Canada

Tenaska Marketing Ventures/Tenaska Marketing Canada/Tenaska Gas Storage (collectively TMV) has renewed a $1 billion committed credit facility for a four-year term maturing in July 2014. The facility, first established in 2006, will be used to finance TMV’s natural gas inventory transactions and as liquidity support for TMV’s operations. TMV is the natural gas marketing affiliate of Tenaska, which recently was ranked eighth in NGI’s North American natural gas quarterly trading survey (see Daily GPI, June 10). Tenaska regained control of TMV in January 2009 after completing a repurchase from affiliates of American International Group Inc., which at the time owned a half stake in the venture (see Daily GPI, Jan. 9, 2009). BNP Paribas and Societe Generale were co-lead arrangers of the credit facility renewal; the Bank of Tokyo-Mitsubishi UFJ, Ltd., Rabobank Nederland, Natixis and Credit Agricole CIB were co-documentation agents. A total of 20 lenders participated in the facility.

Calgary-based Paramount Energy Trust, which had been Canada’s only 100% natural gas energy trust, on Wednesday completed its transition into Perpetual Energy Inc.

Herb Vogel, the CEO of BP Energy Co. North America Gas & Power, said last week the abundant natural gas supplies in the United States and Canada — including the tremendous indigenous supplies supplanted with regasified liquefied natural gas (LNG) — will lead to “profound, revolutionary changes” in the coming decades.

BP America Co. President Herb Vogel said Tuesday the abundant natural gas supplies in the United States and Canada — including indigenous supplies and regasified liquefied natural gas (LNG) — are leading to “profound revolutionary changes.”

NiSource Gas Transmission & Storage (NGT&S) and MarkWest Liberty Midstream & Resources Inc. have joined a growing list of joint venture partnerships onshore to develop new natural gas gathering, processing and transmission projects to support more production volumes in the northern West Virginia area of the Marcellus Shale.

With springtime temperatures firmly established for most of the U.S. and only a few upper Northeast locations outside parts of Western Canada expected to get as low as freezing Tuesday, the cash market had to depend on the previous Friday’s 16.1-cent advance by May futures and the restoration of industrial demand after its usual weekend timeout in realizing mostly double-digit gains at a large majority of points Monday.

With springtime temperatures firmly established for most of the U.S. and only a few upper Northeast locations outside parts of Western Canada expected to get as low as freezing Tuesday, the cash market had to depend on the previous Friday’s 16.1-cent advance by May futures and the restoration of industrial demand after its usual weekend timeout in realizing mostly double-digit gains at a large majority of points Monday.

With springtime weather abounding in most areas and forecasts of sub-freezing lows rare outside Canada and sections of the Upper Plains near the Canadian border, prices continued to drop in most of the market Monday. Last Friday’s decline of 10.9 cents by April futures further depressed cash prices, and the return of industrial demand from its usual weekend hiatus had virtually no supportive effect.

With springtime weather abounding in most areas and forecasts of sub-freezing lows rare outside Canada and sections of the Upper Plains near the Canadian border, prices continued to drop in most of the market Monday. Last Friday’s decline of 10.9 cents by April futures further depressed cash prices, and the return of industrial demand from its usual weekend hiatus had virtually no supportive effect.