Reduced

Energy efficiency measures taken by the Nevada Public Utilities Commission (PUC) at its own operations have reduced electricity and natural gas consumption at the commission by 23% and 25%, respectively, in 2007, generating $7,800 in savings, the PUC said.

Talisman Energy Inc. has reduced its capital spending and production guidance this year, but on Friday the Calgary-based independent announced a C$94 million acquisition of Canadian junior explorer RSX Energy Inc. that it said it couldn’t pass up.

Talisman Energy Inc. has reduced its capital spending and production guidance this year, but on Friday the Calgary-based independent announced a C$94 million acquisition of Canadian junior explorer RSX Energy Inc. that it said it couldn’t pass up.

Despite reduced volumes due to the Columbus Day holiday, November natural gas futures still recorded a significant move lower to start the week. The contract traded between $6.845 and $7.160 before closing out Monday’s regular session at $6.846, down 22.7 cents from Friday’s close.

As expected, declining cooling load, a bearish storage report, the previous day’s drop of a little more than a quarter by July futures and the reduced industrial demand associated with a weekend ganged up on the cash market Friday to push prices lower by sizeable amounts at all points. Several OFOs or similar actions and excess supply constraints exacerbated the situation in the West, resulting in plunges of about a dollar or slightly more at some locations in the region.

Reduced cooling load due to cold fronts in both the Northeast and Midwest Thursday made Tuesday’s overall rally a short-lived one. Prices fell at most points Wednesday, generally by moderate amounts in the East but by larger amounts in the West.

The Canadian Association of Oilwell Drilling Contractors (CAODC) signaled that the latest revision to its drilling forecast “continues, and deepens, the trend of reduced natural gas drilling.” The forecast reduction issued Thursday follows lower gas drilling numbers, primarily in Alberta and British Columbia, which began to fall dramatically last year.

The Canadian Association of Oilwell Drilling Contractors (CAODC) signaled that the latest revision to its drilling forecast “continues, and deepens, the trend of reduced natural gas drilling.” The forecast reduction issued Thursday follows lower gas drilling numbers, primarily in Alberta and British Columbia, which began to fall dramatically last year.

TransCanada said Tuesday capacity of the Northern Ontario Line has been reduced due to an unplanned compressor outage at Station 58 in combination with a planned line outage at Main Line Valve (MLV)58-59 line 3. Based on operational conditions and nomination levels to eastern markets, IT service was not fully authorized for Tuesday’s gas day, the pipeline said. It added that with “current operational conditions and current or increased nominations levels, there is a possibility that discretionary services may not be fully authorized for the duration of these outages.” The planned line outage at MLV 58-59 line 3 is expected to end April 28. The duration of the Station 58 compressor outage is unknown, TransCanada said, but as of Tuesday it was expected to last until at least Friday and possibly beyond.