Tuesday approved Michigan Consolidated Gas’s (MichCon) request to sell 3.6 Bcf of natural gas in 2008 and 2009 at an average price of $9/Mcf — nearly a 92% markup from its $4.70/Mcf book value.

For the fourth consecutive year, global natural gas production grew in 2006 above the 10-year average, according to the BP Statistical Review of World Energy 2007. BP, which reviewed oil and gas output and consumption data through the end of last year, documented a 26.3 billion-cubic-meter (Bcm) gas inventory build in the United States, the European Union and Russia alone.

For the fourth consecutive year, global natural gas production grew in 2006 above the 10-year average, according to the BP Statistical Review of World Energy 2007. BP, which reviewed oil and gas output and consumption data through the end of last year, documented a 26.3 billion-cubic-meter (Bcm) gas inventory build in the United States, the European Union and Russia alone.

Natural gas consumption worldwide is expected to increase on average nearly 2% a year through 2030, to 163 Tcf from 100 Tcf in 2004, the Energy Information Administration (EIA) reported in its International Energy Outlook 2007. By then, the largest source of U.S. incremental gas supply “by far” is expected to come from liquefied natural gas (LNG), which is projected to jump 50% from 2004 levels.

The next three months on average will be warmer than normal across much of the country, according to forecaster WSI Corp., a conclusion that analysts at Energy Security Analysis (ESAI) see as bullish for the natural gas and power markets.

The next three months on average will be warmer than normal across much of the country, according to forecaster WSI Corp., a conclusion that analysts at Energy Security Analysis (ESAI) see as bullish for the natural gas and power markets.

Exploration and production (E&P) companies appear ready to face natural gas price volatility this year, with average producers hedging about one-third of their gas at $7-8/Mcf, with “room for upside” should the energy markets improve, a trio of Raymond James & Associates Inc. energy analysts said last week.

Many exploration and production (E&P) companies appear ready to face natural gas price volatility this year, with average producers hedging about one-third of their gas at $7-8/Mcf, with “room for upside” should the energy markets improve, a trio of Raymond James & Associates Inc. energy analysts said in a new “Stat of the Week.”

In a new forecast, Andover, MA-based WSI Corp. said last week that it expects the Northwest and the Pacific Coast of California to average colder than normal over the next three months while a majority of the southern U.S. and the East see warmer than normal readings.