Erosion

Erosion in natural gas and oil prices and continued uncertainty in the markets led onshore producer Penn Virginia Corp. on Friday to announce plans to reduce 2009 capital spending. It also lowered 2009 production guidance.

Erosion of international natural gas trade continued as the 2008-2009 heating season opened, with a 5.5% drop in Canadian exports. Pipeline deliveries to the United States dipped to 292 Bcf last November from 309 Bcf in the first month of the 2007-2008 heating season and contract year, according to records kept by the National Energy Board.

Erosion of international natural gas trade continued as the 2008-2009 heating season opened, with a 5.5% drop in Canadian exports. Pipeline deliveries to the United States dipped to 292 Bcf last November from 309 Bcf in the first month of the 2007-2008 heating season and contract year, according to records kept by the National Energy Board.

Threats to the Gulf Coast — hurricanes and coastal erosion among them — have inspired energy industry leaders, environmentalists and conservationists to launch a sustainability initiative to protect the region, which is an energy breadbasket for the nation.

Threats to the Gulf Coast — hurricanes and coastal erosion among them — have inspired energy industry leaders, environmentalists and conservationists to launch a sustainability initiative to protect the region, which is an energy breadbasket for the nation.

A futures swoon of about $1.21 over the previous two days, abetted by further erosion of cooling load in some areas, led to further declines in most of the cash market Wednesday.

Canadian exporters are signaling that National Energy Board Chairman Ken Vollman got it right earlier this month when he warned the United States against relying on Canadian production to satisfy growth in American demand for natural gas.

A modest show of strength in natural gas futures was no match for the continuing erosion of heating demand in most regions Tuesday, sources said. Wednesday’s remaining pockets of chill were expected to be confined to the Pacific Northwest, sections of the Upper Plains and Upper Midwest along the Canadian border, and the northern portions of the Northeast.

This week’s erosion of prices (not counting isolated pockets of firmness, mostly in the West) slowed to a crawl Thursday as further declines were limited to about 30 cents or less, and quite a few points (again, mostly in the West) registered moderate gains of up to about a quarter.