Check

Consultants at Global Insight predict that 3 Tcf-plus storage levels at the end of November will result in lower-than-expected prices next year, but a number of factors, including limited LNG import capacity, minimal gains in Gulf of Mexico gas production, further declines in gas imports from Canada and a growing economy, will put a floor under the market.

El Paso Corp. continues to play push-me pull-you as it works out a long-term plan to get debt levels in check without starving its remaining core businesses. CEO Doug Foshee stressed that the company should meet its divestiture target of $3.4 billion by the end of this year, but going forward, “we won’t be able to sell our way to prosperity. We have to grow our core businesses.”

After a quick check to the downside failed to attract much profit-taking, natural gas futures continued higher Tuesday amid waves of local short covering and speculative trader new long accumulation. With that the June contract rebounded easily back above the $6.00 level, advancing 32.5 cents to close at $6.308.

Wyoming led the way for mineral lease revenues in 2002 and will receive a check for nearly $387 million from the Minerals Management Service (MMS), which is distributing a total of almost $753.3 million to 33 U.S. states.

Wyoming led the way for mineral lease revenues in 2002 and will receive a check for nearly $387 million from the Minerals Management Service (MMS), which is distributing a total of almost $753.3 million to 33 U.S. states.

The Federal Energy Regulatory Commission has scheduled a one-day technical conference Jan. 16, 2003 to solicit information for the purpose of evaluating the status of capital available to energy markets and infrastructure. A second conference will be held Feb. 5 on credit issues and potential solutions.

corrected 9/13/02

Canada’s Stoney First Nation chiefs threatened Tuesday to stop renewing leases for oil and gas companies that operate on their lands unless a Canadian agency collects from the companies more than C$10 million (US$6.4 million) they allege their tribes are owed in royalties. The gas-rich fields located on the Stoney lands include Shell Canada’s Jumping Pound field and the Wildcat Hills field of Petro-Canada. Both companies said Tuesday they would pay their share of royalties, but want the government to resolve the issue.

With one eye transfixed on this week’s expiration of March options and futures, natural gas traders played it cool Friday as they lifted the market off its early lows to post the week’s fourth straight session described by a higher high and higher low on the daily chart. The March contract closed at $2.449, up 2.4 cents for the session and 24.3 cents for the week. As it had been all week, volume in the gas pit at Nymex was heavy Friday, with an estimated 96,779 contracts changing hands.