Resulted

Declines of cooling load in the Midwest and to a slight degree in the South, along with the removal of one tropical storm threat to offshore production, resulted in falling prices at most points Thursday. The previous day’s 7.6-cent drop by September futures added another bearish note to Thursday’s cash market.

Shares of Houston-based Spectra Energy hit a new low in intra-day trading Monday after the company reported a 39% drop in second quarter earnings. Shares in Spectra hit their lowest level since the company was created through the spin-off of Duke Energy’s natural gas business (see Daily GPI, Jan. 3).

The last three months of 2006 resulted in a 6.3% upward move in U.S. natural gas production from publicly traded companies, mirroring the upward trend from 3Q2006, however, nearly all of the increase came from a rebound in production following the hurricane-related production deferrals in late 2005, Raymond James & Associates energy analysts reported.

The last three months of 2006 resulted in a 6.3% upward move in U.S. natural gas production from publicly traded companies, mirroring the upward trend from 3Q2006, but essentially all of the output rise came from the rebound following the hurricane-related production deferrals in late 2005, Raymond James & Associates energy analysts reported.

A leading economist last Monday questioned whether restructuring of the U.S. electricity industry has resulted in any discernible benefits to energy customers over the years.

The early-week bear market that resulted primarily from forecasts of a midweek break from harsh winter weather in some areas proved to be short-lived, at least in eastern markets. Prices rebounded from about a nickel to nearly 30 cents Wednesday at most points in the East as arctic air masses were predicted to bring sub-zero wind chills to the Midwest and Plains states Thursday and continue on into the Northeast and much of the South.

Southern Union Co. has completed a previously announced transaction that has increased its ownership interest in Florida Gas Transmission and resulted in the transfer of its ownership position in Transwestern Pipeline to Energy Transfer Partners, LP.

As expected, Monday’s 36-cent fall in November futures and moderating weather trends in some areas resulted in softer cash prices at most points Tuesday. A few scattered points that were flat to up a little more than a dime ran contrary to the overall market direction.

High demand combined with takes in excess of receipts has resulted in a loss of 140 MMcf in system linepack over the last 24 hours, El Paso said Tuesday, and its Washington Ranch storage facility was experiencing maximum withdrawals. “Scheduled pigging of the Havasu Crossover is under way, affecting access to San Juan Basin supply to the South System. The EOC [east of California] takeaway is running approximately 100 MMcf/d higher than at this time yesterday [Monday],” the pipeline said.. There is available capacity on the South System from Waha and through Guadalupe, it added. Maintenance on the San Juan Crossover and further pigging of the Havasu Crossover are scheduled for later this week, requiring that sufficient system linepack be maintained, El Paso said. A Strained Operating Condition may be declared unless the situation improves, it warned.