Expecting

As prospects for a quick infusion of new reserves from the Arctic fade, Canadian’s are expecting higher gas prices and markets are encouraging them to believe they are right with their diagnosis that supplies are tight.

Dominion Transmission is expecting Statoil to sign agreements that will cover all of the capacity in two proposed pipeline projects designed to provide a summer storage alternative for Cove Point liquefied natural gas (LNG). Dominion is planning to add about 800 MMcf/d of new sendout capacity and another 6.8 Bcf of onsite LNG storage space to the Cove Point terminal on the Chesapeake Bay in Maryland.

Dominion Transmission is expecting Statoil to sign agreements that will cover all of the capacity in two proposed pipeline projects designed to provide a summer storage alternative for Cove Point liquefied natural gas (LNG). Dominion is planning to add about 800 MMcf/d of new sendout capacity and another 6.8 Bcf of onsite LNG storage space to the Cove Point terminal on the Chesapeake Bay in Maryland.

Duke Energy Corp. shares were flat Thursday and even gained ground on Friday despite news that the company missed third quarter earnings estimates and probably will miss earnings targets for the year.

Growth will be built into the Canadian Arctic natural gas project, with the sponsors expecting it to lay the foundations for a new branch of the industry spanning the 800-mile length of the proposed Mackenzie Valley pipeline, planners revealed in a Preliminary Information Package (PIP) submitted June 18, which has been evaluated and accepted as complete.

Some observers were expecting a mountainous move in natural gas futures Tuesday as Alan Greenspan told Congress that the nation has a long-term gas supply problem. What they got instead was a minuscule 1.6-cent hiccup from a market that had digested the news long ago. July futures ended the day at $6.330 with a high of $6.355 and a low of $6.23. August also gained 1.6 cents to $6.42, and September added 2 cents to $6.424.

Renowned hurricane forecaster Dr. William Gray of Colorado State University is expecting a more active than normal hurricane season this year with an above average probability of Atlantic basin tropical cyclones and U.S. hurricane landfall. In the extended range forecast released on Friday, Gray’s team of meteorologists predicted there would be eight hurricanes, three of them intense hurricanes and a total of 12 named storms this year.

Renowned hurricane forecaster Dr. William Gray of Colorado State University is expecting a more active than normal hurricane season this year with an above average probability of Atlantic basin tropical cyclones and U.S. hurricane landfall. In the extended range forecast released on Friday, Gray’s team of meteorologists predicted there would be eight hurricanes, three of them intense hurricanes and a total of 12 named storms this year.

Canadian Superior Energy Inc. said it made two natural gas discoveries at its East Ladyfern natural gas play in northwestern Alberta and is expecting a new field to be established in the remote area about 22 miles east-southeast of the main Ladyfern gas field and about 65 miles east of Fort St. John, BC.