Race

Natural gas futures continued its astonishing rally yesterday as fund and local traders used Friday’s strong close as a springboard to a gap-higher open. Bears only hope came in the form of a weak mid-morning sell-off. But when that weakness failed to fill in the chart gap down to $3.08, bulls were quick to bid the market right back up. The April contract closed at $3.305, up 22.9 cents for the session and just below the contract’s four-and-a-half-month high notched Oct. 31 at $3.32.

Conoco Inc. stepped forward this week to help lead Canada in the northern pipeline race, with CEO Archie Dunham paying a call on Calgary as his company takes possession of Gulf Canada Resources Inc. Three weeks after the C$9.8 billion (US$6.3 billion) takeover deal won Canadian government approval and closed on stock exchanges, Dunham declared bringing Mackenzie Delta gas to market to be Conoco’s “number one priority,” and said “the market needs it so we need to strike while the timing is good.”

Duke Energy Gas Transmission (DEGT) last week announced plans to build a new interstate pipeline to serve the rapidly growing population of new gas-fired generation facilities that are popping up or will pop up in the Southeast region. The so-called Alabama-Georgia Energy System would come out of Mobile Bay, AL, and cross the southeastern states, ending in Georgia. Meanwhile Southern Natural Gas Co. unveiled its intentions last week to expand its system for the third time in the last year to supply incremental demand in Alabama, Georgia and South Carolina.

In a race to produce increasing amounts of natural gas to keep up with the nation’s growing demand, Anadarko Petroleum Corp. reported last Tuesday that it is continuing its work to find and produce new gas reserves from oil fields. The company announced its Fife Unit #2 well in Central Texas, which just came online, is producing natural gas at a rate of 51 MMcf/d.

Joining competition with Tennessee and Algonquin for growing markets on Long Island, Iroquois Gas Transmission System LP announced an open season yesterday for Zone 2 firm transportation capacity for delivery on its proposed Eastern Long Island Expansion.

In a race to produce increasing amounts of natural gas to keep up with the nation’s growing demand, Anadarko Petroleum Corp. reported Tuesday that it is continuing its work to find and produce new gas reserves from oil fields. The company announced its Fife Unit #2 well in Central Texas, which just came online, is producing natural gas at a rate of 51 MMcf/d.

Joining competition with Tennessee and Algonquin for growing markets on Long Island, Iroquois Gas Transmission System LP announced an open season yesterday for Zone 2 firm transportation capacity for delivery on its proposed Eastern Long Island Expansion.

The much ballyhooed power generation race in Florida finally gotunderway last Monday as the Florida Public Service Commission (PSC)unanimously approved the first independent power combined cyclefacility under the Florida Power Plant Siting Act. The approvedapplication for a 529 MW facility was submitted by Calpine Corp.and Seminole Electric Cooperative.

The much ballyhooed electricity plant construction race inFlorida finally got underway on Monday as the Florida PublicService Commission (PSC) unanimously approved the first independentpower combined cycle facility under the Florida Power Plant SitingAct. The approved application for a 529 MW facility was submittedby Calpine Corp. and Seminole Electric Cooperative.