After sub-zero cold set back construction several weeks, the second segment of the first leg of the Rockies Express Pipeline (REX) project finally entered service on Wednesday, Kinder Morgan Energy Partners (KMP) said. The system will provide significant new transportation capacity in the region, but until the eastern portions of the massive REX system enter service producers could face the age-old problem of getting their gas out of the region.
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Analysts Predict Storage Drawdown; ’07 Price Forecast Cut
Now that much of the country has finally seen weather that can be called winter-like, Raymond James & Associates Inc. analysts are predicting that the current year-over-year gas storage surplus of 354 Bcf will be completely wiped out over the next three weeks and storage will stand at about 1,500 Bcf by winter’s end. Further, they predicted that gas prices have seen their lows for the year.
Freezing Weather Sends Spot Prices Soaring
With winter finally living up to its cold-weather reputation in just about every nook and cranny of Canada and the U.S. except peninsular Florida, cash prices spiked at virtually all points Tuesday in response to skyrocketing heating load. Quite a few gains were in triple digits and several Northeast citygates posted increases of more than $3.
Rally Ends at Most Points, But Some Still Rising
The cash market finally bowed — but not totally — to the reality of weak weather fundamentals and the steadily diminishing possibility of Tropical Storm Florence even reaching North America, much less the Gulf of Mexico. Although a majority of points recorded moderate losses Thursday, there were still quite a few that were flat to a dime higher.
Canadian Oil Sands Comes Out on Top in Bidding War for Canadian Southern
The long, difficult battle for the shares of Canadian Southern Petroleum is finally nearing an end, with white knight Canadian Oil Sands Trust beating out hostile takeover bids by Petro-Canada and Canadian Superior and obtaining 65% of the company’s outstanding shares.
Rockies Producers Enjoy Rapid Pipeline Build-Out; 8.4 Bcf/d of Capacity Planned
With the nation looking to the Rocky Mountain region for future gas supply security, producers there are finally getting the attention they have long desired and are taking advantage of it. A new “producer push” mentality is driving rapid pipeline expansion that will lead to a near doubling of Rockies export capacity over the next three years, Walter “Skip” Simmons of Wood Mackenzie told the Colorado Oil and Gas Association’s (COGA) annual Rocky Mountain Natural Gas Strategy Conference and Investment Forum in Denver.
Rockies Producers Enjoy Rapid Pipeline Build-Out; 8.4 Bcf/d of Capacity Planned
With the nation looking to the Rocky Mountain region for future gas supply security, producers there are finally getting the attention they have long desired and are taking advantage of it. A new “producer push” mentality is driving rapid pipeline expansion that will lead to a near doubling of Rockies export capacity over the next three years, Walter “Skip” Simmons of Wood Mackenzie told the Colorado Oil and Gas Association’s (COGA) annual Rocky Mountain Natural Gas Strategy Conference and Investment Forum in Denver.
Massachusetts Law Buries Another Stake into Heart of Weaver’s Cove LNG
Weaver’s Cove LNG, the liquefied natural gas (LNG) import project that seemed hardest to kill, may have finally received a death blow. Massachusetts state Sen. Joan Menard (D-Fall River) and state Rep. Robert Correia (D-Fall River) said last Monday that legislation they sponsored to restrict LNG tankers in Massachusetts waters passed in both the House and Senate and was enacted on Monday.
Massachusetts Law Buries Another Stake into Heart of Weaver’s Cove LNG
Weaver’s Cove LNG, the liquefied natural gas (LNG) import project that seemed hardest to kill, may have finally received a death blow. Massachusetts state Sen. Joan Menard (D-Fall River) and state Rep. Robert Correia (D-Fall River) said Monday that legislation they created to restrict LNG tankers passed in both the House and Senate late Thursday night and was enacted on Monday.
NGI The Weekly Gas Market Report
AK Lawmakers to Resume Producer Tax Debate July 12
Alaska Gov. Frank Murkowski will call lawmakers back for a second special session July 12 in the hope of finally changing the way the state taxes oil and gas production and nailing down terms of his draft fiscal contract with a trio of producers for development of the Alaska Natural Gas Pipeline.