Right

Natural gas storage facilities are busting at the seams right now after the American Gas Association (AGA) reported the industry was still putting in more inventories during the third full week of November in reaction to mild weather, low prices and lack of demand. With the 12 Bcf injection AGA reported, storage is at a new record high of 3,144 Bcf and the year-on-year storage deficit is at a crushing 642 Bcf, leaving a glut of gas supply on the market that will put severe downward pressure on spot prices for months to come, according to analysts.

Central Canadian distributors have won the right to stake a claim on natural gas from offshore of Nova Scotia, after a hard-fought contest against production and transportation interests primarily bent on expanding deliveries to the United States.

Central Canadian distributors have won the right to stake a claim on natural gas from offshore of Nova Scotia, after a hard-fought contest against production and transportation interests primarily bent on expanding deliveries to the United States.

“It’s a real roller-coaster in the market right now,” said a western marketer in the wake of another shockingly low storage injection report from AGA Wednesday afternoon. After a dive that morning that took nearly all cash quotes between about 10 and 20 cents lower, the trader consensus was that the cash ride is due to turn uphill again today.

Coming to completion right on schedule, Houston-based Texas Eastern Products Pipeline Co. LLC, general partner of TEPPCO Partners LP, reported that it has finalized its acquisition of the Jonah Gas Gathering Co. from Green River Pipeline LLC and McMurry Oil Co., both wholly owned subsidiaries of Alberta Energy Co. Ltd. (AEC). TEPPCO said the estimated $360 million deal marks its entry into the natural gas gathering business.

Coming to completion right on schedule, Houston-based Texas Eastern Products Pipeline Co. LLC, general partner of TEPPCO Partners LP, reported that it has finalized its acquisition of the Jonah Gas Gathering Co. from Green River Pipeline LLC and McMurry Oil Co., both wholly owned subsidiaries of Alberta Energy Co. Ltd. (AEC). TEPPCO said the estimated $360 million deal marks its entry into the natural gas gathering business.

Finishing right on schedule, Anadarko Petroleum Corp. has completed the acquisition of 100% of the common shares of Canadian-based Gulfstream Resources Canada Ltd., an international oil and gas company whose assets are centered in Qatar and Oman. The acquisition ups Anadarko’s proved reserves by 70 MMboe.

California regulators are getting backlogged with key issues they must resolve in the increasingly complex and tight time frame that is left to fashion an economic solution to the state’s energy woes–regardless of how events unfold at the federal level. There is little more than a month for actions that would keep on track the state’s proposed bond sale, which now is slated for late summer or early fall.

A multi-year alliance will give Constellation Power Source the right to manage the Texas power resource needs for TNP Enterprises Inc.’s Texas-New Mexico Power Co. (TNMP) and First Choice Power under an agreement announced Wednesday. The Constellation Energy Group unit will manage about 1,100 MW under an agreement made through a competitive selection process begun by TNP last October. No financial details were disclosed.