Performance

Because oil and natural gas reserves are the “core” measure of exploration and production (E&P) performance, the Security and Exchange Commission’s (SEC) decision to review and evaluate reserves disclosures offers a “welcome opportunity” to strengthen and improve the rules, Standard & Poor’s (S&P) said in a report Friday.

Omaha, NE-based Tenaska Power Fund LP (TPF) and Houston-based eCORP LLC last week unveiled plans to develop a new high-performance natural gas storage facility near Uniontown in southwestern Pennsylvania. The facility, which will be developed by a jointly owned entity, Chestnut Ridge Storage LLC, will offer 17.5 Bcf of working gas capacity in its first phase of development.

Omaha, NE-based Tenaska Power Fund LP (TPF) and Houston-based eCORP LLC on Monday unveiled plans to develop a new high-performance natural gas storage facility near Uniontown in southwestern Pennsylvania. The facility, which will be developed by a jointly owned entity, Chestnut Ridge Storage LLC, will offer 17.5 Bcf of working gas capacity in its first phase of development.

Natural gas futures put in another losing performance Tuesday, much to the delight of the bears, but the activity was on low volume and traders noted little aggressive selling.

The Williams Cos. reported a strong performance in the first quarter by its natural gas production and pipeline businesses, but its companywide profits were flat from a year ago due to heavy losses suffered on the power side.

With forecasts of warming trends slow in being realized, the market found enough residual heating load to turn in a mixed performance Wednesday in which there were more gains than losses. Most points were flat or close to it, and those more than a dime higher or lower were few.

The cash market turned in a mixed performance Monday that was almost evenly divided among rising and falling points but leaned slightly to the upside. A bit of cooling load in the South and heating load in the West provided support, while forecasts of normal to above normal temperatures in northern market areas (along with Friday’s nickel drop by April futures) dragged some points lower.

The cash market turned in a mixed performance Tuesday in which few points strayed more than a dime up or down. A cold front due to move through the Midwest Wednesday restored some heating load that helped support small gains at several Midcontinent points, but otherwise the overall continuing weakness of weather fundamentals again pressured a majority of the market lower.

Putting to rest at least part of its concern related to its failed performance-based rate (PBR) scheme that ran from 2000 through 2002, Naperville, IL-based Nicor Inc. announced that it has been advised by the U.S. Attorney for the Northern District of Illinois that the government is closing its inquiry and will not seek to prosecute the company or any individuals in connection with the ill-fated plan.