Declined

The Supreme Court last Monday declined to review lower court rulings that vacated the conviction of Enron founder Kenneth Lay for fraud and conspiracy shortly after his death last July.

The Supreme Court Monday declined to review lower court rulings that vacated the conviction of Enron founder Kenneth Lay for fraud and conspiracy shortly after his death last July.

Although spot market natural gas prices have significantly declined, the prices of gas futures contracts remain well above the long-term price forecast and historical average prices of Fitch Ratings, analysts said in a Wholesale Power Market Update. Over the next 12 months, Fitch expects gas prices to fluctuate between $6 and $10/MMBtu. Longer-term, prices are forecast to average between $5-6/MMBtu.

Overall customer satisfaction with the 56 largest natural gas local distribution companies (LDC) declined sharply following a reported 23% increase in residential monthly bills compared to 2005, according to the J.D. Power and Associates 2006 Gas Utility Residential Customer Satisfaction Study released Wednesday.

Prices declined across the board again Thursday, but things could get really ugly Friday after the Energy Information Administration reported a heavily bearish storage injection of 108 Bcf for the week ending Sept. 8. The announcement induced a plunge of 55.7 cents by October futures, causing the prompt-month contract to explore sub-$5 territory for the first time in two years (see futures story).

The U.S. Supreme Court last week declined without explanation to hear an appeal by the Public Utility District (PUD) of Snohomish County, WA, which sought millions of dollars in refunds for power purchases it made during the western U.S. electricity crisis of 2000-01.

Despite strong drilling activity, record natural gas and oil prices and the largest cash flow in industry history, employment by the largest U.S.-based producers declined 4.1% in 2004, the 20th annual decline in the past 23 years, according to consultant John S. Herold Inc.

Despite strong drilling activity, record natural gas and oil prices and the largest cash flow in industry history, employment by the largest U.S.-based producers declined 4.1% in 2004, the 20th annual decline in the past 23 years, according to consultant John S. Herold Inc.

Lehman Brothers is estimating that 2004 U.S. natural gas supply declined 3.2% over 2003, with the 4.8% decline in production partly mitigated by an increase in Canadian and liquefied natural gas (LNG) imports. The estimates are based on a survey of producers responsible for about two-thirds of U.S. volumes.