International

Ocean Energy Inc. said last week that it has decided to cease exploration activity on two international oil and natural gas blocks and use the freed up resources on more profitable endeavors. In addition, the Houston-based independent energy company updated its second half guidance for production volumes.

Ocean Energy Inc. said Monday that it has decided to cease exploration activity on two international oil and natural gas blocks and use the freed up resources on more profitable endeavors. In addition, the Houston-based independent energy company updated its second half guidance for production volumes.

If the observations of a long time student of the natural gas market are correct, the short-term outlook for natural gas prices shows further room for decline while the longer term picture looks much more bullish primarily because of a lukewarm response from the producing sector.

If the observations of a long time student of the natural gas market are correct, the short-term outlook for natural gas prices shows further room for decline while the longer term picture looks much more bullish primarily because of a lukewarm response from the producing sector.

Ontario Energy Trading International Corp. and the Ontario independent electricity market operator (IMO) are fighting back against charges made by Consumers Energy Co. that the IMO is failing to offer participants in the province’s newly deregulated electricity market open access transmission service on a comparable, non-discriminatory basis.

Weather Services International (WSI) sees a continuation of above normal heat for the upcoming three months for much of the United States, including the East, the Southwest, Pacific Northwest, California and the Rockies, while cooler than normal temperatures are forecast for the Midcontinent, Midwest and Great Lakes states (e.g., Minneapolis, Chicago, Kansas City, Dallas and Houston).

Weather Services International (WSI) sees a continuation of above normal heat for the upcoming three months for much of the United States, including the East, the Southwest, Pacific Northwest, California and the Rockies, while cooler than normal temperatures are forecast for the Midcontinent, Midwest and Great Lakes states (e.g., Minneapolis, Chicago, Kansas City, Dallas and Houston).

IntercontinentalExchange Inc. (ICE) and International Petroleum Exchange Ltd.(IPE) reported sizeable increases in volumes transacted at the close of the first quarter, with significant growth in most product categories. The New York Mercantile Exchange Inc. (Nymex) also reported that March trading activity set monthly records for overall volume and for a number of products.

Natural gas is king, the Energy Information Administration (EIA) declared in its annual International Energy Outlook. Gas use worldwide is projected to grow faster than consumption of any other fuel over the next two decades, EIA said. Over the 1999-2020 forecast period, gas use is projected to nearly double in the reference case, reaching 162 Tcf worldwide in 2020.