March gas futures inched 5.4 cents lower Friday to $7.476 in a very quiet day of trading on this rare Feb. 2 when the famous Punxsutawney, PA groundhog failed to see his shadow, presaging an early spring. Little was revealed about what’s in store for this week, which is widely expected to be the coldest of the year for the Lower 48.
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Texas PetroIndex Higher, but Indicates Peak in Coming Months
The Texas PetroIndex, an indicator of the economic vitality of the state’s oil and natural gas exploration and production industry, inched higher in September to a record 219.1, up 15% from the 190.4 reported in September 2005. The growth marks the state’s 49th consecutive month of improvement, but the Texas Alliance of Energy Producers (TAEP) noted the month-to-month increase of one tenth of 1% was the smallest in its sustained growth period.
Post-Katrina Gas Output Barely Increasing, Few New Damage Assessments
The Minerals Management Service (MMS) on Monday reported post-Katrina shut-in natural gas production has barely inched forward in the past three days, moving to 3.784 Bcf/d compared with Friday’s report of 3.829 Bcf/d. The shut-in total, based on reports from 55 producers, is equivalent to 37.84% of the daily 10 Bcf/d gas output in the offshore. Only a few companies updated their offshore operations on Monday, and the lack of news was “not promising,” according to at least one energy analyst.
Gas Production Offshore Inches Up, Onshore Processing, Pipelines Still Questionable
Natural gas production in the Gulf of Mexico inched up by 124.3 MMcf from Tuesday, leaving 4.04 Bcf of gas still shut-in following Hurricane Katrina, according to the latest Minerals Management Service (MMS) update, which was issued Wednesday. However, concerns were growing that potential pipeline damage and flooded natural gas processing plants in Louisiana may lead to gas shortages this winter.
Dynegy Settles All Class Action Litigation; Still Pursuing Midstream Buyer
Dynegy Inc.’s share price inched up on Friday following news that it had settled all of the shareholder class action litigation brought against the company between June 2001 and July 2002. The settlement could pave the way for a possible sale or merger of the company, which has been rumored to be in the works for several weeks.
Atmos Gains Final Approval to Acquire TXU Gas Operations
Dallas-based Atmos Energy Corp. last week inched closer to becoming the largest pure-play natural gas distributor in the United States, after receiving final approval from the Missouri Public Service Commission (PSC) to acquire the gas distribution and pipeline operations of TXU Gas Co. Atmos, which is buying the largest gas utility in Texas for $1.925 billion, expects to close the deal by Friday (Oct 1).
Atmos Gains Final Approval to Acquire TXU Gas Operations
Dallas-based Atmos Energy Corp. inched closer to becoming the largest pure-play natural gas distributor in the United States Tuesday after receiving final approval from the Missouri Public Service Commission (PSC) to acquire the gas distribution and pipeline operations of TXU Gas Co. Atmos, which is buying the largest gas utility in Texas for $1.925 billion, expects to close the deal by Oct 1.
Futures Crawl Higher, But Momentum is Lost
Although it inched higher to start the week, the natural gas futures market lacked the buying oomph Monday to match crude oil in achieving new highs. The June natural gas contract finished at $6.424, up 2.3 cents for the session, but down nearly a dime from its highs last week. At 81,876, estimated volume was moderate, suggesting the there was ample selling to repel the buying interest.
Cash Adds Nickel or Two, But Futures Finally Begin to Slip
Spot prices inched higher by a few pennies to a little more than a dime at most locations nationwide Monday compared to weekend levels, and basis tightened a bit with help from the 10.5-cent drop in near-month futures. But many observers still were left wondering how the huge basis chasm will be closed before the November contract goes off the board.
Cash Prices Flat to Up or Down Few Cents in Light Weekend Trading
Cash prices inched a few cents higher across most of the country Friday in response to the rebound of gas futures above $5 on Thursday and slightly higher daily power prices. However, western spot points eased a few cents, and current western cash came more in line with forward prices, possibly allowing western storage injections to pick up steam.