Pockets of flat to moderately higher prices in the West were more than offset Thursday by occasionally flat but mostly lower numbers elsewhere. Most of the losses were around a dime or less, but ranged as high as 15-25 cents at Northeast citygates.
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Duke Puts Westcoast Expansions on Fast Track
The arrival of a new parent with deep pockets made an immediate difference to Westcoast Energy’s pipeline system in the western Canadian natural gas drilling hot spot of British Columbia. The ink was barely dry on the final agreement for the US$8 billion purchase of Westcoast by Duke Energy Corp. before the newly-appointed president of the resulting Duke Energy Gas Transmission Canada, Bob Reid, gave the green light for a C$338.4 million (US$215 million) expansion project.
EIA Continues to Chart Downward Spiral For Gas Prices
Although certain pockets of the country that use large amounts of gas for power generation may see some increase in natural gas prices over the next couple of months, the overall likelihood of any significant summer jump in gas prices now seems remote, the Energy Information Administration (EIA) recently concluded. With natural gas storage injections hitting record highs in April through June, EIA sees average wellhead prices in the third quarter continuing on a downward slope, averaging $3.40/Mcf.
EIA Sees Downward Spiral for Gas Prices
Although certain pockets of the country that use large amounts of gas for power generation may see some increase in natural gas prices over the next couple of months, the chance of any significant summer jump in gas prices now seems remote, according to a new Energy Information Administration (EIA) report. With natural gas storage injections hitting record highs in April through June, the agency sees average wellhead prices in the third quarter continuing on a downward slope, averaging $3.40/Mcf.
Overall Market Softness Is Expected to Continue
Pockets of firmness in the West went against the grain of overall price declines ranging from about a nickel to 15 cents elsewhere Wednesday. Most of the declines were around a dime.