Liquidity-strained Calpine Corp. announced Thursday it is “evaluating” the sale of its 230 Bcfe Alberta proved natural gas reserves and a 25% interest in a related Calpine Natural Gas Trust amounting to about 80 Bcfe of proved reserves.
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Spring Gets Sprung With Falling Cash Prices
Maybe all it took was the beginning of spring to induce the first substantial market softness in more than a week. Lower industrial load over a weekend, a bit of moderation from cold weather in the Midwest and Northeast, and energy futures weakness the day before were the chief causes of across-the-board declines in spot prices Friday.
As Expected, Storage Data Weighs on Futures Market
Natural gas futures traders might as well sleep in on Wednesday mornings. Or maybe they already are…. Wednesdays have taken on a sort of split personality, in which a barren desert suddenly gives way to a deluge of trading activity when fresh storage data is released at 2 p.m (EDT). That was the case yesterday as futures opened unchanged only to drift lazily sideways for 4.5 hours. Then, when a larger-than-expected storage figure was released, the market tumbled 13 cents in just five minutes. July rebounded modestly in the final 65 minutes of trading to close at $3.801, down 9.1 cents on the day, but up 7.1 cents from its low for the session.
Defense Department Buys NG in Online Project
Reducing paperwork and maybe even saving money in the federalgovernment? How can this not be a good thing?
NGPL Gets 2nd Try to Justify Proposal on Facility Damage
Maybe it was because it was Thanksgiving, but FERC was in a veryunderstanding mood last week. It agreed Natural Gas Pipeline Co.of America (NGPL) had failed to justify the need for a proposedtariff change that would hold a “party tendering gas” liable forpipeline facility damages that are caused by lower-quality gasentering NGPL’s system. The Commission, however, didn’t reject theproposal.
El Paso Explores Negotiated Deal for Capacity
Maybe the third time will be a charm for El Paso Natural Gas.After two failed open seasons — one of which ended last week —the pipeline is left holding the greater part of the 1.35 BBtu/d ofsoon-to-be-available firm capacity on its system. El Paso now hopesto do a negotiated arrangement for the California-bound capacity— similar to the one it worked out with Dynegy Marketing andTrade two years ago.
El Paso Explores Negotiated Deal for CA Capacity
Maybe the third time will be a charm for El Paso Natural Gas.After two failed open seasons — one of which ended this week —the pipeline still is left holding the greater part of the 1.35BBtu/d of soon-to-be-available firm capacity on its system. El Pasonow hopes to do a negotiated arrangement for the California-boundcapacity-similar to the one it worked out with Dynegy Marketing andTrade two years ago.
Weather, Short-covering Puts Downtrend in Jeopardy
Ding-dong the downtrend is dead. Well maybe its not dead quiteyet, but it certainly was dealt a potentially fatal blow yesterdaywhen short-covering by funds quickly turned into a buyingfree-for-all as commercials and locals entered the fray. The Augustcontract finished at $2.395, up 14.2 cents for the day. Nearly asimpressive as the price action was estimated volume, whichregistered 113,049 contracts.
LNG Activity Is Up, But Maybe Not For Long
News from major liquefied natural gas (LNG) players Distrigasand Sonat combined with a recent Department of Energy (DOE) reportof a major LNG import increase in the first quarter of this yeardominated headlines Wednesday, but Gordon Shearer, Cabot LNG CEO,told NGI this will be as active as the LNG industry will get forsome time.
Prices Sliding in Both February, March Markets
Maybe it was the urge to converge that had quotes droppingWednesday for both late-February and March bidweek deals. Theincremental softness remained on the mild side as a few pointsmanaged flat showings and most of the others were down by about anickel or less. Once again the bigger declines of 15 cents or morecame at Northeast citygates as they continued to retreat fromMonday’s cold weather-related price spikes.