Terra Industries Inc. a leading world producer of nitrogen products, has lowered the utilization of each of its North American plants by 10% in response to the run-up in natural gas prices following Hurricanes Katrina and Rita, said company President Michael Bennett Monday.
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S&P Drops Cheniere Credit Rating One Notch
Standard & Poor’s Ratings Services (S&P) has lowered the corporate credit rating on Cheniere Energy Inc. one notch, to “B” from “B+” to reflect a ring-fencing structure around Cheniere LNG Holdings LLC, a newly formed, indirect subsidiary that will own 100% of the interests in the Sabine Pass liquefied natural gas (LNG) terminal in southwest Louisiana and 30% interest in the Freeport, TX LNG terminal.
PG&E Slashes Amount of Recovery Bonds by $300 Million
In another sign PG&E has fully cleared its post-Chapter 11 bankruptcy, utility officials lowered the amount of the energy recovery bonds that will be sold later this year by more than $300 million, meaning they will total about $800 million rather than the previously estimated $1.1 billion. A series of settlements of suppliers’ outstanding claims against the utility has permitted the reduction.
Laclede Gas Rates to Drop 11%
To reflect the lower estimated cost of natural gas for the remaining winter heating season, gas rates were immediately lowered about 11% for Laclede Gas Co.’s 631,000 customers, the customers, according to a filing reviewed and accepted by the Missouri Public Service Commission (PSC). Residential customers currently pay $0.83/therm, and the new rate will decrease to $0.71/therm.
ESAI Lowers Long-Term Gas Price Forecast Due to Expected LNG Supply
Boston-based consulting firm Energy Security Analysis Inc. (ESAI) has lowered its 10-year forecast of Henry Hub gas prices by 90 cents/MMBtu to $4.09/MMBtu because of the aggressive investments expected to be made in U.S. LNG infrastructure and the significant destruction of domestic industrial gas demand.
Lehman Drops ’03, ’04 Gas Price Forecasts on Bearish Storage Pattern
Lehman Brothers analysts lowered the full-year 2003-2004 natural gas price forecasts, but noted that prices will remain volatile “as they react to shifting demand patterns against the backdrop of a depleting production base.”
Lehman Drops ’03, ’04 Gas Price Forecasts on Bearish Storage Pattern
Lehman Brothers analysts lowered their full-year 2003-2004 natural gas price forecasts, but noted that prices will remain volatile “as they react to shifting demand patterns against the backdrop of a depleting production base.”
UBS Analyst Cuts Price Forecast, But Doubts Prices Will Collapse
UBS Warburg natural gas analyst Ronald J. Barone said he has lowered his gas price forecast for this year to $5.50/MMBtu at the Henry Hub from about $5.85, but will maintain his projections for next year and 2005 at $4.65 and $4.15, respectively, mainly because wellhead decline rates continue to accelerate while demand from the residential, commercial and power generation sectors continue to increase.
Tropical Wave, Heat Noted in Big Post-Holiday Rally
News of a tropical wave approaching the Caribbean Sea, generally warm to hot weather in most of the nation, the end of weekend OFOs on several pipes and the usual rebound in load following a long weekend were cited by sources in explaining Monday’s double-digit gains at nearly all points.
Aquila Shares Slide After UBS Warburg Analyst Lowers Rating to ‘Reduce’
Aquila shares slipped 5% on Friday to $2.69 after UBS Warburg analyst Ronald J. Barone lowered his rating on the company to “Reduce 1” from “Neutral 2.” Barone warned investors that the company has sacrificed its future earnings potential despite its efforts to avoid a liquidity crisis so far this year through asset sales, debt refinancings and exiting the energy trading business.