Push

Echoing remarks by energy analysts, Devon Energy Corp. CEO J. Larry Nichols said Wednesday that weak demand should continue to push down natural gas prices through the summer. The Oklahoma City-based independent has about 60% of its production tied to gas.

Joining the current push in the utility industry to streamline its meter reading operations, Portland, OR-based Northwest Natural Gas Co. began Monday installing 60,000 of roughly a quarter-of-a-million customers with smart metering devices allowing meter-reading employees to collect data remotely from their vehicles while driving by customers’ premises. It’s a $3.8 million initial phase to a utilitywide program that eventually will outfit all of the utility’s gas meters with the cell-phone size devices.

With the natural gas futures arena awaiting fundamental news to push it in one direction or the other, a just released WSI Corp. temperature forecast could have bulls bellying up to the bar in the near-term. According to the Andover, MA-based weather forecasting and business solution provider, the May-July period should average above normal temperatures for a majority of the U.S., except for the East.

With the natural gas futures arena awaiting fundamental news to push it in one direction or the other, a just released WSI Corp. temperature forecast could have bulls bellying up to the bar in the near-term. According to the Andover, MA-based weather forecasting and business solution provider, the May-July period should average above normal temperatures for a majority of the U.S., except for the East.

The push and pull of high gas storage levels and competing fuel prices on natural gas prices probably means a $6/MMBtu floor for the market unless the spring and summer are exceptionally mild, according to consultant Stephen Smith of Stephen Smith & Associates. Smith said even given the current major gas storage surplus, gas prices are pretty low compared to competing fuels and unlikely to venture much lower.

With Hurricane Wilma firmly in the rear view mirror with no harm to Gulf of Mexico oil and gas infrastructure, November natural gas on Monday failed to push lower, leading some to believe the premium built into the market might already have been taken out. The prompt month ended up settling at $13.004, 13.2 cents higher on the day.

Financier Carl Icahn and his investor coalition have dropped their push to gain two seats on Kerr-McGee Corp.’s board of directors, according to a regulatory filing with the Securities and Exchange Commission.

While TransCanada Pipe Lines continues its push to revive its original route for the Alaska gas pipeline, another Canadian pipeline giant, Enbridge Inc., which made its mark in oil pipelines and now is moving into natural gas, is pressing the Canadian government to open up the field for competition.

Although his state-of-the-state speech last Monday was short on energy specifics, Nevada Gov. Kenny Guinn will push for more energy conservation efforts in the state in 2005, according to his energy adviser Richard Burdette.