Resurrected

Visions of Arctic bounty were resurrected by the U.S. Geological Survey (USGS) in a new report this summer on northern natural gas and oil prospects. But Canadians who have labored to make the dreams come true emphasize the fine print in such projections, which invariably admit there is many a slip between the resource cup and the production lip.

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.

FERC issued an order Monday vacating certificate authority previously granted to NE Hub Partners in 1998 for a 6 Bcf high deliverability storage project in Pennsylvania (see Daily GPI, April 16, 1998). In April, NE Hub, which is now owned by Dominion Resources, requested that its certificate be vacated because the storage project is uneconomic and has no customers.

FERC issued an order Monday vacating certificate authority previously granted to NE Hub Partners in 1998 for a 6 Bcf high deliverability storage project in Pennsylvania (see Daily GPI, April 16, 1998). In April, NE Hub, which is now owned by Dominion Resources, requested that its certificate be vacated because the storage project is uneconomic and has no customers.

Traders resurrected a phrase they hadn’t been using very muchlately: “following the screen.” Like a rising tide that lifts allboats, the Henry Hub futures contract for September turned in astrong performance Wednesday and spurred moderate firmness in cashnumbers. In the absence of substantial change in marketfundamentals, there was little besides the Nymex pit for cashguidance, a marketer said.

Texas Eastern Transmission resurrected an old war horse toprovide additional service to PECO Energy and new service to MobilOil’s Paulsboro, NJ, refinery.