If the analysis of a top industry observer is correct, prices still have some room left to move higher but little time to do so. As the end of the year approaches, traders should be prepared to recognize that the high prices for the season may be in, he said.
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Seasonal High Expected Soon
If the analysis of a top industry observer is correct, prices still have some room left to move higher, but as the end of the year approaches traders should be prepared to recognize that the high prices for the season may be in.
EIA Sees Room for Prices to Fall, Adequate Supply
The Energy Information Administration (EIA) said in its June Short Term Energy Outlook that gas production should be down more than 3% this year and supply concerns, though overblown, have been the root cause of prices remaining above $3/MMBtu (EIA said nothing of the liquidity crisis in the market, which may be pushing prices higher — see related story). It also expects the storage surplus to fill in for any supply declines on the production side.
WCG Debt Deal Gives Williams Some Breathing Room
Williams announced an agreement to make semiannual interest payments on $1.4 billion of Williams Communications (WCG) debt and place the debt on its balance sheet this year. The deal removes the conditions under which Williams could have been obligated to come up with the entire $1.4 billion.
Maritimes Expects to Grow to 1 Bcf/d, Holds Open Season
Maritimes & Northeast Pipeline said it is ready to expand its system to 1 Bcf/d to make room for new gas supply from offshore Nova Scotia and to serve growing electric generation load in the Northeast. The pipeline company is holding an open season for its Phase IV expansion through Sept. 21.
SoCalGas Finds Room for Further Pipeline Expansion
Under political pressure to add gas transportation capacity in the state of California, Sempra subsidiary Southern California Gas announced additional plans to expand its intrastate pipeline system. The company said it will add another 6% of capacity to its previously announced project, bringing the proposed expansion to an 11% increase in capacity or about 200 MMcf/d.
SoCalGas Finds Room for Further Pipeline Expansion
Under political pressure to add gas transportation capacity in the state of California, Sempra subsidiary Southern California Gas announced additional plans to expand its intrastate pipeline system. The company said it will add another 6% of capacity to its previously announced project, bringing the proposed expansion to an 11% increase in capacity or about 200 MMcf/d.
Bush Administration Energy Plan Taking Focus
In a place where he could put his point across no more clearly — a room full of Associated Press journalists — Vice President Dick Cheney last Monday used a Canadian pulpit to begin the official push for advancing the Bush Administration’s official energy policy. Cheney noted that without a solid energy plan, the entire country faces future energy shortages similar to California’s current crisis.
Barrett Winning Tug O’ War With Shell
Is that an “I told you so” coming from the Barrett Resources board room? Yesterday, Royal Dutch/Shell raised its bid $5 a share for the Denver-based independent, and is now valuing the gas-rich company at $2.01 billion. Shell launched a hostile takeover bid in March for $55 a share, but Barrett had said the offer was too small (see Daily GPI, March 12).
Conservation Takes a Back Seat, Cheney Says
In a place where he could put his point across no more clearly — a room full of Associated Press journalists — Vice President Dick Cheney on Monday used a Canadian pulpit to begin the official push for advancing the Bush Administration’s official energy policy. Cheney noted that without a solid energy plan, the entire country faces future energy shortages similar to California’s current crisis.