Prices continued to fall at virtually all points Thursday as weak prior-day futures continued to weigh on the market and predictions of hot weather lasting into at least mid-June were falling short of expectations.
Articles from Lasting
Following a dispute lasting more than three years with the state of Louisiana, AGL Resources subsidiary Jefferson Island Storage & Hub LLC (JISH) has negotiated a tentative agreement with the state, which if approved would resolve the pending lawsuit between the parties over a disputed Lake Peigneur mineral lease that would allow the company to expand its existing natural gas storage facility.
Panhandle Eastern said there will a pipe replacement outage lasting about 14 days starting Wednesday on the Houstonia 100 Line between gate valves 104 and 112W. During this period capacity through Houstonia will be limited to 1,250 MMcf/d, but the restriction is not expected to impact firm service.
Five years after a wholesale energy market crisis with lasting economic and political ramifications, one of which was his election to California’s highest office two years ago, Gov. Arnold Schwarzenegger late Thursday in his state-of-the-state address only once referred to energy during a 20-minute, 2,500-word speech in Sacramento. When talking about environmental and state infrastructure programs the “e-word” never crossed the former movie actor’s lips.
Recovery and restoration of the Gulf of Mexico natural gas production to the pre-Katrina and pre-Rita levels is expected to take a fairly long period of time, lasting through the end of the year and into 2006, Interior Secretary Gale Norton said Tuesday.
Northwest said issued a declared deficiency period beginning Sept. 8, 2005 and lasting 24 hours. The pipeline is replacing several segments of its mainline containing anomalies that were discovered earlier this year. The segments are located just north of the Cisco Compressor Station between milepost 195 and milepost 213. Since there will be no flow through the mainline during the deficiency period, Northwest will cut nominations to zero. Grand Gas Receipt, Harley Dome Delivery, and Grand Valley Receipt will be shut-in.
Proving that Hurricane Ivan’s lasting effects on Gulf of Mexico production didn’t go unnoticed by traders, the October natural gas futures contract on Tuesday spent the day exploring resistance levels following its gap higher at the open.
High gas prices have caused severe and lasting demand destruction in the industrial sector, wiping out at least 2.8 Bcf/d of industrial consumption so far. But the situation is likely to get even worse before it gets better, according to Energy Ventures Analysis (EVA).
High gas prices have caused severe and lasting demand destruction in the industrial sector, wiping out at least 2.8 Bcf/d of industrial consumption so far. According to Arlington, VA-based Energy Ventures Analysis’ (EVA) annual Fuelcast long-term outlook, industrial demand probably will decline another 2.5 Bcf/d before it begins to recover, and the recovery isn’t likely to happen soon.
The current “trough” hanging over the power sector is likely to stretch three to five years and a key factor in determining just how long the industry will be stuck in its current funk will depend, at least in part, on how many forecasted gigawatts actually come online over the next couple of years, said Thomas Boren, executive vice president at PG&E National Energy Group (NEG).