Cheer

Natural gas futures bulls received a little cheer heading into the Thanksgiving holiday after the Energy Information Administration (EIA) reported that 6 Bcf was withdrawn from underground storage for the week ending Nov. 19. As a result, December futures jumped higher Wednesday only to give back those gains to go off the board at $4.267, up three-tenths of a penny from Tuesday’s finish and 10.3 cents higher than the previous Friday’s close.

There was not a bit of cheer to be found in Raymond James & Associates’ outlook Monday for U.S. natural gas markets, with analysts cutting 2009 price forecasts to $5/Mcf from $6.75. U.S. producers may have to shut in around half, or 800 Bcf, of output in the coming year to balance the markets, said analysts.

Calgary-based Enbridge Inc. delivered some rare cheer to investors last week, trumpeting higher-than-expected earnings and a dividend boost for 2009, as well as the possibility that it may expand its North American “gas map.”

Calgary-based Enbridge Inc. delivered some rare cheer to investors Wednesday, trumpeting higher-than-expected earnings and a dividend boost for 2009, as well as the possibility that it may expand its North American “gas map.”

EnCana Corp.’s strategy to divide and conquer drew an enthusiastic cheer from investors and energy analysts last week, sending the company’s share price to new highs and setting off rumors that one or both of the new entities could be attractive takeover targets.

EnCana Corp.’s strategy to divide and conquer, which apparently came after three years of internal debate, drew an enthusiastic cheer from investors and energy analysts Monday, sending the company’s share price to a new high and setting off rumors that one or both of new entities could be attractive takeover targets (see related story).

Still unable to enjoy some early holiday cheer, a second Oregon liquefied natural gas (LNG) project was left waiting Thursday, but with some positive expectations it will clear another local hurdle in its permitting processes before Christmas. The Jordan Cove Energy Project LP at Coos Bay hopes to wrap up a second key local permit by Wednesday, its project manager told NGI late Thursday.

Looking for some early holiday cheer, two Oregon liquefied natural gas (LNG) projects expect to clear local hurdles in their respective permitting processes this week. Both NorthernStar Natural Gas’s Bradwood Landing LNG project along the Columbia River and the Jordan Cove Energy Project LP at Coos Bay along the Pacific Coast hope to be able to concentrate on the FERC process next year.

Pacific Gas and Electric Co. sent its customers some early holiday cheer Thursday, announcing that natural gas bills in December will take a 15% plunge compared to the same month last year, and the wholesale cost of gas is down sharply on the same December 2005-to-December 2006 comparison. Wholesale charges in December also are down 2%-3% compared with November levels.