Leading

Gas Price Collapse Leading to ‘Armageddon Quarter’ for Producers

The gas market showed last week it was fed up with low crude oilprices getting all the attention. In a market swing that wasnothing short of unbelievable, gas prices collapsed to nearhistoric lows for a week in December. Spot prices at the Henry Hubplummeted to $1.01/MMBtu on Friday and averaged $1.32 for the week,down 64 cents from the week prior. Spot prices at a number of otherlocations in Louisiana and Texas fell below $1 on Friday.

December 7, 1998

Gas Price Collapse Leading to ‘Armageddon Quarter’

The gas market showed last week it was fed up with low crude oilprices getting all the attention. In a market swing that wasnothing short of unbelievable, gas prices collapsed to nearhistoric lows for a week in December. Spot prices at the Henry Hubplummeted to $1.01/MMBtu on Friday and averaged $1.32 for the week,down 64 cents from the week prior. Spot prices at a number of otherlocations in Louisiana and Texas fell below $1 on Friday.

December 7, 1998

Late Breaking News….

Three of the four leading natural gas trade associations onFriday were said to be either definitely on board or “favorablyinclined” to jointly ask FERC for a second extension of thedeadline for industry comments on the major notice of proposedrulemaking (NOPR) and notice of inquiry (NOI) issued in July[RM98-10, RM98-12]. A source indicated there was a “50-50 chance”the lone association holdout would sign on too. The joint request,which reportedly is being spear-headed by the Interstate NaturalGas Association of America (INGAA), would seek a six-monthextension of the current Jan. 22nd deadline, and could be filed atthe Commission as early as this week. A possible reason for themove is that one of the groups is trying to buy time to broker acompromise with the other three associations on a voluntary auctionproposal, the source said. This would make pipeline participationin capacity auctioning optional, as opposed to the mandatory routethat FERC seems to favor.

November 23, 1998

Industry Looking for Another Delay in New Rules

Three of the four leading natural gas trade associations onFriday were said to be either definitely on board or “favorablyinclined” to jointly ask FERC for a second extension of thedeadline for industry comments on the major notice of proposedrulemaking (NOPR) and notice of inquiry (NOI) that were issued inJuly [RM98-10, RM98-12]. A source indicated there was a “50-50chance” that the lone association holdout would sign on too.

November 23, 1998

Leading Gas Marketers Also Top NGI’s Power List

Yet another example of gas-power convergence shows up in NGI’sranking of the top gas and power marketers based on third quartervolumes. Three of the top five marketers of each commodity and sixof the top 10 appear on both lists.

November 9, 1998

Sempra Solutions Guides Distributor Energy Use

Thanks to energy industry deregulation, Sempra Energy Solutions,a Sempra Energy subsidiary, entered into a contract Thursday to actas energy consultant to W.W. Grainger Inc., a leading distributorof maintenance, repair, and operating supplies. “We recognize thatenergy is no longer a one-point, one-choice, one-price service,”said Craig Kozak, real estate project manager for W.W. GraingerInc., “For this reason, we have contracted with Sempra EnergySolutions to assist us through the landscape of today’s competitivemarketplace.”

November 6, 1998

California Sets Restructuring Sked

The California Public Utilities Commission has set a newschedule for hearings on gas industry restructuring, leading to aproposed policy decision in early 1999 and public hearings aroundthe state. The CPUC expects to adopt a final market structurepolicy no earlier than January 1, 2000 in keeping with alegislative mandate which prohibits the Commission making anychanges until the year 2000.

October 12, 1998

Westcoast Consortium Wins Pemex Contract

Westcoast Energy is leading an international consortium awardeda $250 million contract by Pemex Exploracion y Produccion (PEP) toconstruct and operate a 250 MMcf/d offshore gas compression andliquids recovery facility. The facility is to be located near theexisting Akal-GR platform in the Cantarell oil field in the Bay ofCampeche, Gulf of Mexico. The project will help to recover gas fordelivery into the Mexican national pipeline system, which is beingexpanded to meet the needs of new gas distribution concessions andpower generation plants.

August 31, 1998

Producing State Senators Push O&G Relief

Three senators from leading energy-producing states unveiled amajor legislative plan Tuesday aimed at shoring up the domestic oiland gas industry in the face of depressed crude oil prices. Themeasure, titled the National Oil and Gas Security Enhancement Plan,seeks to provide producers with regulatory, leasing and tax relief.

April 1, 1998

NGC: FERC Punishment Doesn’t Fit Crime

A leading gas marketer last week decried FERC’s reprimand ofNatural Gas Pipeline Company of America (NGPL) formarketing-affiliate improprieties as being far too light. The minoradmonishment, according to Natural Gas Clearinghouse (NGC), failedto provide adequate redress to the overall market, and producersand marketers victimized by the Midwest pipeline’s wrongdoing.

February 23, 1998
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