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Thousands of responders working to minimize the impact of a growing oil spill in the Gulf of Mexico (GOM) have received what one of their leaders called “a gift of time.”

October natural gas futures rose as traders elected to minimize risk to higher prices and covered short positions prior to the weekend as Tropical Storm Ingrid moved west. It is a common practice for traders to not carry any kind of short position over a weekend especially during hurricane season when prices could shoot higher Monday should the storm appear to threaten the Gulf Coast. October futures rose a hefty 25.0 cents to settle at $6.279 in active trading on the New York Mercantile Exchange.

EnCana Corp. on Thursday mapped out its spending plans for 2007, announcing it will shift to a cruising speed and trim its capital budget by 6% to minimize ongoing high service costs. Capital investments to expand natural gas output and fund an emerging oilsands business will be fueled by internally generated cash flow, supported by hedges on more than half of its forecasted production volumes.

EnCana Corp. on Thursday mapped out its spending plans for 2007, announcing it will shift to a cruising speed and cut its capital budget by 6% to minimize ongoing high service costs. Capital investments to expand natural gas output and fund its emerging oilsands business will be fueled by internally generated cash flow, supported by hedges on more than half of its forecasted production volumes.

Washington Gas Light Co. said Monday that Maryland regulators have approved a new rate mechanism to minimize rate and revenue volatility due to changing weather conditions and fluctuating commodity prices. The WGL Holdings utility subsidiary said that it plans to use a revenue normalization adjustment (RNA) for its residential and commercial customers, which account for 40% of the company’s total customer base.

Paramount Energy Trust is taking several actions in an attempt to minimize the impact on its gas production of Alberta’s controversial order. The order, which is designed to conserve underground pressure in a northeastern Alberta field in order to preserve future production of 100 billion bbl of crude bitumen, is schedule to become effective on Monday.

Soaring gas prices in two of the last three winters have prompted the Citizens Utility Board (CUB) in Illinois to call for state regulatory action to encourage the state’s utilities to improve their risk management practices.

Soaring gas prices in two of the last three winters have prompted the Citizens Utility Board (CUB) in Illinois to call for state regulatory action to encourage the state’s utilities to improve their risk management practices.

Rep. Henry Waxman (D-CA) has accused the Bush administration of submitting altered data to Congress to minimize the environmental risks of hydraulic fracturing in oil and natural gas production.