In response to the sharp decline in market liquidity due to credit issues and heavy collateral requirements, the Federal Energy Regulatory Commission and the Commodity Futures Trading Commission (CFTC) will for the first time hold a joint agency conference to address potential solutions.
Heavy
Articles from Heavy
FERC, CFTC to Sponsor Joint Conference on Energy Clearing Issues
In response to the sharp decline in market liquidity due to credit issues and heavy collateral requirements, the Federal Energy Regulatory Commission and the Commodity Futures Trading Commission (CFTC) will for the first time hold a joint agency conference to address potential solutions.
XTO Sees 12% Mcfe Growth in ’03; Magnum Hunter Ups 4Q Guidance
XTO Energy Inc. said Monday it expects to grow its natural gas-heavy production base about 12% more than last year, with more than half of its development budget directed to East Texas activities. Meanwhile, Magnum Hunter Resources Inc. raised its week-old fourth quarter forecast, calling the previous estimate too conservative.
Heavy Gas Withdrawal May Lead to Higher Summer Prices
The 159 Bcf gas storage withdrawal for the week ending Dec. 13, announced Thursday by the Energy Information Administration (EIA), is “right smack in the middle of the range” for the same period over the past nine years, an energy expert said Thursday. However, the large withdrawals in recent weeks indicate that by next summer, supplies will be tight, ensuring that natural gas prices will be higher — already reflected in the futures market.
Newfield Picks Up Gas-Heavy EEX in $640M Deal
Houston-based Newfield Exploration Co. has pumped up its core South Texas natural gas assets and more important, moved into the deepwater of the Gulf of Mexico, with the acquisition of cross-town peer EEX Corp. The transaction is valued at $640 million, including debt, and has already been approved by both boards of directors. Newfield, already dominant along the Outer Continental Shelf, gained its first foothold in deeper water, picking up 68 lease blocks, most of which EEX was exploring with Shell Oil Co.
PrimeWest to Acquire Complementary Gas-Heavy Assets in Alberta
Calgary-based PrimeWest Energy Trust said last Tuesday it will acquire some complementary natural gas and crude oil properties in two regions of Alberta for C$206 million. The properties, weighted 86% to natural gas, are located in the Caroline and Peace River Arch areas.
PrimeWest to Acquire Complementary Gas-Heavy Assets in Alberta
Calgary-based PrimeWest Energy Trust said Tuesday it will acquire some complementary natural gas and crude oil properties in two regions of Alberta for C$206 million. The properties, weighted 86% to natural gas, are located in the Caroline and Peace River Arch areas.
Dynegy CEO Rallies Investors, Stock Gains 75% in Heavy Trading
For Dynegy Inc., it’s way too early to party down, but the shunned wallflower of the energy merchant sector was more appealing to investors on Tuesday than it has been in months. A record 38.77 million shares were traded before the market closed, sending the cellar stock, which had opened the day at 77 cents, over $1 before noon. It closed at $1.35, a gain of more than 75%.
Transportation Notes
Reflecting heavy weather load in the Upper Plains and Upper Midwest, Northern Natural Gas declared a System Overrun Limitation for all market-area zones effective Thursday until further notice.
Futures Erupt Higher on Cool Weather Forecasts, Supply Concerns
Natural gas futures vaulted higher Friday in heavy activity as traders covered shorts ahead of the first blast of cold weather expected across most of the country this week. After easily piercing psychological resistance at $4.00, the November contract paused near the $4.10 mark as traders caught their breath. However, it turned out to be only a quick break and prices rallied into the closing bell. November finished at $4.146, up 31.8 cents for the session and within striking distance of the recent top at $4.25.