There has been much discussion of the stall in gas-directed drilling in the United States despite expectations of higher prices going forward, but gas drilling also has failed to gain momentum in Canada, Raymond James analysts noted in their “Stat of the Week” equity research report. The analysts predict Canadian gas production and U.S. gas imports to fall by about 500 MMcf/d or 2-3% this winter compared to last winter.
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Futures Drop a Cool Dime on Mild Weather Forecasts
Following an impressive eight-day, 60-cent rally, natural gas prices dipped Tuesday as traders grappled with the first bearish weather forecast in more than a month. The September contract closed at $3.166, down 10.1 cents on the day and just 0.6 cents above its low for the session. Estimated volume was heavy, with 109,501 contracts changing hands.
White House Formally Nominates Kelliher to FERC
After nearly an eight-month wait, President Bush officially has nominated Joseph T. Kelliher to a five-year term on the Federal Energy Regulatory Commission, putting to rest persistent reports that his nomination was in jeopardy. Kelliher will replace current Commissioner Linda K. Breathitt whose term expires June 30 of this year, a White House spokeswoman said.
Enron Tells Court it Needs More Time for Reorganization Plan
Enron Corp. has asked the federal bankruptcy court for an eight-month extension to file a reorganization plan, which would mean that its 350,000-plus creditors may have to wait longer to be paid the $49 billion they are owed. Enron said it needed more time to “develop and implement a viable long-term business plan” that would also allow creditors to evaluate where they stand.
Transportation Notes
Sonat canceled an OFO Type 3 for eight market-area groups and capacity allocations in four other groups Tuesday after the constraints had been in effect for one day.
Transportation Notes
Sonat implemented an OFO Type 3 for eight market-area groups Monday morning. Penalties of $15/Dth were being assessed on any shipper whose delivery point takes exceeded 102% of their daily entitlement. The pipeline also began limiting IT service for four other groups.
Transportation Notes
Based on the weather forecast and projected system demand, Sonat advised shippers that the OFO Type 3 implemented Wednesday for eight market-area groups, along with capacity allocations for four other groups, are being canceled today.
Transportation Notes
Based on revised weather and demand forecasts received early Monday morning, Sonat issued an OFO Type 3 for eight market-area groups on its system, effective today until further notice. Penalties of $15/Dth apply to any shipper whose deliveries exceed 102% of their daily entitlement at any delivery point within the affected groups. Sonat also will be allocating/limiting IT in three other market-area groups starting today until further notice.
BLM Report Backs Gas Wells in Breaks Monument
An environmental analysis by the Bureau of Land Management (BLM) has found that approving eight natural gas wells on existing federal leases north of the Missouri River within and adjacent to the Upper Missouri River Breaks National Monument in Montana would have little environmental impact. BLM has recommended approval of the wells, but said it will not make a final decision until after a public comment period ends in mid-February.
BLM Report Backs Gas Wells in Breaks Monument
An environmental analysis by the Bureau of Land Management (BLM) has found that approving eight natural gas wells on existing federal leases north of the Missouri River within and adjacent to the Upper Missouri River Breaks National Monument in Montana would have little environmental impact. BLM has recommended approval of the wells, but said it will not make a final decision until after a public comment period ends in mid-February.