Keeping

Keeping downward pressure on natural gas futures prices despite the burst of cold into eastern regions, traders on Friday pushed November natural gas lower for a third consecutive session, dropping the contract 80.7 cents, or 12.5%, over the last three days of the week. The prompt month closed 12.3 cents lower Friday to close out the week at $5.659, which is 76.8 cents lower than the previous week’s close.

With tight U.S. energy markets keeping prices at historically high levels, “several storm clouds are on the horizon” for the industry unless the supply burden is eased, according to former U.S. Secretary of Energy Spencer Abraham. He noted that another spike in energy prices could bring a backlash from the general public, which in turn could spark U.S. government intervention.

Working gas inventories are expected to start this upcoming winter heating season at the highest mark since 1990, keeping gas prices at depressed levels in comparison to prior years, according to the Energy Information Administration’s (EIA) Short-Term Energy Outlook for September that was issued last Tuesday.

With tight U.S. energy markets keeping prices at historically high levels, “several storm clouds are on the horizon” for the industry unless the supply burden is eased, according to former U.S. Secretary of Energy Spencer Abraham. He noted that another spike in energy prices could bring a backlash from the general public, which in turn could spark U.S. government intervention.

Working gas inventories are expected to start this upcoming winter heating season at the highest mark since 1990, keeping gas prices at depressed levels in comparison to prior years, according to the Energy Information Administration’s (EIA) Short-Term Energy Outlook for September.

Among the short- and long-term items PG&E Corp is keeping on its plate are a soon-to-be-announced settlement of its 2007 general rate case, the possibility of pursuing development of a nuclear power plant outside of California and several nonutility electric and natural gas projects, PG&E CEO Peter Darbee said during a conference call with financial analysts last Wednesday in which second-quarter earnings were reported as down, but it was mostly attributable to nonrecurring costs.

Among the short- and long-term items PG&E Corp is keeping on its plate are a soon-to-be-announced settlement of its 2007 general rate case, the possibility of pursuing development of a nuclear power plant outside of California and several nonutility electric and natural gas projects, PG&E CEO Peter Darbee said during a conference call with financial analysts Wednesday. Darbee also said he is not ruling out possible acquisitions in the future.

In keeping with other statewide initiatives to move to smart meters and more customer-controlled energy programs, the California Public Utilities Commission (CPUC) Thursday unanimously increased the size limits for self-generation solar systems to 100% of historic annual use for the previous 12 months. Currently the limit is 100% of historic peak-demand use.

Keeping his election year pro-environmentalism theme in tact, California Gov. Arnold Schwarzenegger Wednesday pushed further and harder for a continued ban on new drilling offshore and on federal lands onshore.