Brothers

The natural gas market “is severely out of balance,” and participants can expect to see prices during injection season near “the top end of a $5.00-8.00/MMBtu range,” according to Lehman Brothers equity research.

The natural gas market “is severely out of balance,” and participants can expect to see prices during injection season near “the top end of a $5.00-8.00/MMBtu range,” according to Lehman Brothers equity research.

Harbert Distressed Investment Master Fund Ltd., the largest stockholder of NorthWestern Corp., has hired Lehman Brothers and the law firm of Milbank, Tweed, Hadley & McCloy LLP to advise it on the feasibility of a proposal by a coalition of municipal entities called Montana Public Power Inc. (MPPI) to buy NorthWestern.

Southern Star Central Corp. announced Thursday that it has hired Lehman Brothers to help it explore strategic alternatives for its Southern Star Central Gas Pipeline company, including potentially forming a master limited partnership, selling the company, holding an initial public offering or other options.

Southern Star Central Corp. announced Thursday that it has hired Lehman Brothers to help it explore strategic alternatives for its Southern Star Central Gas Pipeline company, including potentially forming a master limited partnership, selling the company, holding an initial public offering or other options.

With sustained strength in oil and natural gas prices, Lehman Brothers on Tuesday raised its 2005 Henry Hub gas forecast by 75 cents to $7/MMBtu and the 2006 forecast by 50 cents to $6.50/MMBtu. The oil forecast also was increased by $5 for 2005 and 2006, to $50/bbl.

With sustained strength in oil and natural gas prices, Lehman Brothers on Tuesday raised its 2005 Henry Hub gas forecast by 75 cents to $7/MMBtu and the 2006 forecast by 50 cents to $6.50/MMBtu. The oil forecast also was increased by $5 for 2005 and 2006, to $50/bbl.

With most of the largest producers’ year-end results in, Lehman Brothers estimates that total 2004 U.S. natural gas supply declined 3.5% over 2003. A 5% decline in domestic production (4.25-4.5% excluding Hurricane Ivan) was partly mitigated by increased Canadian and liquefied natural gas (LNG) imports, said analyst Thomas Driscoll.

Lehman Brothers is estimating that 2004 U.S. natural gas supply declined 3.2% over 2003, with the 4.8% decline in production partly mitigated by an increase in Canadian and liquefied natural gas (LNG) imports. The estimates are based on a survey of producers responsible for about two-thirds of U.S. volumes.