Camp

A California legislative leader who helped sponsor Senate Bill (SB) 901, the state’s wildfire utility relief bill, said he wants to extend the measure to cover this year’s fires, including the Camp Fire in Northern California, which has killed scores of people and destroyed more than 10,000 structures.

California regulators late Thursday doubled down on the wildfires impacting each end of the state and the potential role by the two major utilities, Pacific Gas & Electric Co. (PG&E) and Southern California Edison (SCE).

Last year saw a transformation at Houston-based Carrizo Oil & Gas Inc. as the company shifted from deriving its revenue mostly from natural gas to an equal reliance upon revenue from oil production, CEO Chip Johnson told financial analysts Tuesday. “We expect this trend to continue for the entire year of 2012 as we become increasingly weighted toward oil production,” he said.

August natural gas futures managed to hold on to early gains and settle squarely in the bullish camp perplexing some traders. Longer-term observers see a strong physical market and the need to price in reduced injections in upcoming weeks. At the close August had risen 8.3 cents to $4.288, and September had gained 7.3 cents to $4.277. August crude oil fell $1.05 to $95.15/bbl.

Prospects that an Alaska gas pipeline will move ahead are raising anxiety in the Canadian camp promoting construction of a Mackenzie project first. Bob Reid, Calgary president of Aboriginal Pipeline Group, let the concern show in a blistering statement intended to light a fire under the stalled Canadian regulatory process.

Prospects that an Alaska gas pipeline will move ahead are raising anxiety in the Canadian camp promoting construction of a Mackenzie project first. Bob Reid, Calgary president of Aboriginal Pipeline Group, let the concern show in a blistering statement intended to light a fire under the stalled Canadian regulatory process.

Regardless of the recent major declines in gas prices, the Energy Information Administration (EIA) remains firmly 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).

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).

According to a survey completed last month, most exploration andproduction companies expect steadily rising U.S. oil and gas demandand continued strong prices will lead to increased capital spendingnext year. That’s one finding of Arthur Andersen’s 12th annual U.S.Oil & Gas Industry Outlook Survey.