Reaching

With heating oil prices reaching a record high on Nymex Wednesday, crude oil staying above $52/bbl and gas futures above $7/MMBtu, energy consumers could be in for a whopper winter heating season. Two forecasts released Wednesday by the Energy Information Administration (EIA) predict that higher prices will remain the norm over the short term.

A resurrected Ivan startled the Gulf of Mexico oil and gas industry last week, reaching tropical storm status offshore Louisiana on Thursday with winds peaking at 60 mph and forcing some additional platform evacuations and more production shut-ins.

Despite reaching a high on the day of $6.25 in early trading and having the support of strong crude action, September gas futures were unable to hold onto, much less build on, the gains as the contract declined to settle at $6.112, down 6.8 cents on the day.

Aquila Inc. took a major step in rebuilding last week, reaching agreement with two sureties to discharge the guarantees of four prepaid natural gas supply contracts. Release from the supply contracts, which represent 92% of Aquila’s prepaid gas obligations, lifts a heavy burden off of the Kansas City-based utility as it works to exit its unregulated businesses.

Aquila Inc. took a major step in its “repositioning” efforts on Monday, reaching agreement with two sureties to discharge the guarantees of four prepaid natural gas supply contracts. Release from the supply contracts, which represent 92% of Aquila’s prepaid gas obligations, lifts a heavy burden off of the Kansas City-based utility as it works to exit its unregulated businesses.

Taking another step toward reaching its production mix goal of 70% natural gas, Houston-based Mission Resources Corp. reported that the #1 Barry well in DeWitt County, TX has been completed and tested at a gross rate of 10.7 MMcf/d.

Taking another step toward reaching its production mix goal of 70% natural gas, Houston-based Mission Resources Corp. reported Tuesday that the #1 Barry well in DeWitt County, TX has been completed and tested at a gross rate of 10.7 MMcf/d.

The “most significant” and what likely will prove to be the “most expensive” rule mandating periodic inspections of interstate and intrastate natural gas pipelines is due to be published in the Federal Register today (Dec. 15) and will take effect 30 days later.

The “most significant” and what likely will prove to be the “most expensive” rule mandating periodic inspections of interstate and intrastate natural gas pipelines will be posted to the web site of the Department of Transportation’s Office of Pipeline Safety (OPS) Friday and published in the Federal Register on Monday (Dec. 15), according to OPS and pipeline company officials.