Currently

The Energy Information Administration (EIA) sees spot wellhead prices for natural gas, which currently are hovering around $2-$2.20/Mcf, averaging just under $1.90/Mcf for the rest of the year due to a weakened economy, slower industrial demand and bulging inventories. This would be less than half of the spot price that existed during 2001.

Legislation to reauthorize the Office of Pipeline Safety and enhance pipeline security and safety in light of the Sept. 11 terrorist attacks was introduced in the House of Representatives on Thursday by the leaderships of the Transportation and Infrastructure Committee and the Energy and Commerce Committee.

The American Gas Association currently is polling participants in its weekly storage survey to see if they will continue to cooperate with its survey through next April when the Energy Information Administration (EIA ) will take over the chore. AGA had initially announced in mid-October that it would publish its last survey on Jan. 2, 2002, and EIA followed up with an announcement last month that it would step in.

Natural gas storage levels are at an all-time high and the year-on-year storage deficit, which currently stands at 484 Bcf, is likely to balloon to more than 600 Bcf by mid-December, causing further downward pressure on spot prices, said Ronald Barone, a gas analyst with UBS Warburg.

Shell Oil Co. said Wednesday that it has appointed Steve Murray, currently president of Shell Trading United States, to succeed Alan Raymond as CEO of Shell Energy Services Co. LLC. The company said the switch will take effect on Dec. 1. Shell said that Raymond has been instrumental in the operation of Shell Energy Services since its inception. He is retiring after 34 years of service.

Cinergy Corp. announced several organizational changes, including a new president for its subsidiary, Cincinnati Gas & Electric, to be effective Oct. 1. Gregory C. Ficke, currently vice president and chief information officer of regulated businesses for Cinergy, will become president of Cincinnati Gas & Electric, succeeding Joe Hale, who remains vice president of corporate communications and president of the Cinergy Foundation. Larry E. Thomas and Douglas F. Esamann have been named vice chairman and president, respectively, of PSI Energy, Inc. William J. Grealis will become executive vice president, special projects. He was CEO of regulated businesses. James L. Turner will have full responsibility for the regulated businesses organization and will retain the title of president, regulated businesses. Cinergy/CG&E serves 800,000 electric and 500,000 gas customers in southwestern Ohio and northern Kentucky.

Enron Corp. said its board has accepted the resignation of Jeffrey K. Skilling, CEO and president. Kenneth L. Lay, currently chairman, will assume the additional responsibilities of president and resume his function as CEO. He has agreed to extend his employment agreement with the company through the end of 2005 to ensure a smooth transition. Skilling will continue to serve as a consultant to Enron and its board.

The Oregon House has approved a bill that would delay state implementation of electric restructuring, currently set to begin Oct. 1 of this year, until early 2002. With the Oregon Senate having already given its blessing to the measure, House Bill (HB) 3633 now goes to Gov. John Kitzhaber, who is expected to sign the bill into law.

Cabot LNG, currently the only active liquefied natural gas importer on the East Coast, has entered into a second 20-year charter agreement with Norwegian shipping giant Bergesen for a 138,000 cubic meter LNG carrier. Cabot’s first carrier agreement was completed in November 2000 and both vessels are scheduled for delivery in 2003.