Raises

Bolstered by the prospects of strengthening demand and more manageable storage stocks, the Energy Information Administration’s (EIA) latest forecast calls for spot gas prices to average around $3.54/Mcf going into the winter season, or about $1.12/Mcf above last year’s level. This is 20 cents above the price projection that the agency made in October for winter gas.

AGL Resources Inc. posted better than expected third quarter earnings and raised estimates for the year on Thursday. Net income for the quarter rose 96% to $9.4 million, or $0.17/share, compared with $4.8 million, or $0.09/share. Thomson FirstCall consensus estimates for the quarter were $0.14/share.

AGL Resources Inc. posted better than expected third quarter earnings and raised estimates for the year on Thursday. Net income for the quarter rose 96% to $9.4 million, or $0.17/share, compared with $4.8 million, or $0.09/share. Thomson FirstCall consensus estimates for the quarter were $0.14/share.

A FERC judge’s ruling in an El Paso Natural Gas complaint proceeding last month raises questions about the basis for the Commission’s action in ordering full-requirements (FR) shippers on the El Paso system to convert to contract-demand (CD) service next March, two large FR customers said. They asked FERC for a rehearing on the conversion order in light of the judge’s ruling.

A FERC judge’s ruling in an El Paso Natural Gas complaint proceeding last month raises questions about the basis for the Commission’s action in ordering full-requirements (FR) shippers on the El Paso system to convert to contract-demand (CD) service next March, two large FR customers said. They asked FERC for a rehearing on the conversion order in light of the judge’s ruling.

In its latest energy forecast, the Energy Information Administration slightly lowered its predictions for gas supply this year mainly due to expectations of lower imports. It marginally raised its gas demand forecast and added a penny/Mcf to its outlook for expected average wellhead prices this year, which are now at $2.79/Mcf compared to $4.12 last year.

In its latest energy forecast, the Energy Information Administration (EIA) slightly lowered its predictions for gas supply this year mainly due to expectations of lower imports. It marginally raised its gas demand forecast and added a penny/Mcf to its outlook for expected average wellhead prices this year, which are now at $2.79/Mcf compared to $4.12 last year.

Assuming the weather cooperates, spot natural gas prices are expected to average about $3.12/Mcf next winter, up about 70 cents from prices during last year’s heating season, but “only” 10-15% higher than current gas prices, according to the Energy Information Administration (EIA). It projects the annual gas price will average about $2.78/Mcf, down significantly from the year-ago level of $4 and down 11 cents from its July forecast. EIA also lowered its 2003 price forecast 20 cents to $3.02.

Assuming the weather cooperates, spot natural gas prices are expected to average about $3.12/Mcf next winter, up about 70 cents from prices during last year’s heating season, but “only” 10-15% higher than current gas prices, according to the Energy Information Administration (EIA). It projects the annual gas price will average about $2.78/Mcf, down significantly from the year-ago level of $4 and down 11 cents from its July forecast. EIA also lowered its 2003 price forecast 20 cents to $3.02.