Effects

To protect the declining sage grouse population and avoid its listing as a protected species under the U.S. Endangered Species Act (ESA), Wyoming has to reduce the effects of energy development and impose tighter restrictions on residential development, a state panel has recommended.

To protect the declining sage grouse population and avoid seeing it listed as a protected species under the U.S. Endangered Species Act (ESA), Wyoming has to reduce the effects of energy development and impose tighter restrictions on residential development, a state panel recommended this week.

A few citygates in the Northeast, which was still feeling the effects of a “Nor’easter” storm that battered much of the East Coast over the weekend, managed to range from flat to up 20 cents Monday. They were in a distinct minority, though. Other cash points continued to move lower due to dwindling heating load and the residual impact of Friday’s 12.3-cent decline by May futures.

Gas production of Houston-based W&T Offshore Inc. was still impacted by the effects of Hurricane Katrina in the second quarter with volumes down from the year-ago period. Realized gas prices also were down in the second quarter from a year ago, but W&T made up for some of the gas weakness with increased oil production and much stronger realized prices for the liquid hydrocarbon.

Gas production of Houston-based W&T Offshore Inc. was still impacted by the effects of Hurricane Katrina in the second quarter with volumes down from the year-ago period. Realized gas prices also were down in the second quarter from a year ago, but W&T made up for some of the gas weakness with increased oil production and much stronger realized prices for the liquid hydrocarbon.

As part of “energy week,” a House subcommittee has scheduled a hearing Wednesday to examine the effects of high natural gas prices on small businesses and present an overview of the gas supply picture.

El Paso Corp. narrowed its losses in the final quarter of 2005 on a string of asset sales, and despite lingering effects from last year’s devastating hurricanes in the Gulf of Mexico, the company’s core natural gas pipelines and exploration and production (E&P) groups posted solid earnings.

With its traders still feeling the effects of Thursday’s unsupportive storage report, the natural gas futures market sifted lower Friday afternoon to conclude a relatively quiet week. The March contract completed the session at $6.096, down 5.3 cents for the session and 16.3 cents for the week.

Proving that Hurricane Ivan’s lasting effects on Gulf of Mexico production didn’t go unnoticed by traders, the October natural gas futures contract on Tuesday spent the day exploring resistance levels following its gap higher at the open.