Reason

Royal Dutch Shell plc said it will appeal a federal judge’s ruling that its shareholders had “adequately” shown reason for the court to examine allegations concerning restatements of its oil and natural gas reserves last year. The class action lawsuit by two pension funds was filed last year questioning whether Shell, and its executives and auditors purposely omitted important facts concerning the company’s restatements (see Daily GPI, June 28, 2004).

Traders were in agreement that, with moderating weather trends in sight, there was little reason for prices to rebound across the board Thursday other than Wednesday’s action in Nymex’s crude oil trading pit, where crude for April delivery set intraday and daily settlement records.

The inherent vulnerability of the Pacific Northwest’s energy infrastructure to terrorist attack is a strong reason to expand energy efficiency and conservation programs to lessen the general public’s dependence on centralized oil, natural gas and electricity supply sources, according to the Seattle-based Northwest Environment Watch, a research organization, in its annual report released earlier this month.

The inherent vulnerability of the Pacific Northwest’s energy infrastructure to terrorist attack is a strong reason to expand energy efficiency and conservation programs to lessen the general public’s dependence on centralized oil, natural gas and electricity supply sources, according to the Seattle-based Northwest Environment Watch, a research organization, in its annual report released earlier this month.

Columbia Gulf cited weather as the reason for a delay in repairs on the 24-inch line between Eugene Island 250 and the Bluewater Header. Weather permitting, repairs are expected to begin Thursday, it said. Seven meters common to Columbia Gulf and Tennessee on the Bluewater system and another four Tennessee-only meters must remain shut in until further notice.

Columbia Gulf cited weather as the reason for a delay in repairs on the 24-inch line between Eugene Island 250 and the Bluewater Header. Weather permitting, repairs are expected to begin Thursday, it said. Seven meters common to Columbia Gulf and Tennessee on the Bluewater system and another four Tennessee-only meters must remain shut in until further notice.

The reason the Thursday morning announcement of storage totals by the Energy Information Administration (EIA) has become the number for the industry and traders alike to hang their gas hats on is because it is the only up-to-date supply-demand information available, several witnesses told the Federal Energy Regulatory Commission Tuesday.

The cash market showed little apparent rhyme or reason Tuesday as September swing trading opened with a hodgepodge of mixed price movement that nevertheless favored the upside in a majority of cases. Prices may have found more weather-related load than expected, and the screen’s gain of nearly a nickel Monday may have played a part.

Sources cited increasing heat levels, particularly in the Midwest and Northeast, as the primary reason for fairly sizeable price rallies Tuesday at a majority of points. Only California, which was under a double-OFO whammy, saw moderate softening, although its depressant effect on western markets in general resulted in flat quotes for San Juan Basin and a few Rockies points.