NEB: Canada’s Gas Production Fell 2% in 2007

Canada’s natural gas production last year averaged 16.8 Bcf/d — roughly 2% less than in 2006 — but crude production jumped 7% on record high oil prices, according to the National Energy Board (NEB).

May 14, 2008

Industry Briefs

BP Energy Co.’s ability to market natural gas in the western United States has improved with the completion of its acquisition of Salt Lake City-based marketer Wasatch Energy LLC. The acquisition was announced in December (see NGI, Dec. 25, 2006). The deal, for an undisclosed amount, gives BP Energy all of Wasatch’s natural gas business and assets, including commercial and industrial sales contracts and producer services contracts. Wasatch’s 42 employees also were offered the opportunity to transfer to BP Energy. Wasatch has a portfolio of 350,000 MMBtu/d of gas purchase, transportation and sales activity across 10 western states that serve about 500 commercial and industrial customers and 100 producers. Its sales offices are located in New Mexico, Colorado, Washington, and California.

April 9, 2007

EIA Maintains Bullish Forecast on Natural Gas Prices Despite Recent Declines

The Energy Information Administration (EIA) is clearly in the natural gas bulls’ camp, predicting that spot Henry Hub gas prices, which averaged $9.00/Mcf in 2005 will average $11.25/Mcf ($10.92/MMBtu) in the first quarter of 2006 and $9.80/Mcf for the year. Last month, EIA’s forecast was $11.48 for the first quarter and $9.30 for the year. Henry Hub prices currently are about $8.60/MMBtu ($8.35/Mcf).

January 11, 2006

Unocal Earnings Up 49%, Domestic Production Falls

Worldwide hydrocarbon liquids and natural gas production averaged 428,000 boe/d, slightly higher than the 420,000 boe reported in 4Q2003. However, natural gas production in the United States dropped to 470 MMcf/d from 566 MMcf/d in 4Q2003, and in Canada, output fell to 551 MMcf/d from 655 MMcf/d. Total liquids production worldwide fell to 69,000 bbl/d from 75,000 bbl/d in 4Q2003.

February 2, 2005

Gas Market Pressured Lower Despite Storms, Shut-ins

Central and eastern Gulf producers fled the wrath of Tropical Storm Bonnie on Wednesday last week but many quickly remanned platforms Thursday and Friday and resumed production, which on top of cool weather, heavy rains and high storage levels sent cash and futures prices cascading back down from their briefly held peaks.

August 16, 2004

EIA Figures Difference Between Wellhead and Henry Hub at 24 to 32 Cents/Mcf

The difference between wellhead prices and Henry Hub prices between August 1996 and December 2000 averaged 32 cents/Mcf, with Hub prices averaging 10.8% higher, according to a study by the Energy Department’s Energy Information Administration (EIA). However, the median value between the two of 24 cents/Mcf may be a better measure, EIA said.

July 15, 2002

Record Drilling Aside, U.S. Gas Production Declines; Canada Up

Despite record natural gas drilling begun in 2000 and boosted through mid-year, U.S. production may actually show a year-over-year decline by the time fourth quarter reports are released, according to energy analysts following quarterly reports by exploration and production (E&P) companies. However, in Canada, September natural gas production is up and will be up at the end of the year, putting more pressure on prices and E&P values both in the Lower 48 and Canada as pipeline capacity fills up.

November 12, 2001

May Futures End Volatile Week By Posting Minuscule Gain

Following three days when trading volume at the New YorkMercantile Exchange averaged 117,518 contracts, the May contractgained a mere 1.4 cents to $2.342 amid a session when “only” 74,378contracts changed hands. Sources said much of the activity onFriday was simply position covering ahead of both the weekend andthe expiration of the May contract this Tuesday.

April 27, 1998

Winter Home Energy Consumption Down

Consolidated Natural Gas Co.’s CNG Energy Index calculatedresidential heating and cooling energy needs averaged 7.7% belownormal for the country over the winter heating season (Nov. 1-March31). There were wide variations across the country, however, withabove normal energy needs in the Southwest and Lower MississippiValley.

April 7, 1998
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