The U.S. natural gas supply is beginning to fall, but not as fast as many may think, according to public company data reviewed by Raymond James & Associates Inc. Meanwhile, Newfield Exploration Co. last week said it would voluntarily curtail about 2.5 Bcfe of its 3Q2009 output in response to low natural gas prices.
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Flat Quotes Reign Again; Northeast Sees Moderate Rally
Wednesday’s market outside the Northeast was a repeat of Tuesday’s: nearly all points less than a dime up or down from flat. Meanwhile, Northeast citygates made their second reversal of price direction in as many days, but rising by only double-digit amounts this time instead of ringing up multi-dollar moves as on Monday and Tuesday.
Southwest Analyst Expects Quarterly Gas Production Increase
Results from a 43-company survey have led analysts at Southwest Securities to believe domestic gas production may actually show a sequential increase for the second quarter compared to first quarter levels, but still will be down sharply compared to levels during the same quarter last year. In contrast, the Energy Information Administration (EIA) predicts that production ended the quarter flat sequentially and year-to-year.
Transportation Notes
Due to startup delays, El Paso has extended maintenance on theWaha GE turbine and will notify shippers when it returns toservice. Meanwhile, the IMLWAHA interconnect will remain limited to60 MMcf/d. Waha Solar turbine maintenance has been delayed untilcompletion of work on the GE turbine. One-day maintenance on theHackberry 2 turbine that was scheduled for Sunday will bepostponed, El Paso said.