Natural gas and oil operators are likely to report a return to normalcy — but not growth — when they unveil their third quarter results in the coming weeks, and demand forecasts may be hazy amid a historic hurricane season and the expanded wave of damaging Covid-19 infections. Schlumberger Ltd., the world’s largest oilfield services…
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Big Rockies Rebounds Lead Gains at Most Points
With falling temperature trends in key northern market areas being just a preview of colder weather to come, quotes rose at most points Tuesday. The roller-coaster ride in the Rockies continued as the regional market made its third gigantic reversal of price direction in as many trading days, seeing triple-digit increases at all points except Cheyenne Hub.
CPUC Approves Long-Term PG&E Gas Hedging; Sign of Future
In a preview of more to come, California regulators June 7 unanimously approved a seven-year natural gas hedging program for Pacific Gas and Electric Co. (PG&E), the first of its kind to be endorsed by the California Public Utilities Commission (CPUC). The CPUC has been reviewing and approving the major utility’s hedging strategies on a year-to-year basis since 2005. As with the year-to-year plans, terms of the long-term plan are confidential.
Bastardi: Forecasted Storm Number Overrated; Intensity, Landfall Are What Counts
Following up on his 2007 Atlantic hurricane season preview last week (see Daily GPI, March 28), AccuWeather.com Hurricane Center Chief Forecaster Joe Bastardi said Monday people should pay much more attention to the forecasted storm intensity than the much more publicized number of storms expected for a season. With that being the case, he warned that close attention should be paid to the 2007 season.
Cold Keeps Prices Rising a Bit, But Not Expected to Last
Prices crept mildly higher in most cases Tuesday, continuing tofeed on an early preview of winter in much of the East. A greatmajority of points ranged from flat to about a nickel higher.Exceptions included downturns for Northwest-domestic, SouthernCalifornia border and a few Northeast citygates, along with aPG&E citygate gain of about 15 cents.
Cold Weather Insufficient to Avert Weekend Price Rout
The cash market ignored the preview of winter that was expectedto permeate nearly all U.S. weather over the weekend, insteadfocusing on another dime-plus screen dive and the fact that thechill is likely to be short-lived and was displacing cooling loadin the South. The result was widely varied price drops betweenabout a nickel and nearly 50 cents Friday.
Murkowski Gives Sneak Preview of Power Bill
Senate Energy Committee Chairman Frank Murkowski (R-AK) willunveil draft electricity restructuring legislation today thatcouldn’t be more friendly to natural gas had the industry itselfwritten the measure.