Means

A combination of high U.S. natural gas inventories and difficult year-over-year weather comparisons means that gas should continue to trade “at worse” than an 8:1 ratio with crude oil through Oct. 31, Raymond James analysts said in their latest “Stat of the Week.”

The push and pull of high gas storage levels and competing fuel prices on natural gas prices probably means a $6/MMBtu floor for the market unless the spring and summer are exceptionally mild, according to consultant Stephen Smith of Stephen Smith & Associates. Smith said even given the current major gas storage surplus, gas prices are pretty low compared to competing fuels and unlikely to venture much lower.

Oklahoma City-based Devon Energy Corp.’s CEO said Wednesday that the best value on the market right now is his own company, which means that instead of making new acquisitions, the producer will instead concentrate on buying back its own shares.

The quality of U.S. natural gas prospects continues to diminish, and organic decline rates continue to rise, which means that the U.S. gas supply picture “remains quite constrained,” according to Raymond James analysts.

The quality of U.S. natural gas prospects continues to diminish, and organic decline rates continue to rise, which means that the U.S. gas supply picture “remains quite constrained,” according to Raymond James analysts.

The House Ways and Means Committee completed its mark-up of a much-leaner energy tax package Wednesday, accepting Chairman Bill Thomas’s (R-CA) mark and rejecting all amendments, a committee aide said.. The Joint Committee on Taxation has estimated the tax portion of the energy bill will cost the Treasury $8.1 billion between 2005 and 2015, which is less than one third of the cost of the energy tax breaks and incentives approved by the House in late 2003.

Touting the deal as a means of strengthening its finances and operating efficiencies, PNM Resources filed its plans to acquire Texas-New Mexico Power’s parent, TNP Enterprises, with state regulatory commission in New Mexico and Texas on Thursday. Rate decreases for both natural gas and electric utility customers in the merged company are proposed by PNM for next year.

The 20% rise in the Canadian dollar over the last 13 months means trouble for oil and gas companies doing business in Canada, Lehman Brothers analyst Phillip Skolnick said in an equity research report. He predicted that earnings are likely to be weaker and investment opportunities will be less attractive as a result.

The 20% rise in the Canadian dollar over the last 13 months means trouble for oil and gas companies doing business in Canada, Lehman Brothers analyst Phillip Skolnick said in an equity research report. He predicted that earnings are likely to be weaker and investment opportunities will be less attractive as a result.