Sparked

Just as the prior weeks’ report showing greater-than-expected withdrawals from gas storage inventory sparked hefty futures gains, Thursday’s report by the Energy Information Administration (EIA) showing less-than-anticipated withdrawals prompted a sharp reversal. At the close, January futures fell 17.8 cents to $5.643 and February tumbled 18.6 cents to $5.698. February crude oil rose $1.38 to $78.05/bbl.

Sparked by reports from utility consumer organizations and a California Public Utilities Commission (CPUC) en banc hearing on the issue the previous day, the state’s major investor-owned utilities (IOU) Thursday agreed to stop any customer service shutoffs at least through the rest of the year.

Growing natural gas production and new pipeline infrastructure in the Rocky Mountain area have sparked the development of a new NGI price index point, the White River Hub in Colorado, at the juncture of the Rockies Express Pipeline (REX) and lines from Questar, Northwest and TransColorado. The new hub became part of NGI’s daily and weekly price surveys in mid-August and its bidweek survey Sept. 1.

Growing natural gas production and new pipeline infrastructure in the Rocky Mountain area have sparked the development of a new NGI price index point, the White River Hub in Colorado, at the juncture of the Rockies Express Pipeline (REX) and lines from Questar, Northwest and TransColorado. The new hub became part of NGI’s daily and weekly price surveys in mid-August and its bidweek survey Sept. 1.

A stubborn cold front that has enveloped the Pacific Northwest sparked record natural gas and electricity sendouts for Bellevue, WA-based Puget Sound Energy (PSE) Tuesday, eclipsing a power demand marker that had stood for a decade, according to the combination utility. With forecasts for continued colder-than-normal temperatures in western Washington state, PSE was advising its customers to use power and gas wisely.

Just two days after worries over Constellation Energy Group’s relationship with bankrupt Lehman Brothers Holdings Inc. sparked a freefall in the electricity supplier Goliath’s stock price, it appears that the white knight to the rescue will be Berkshire Hathaway’s MidAmerican Energy Holdings Co., which has agreed to purchase all of the outstanding shares of Constellation Energy for $4.7 billion, or $26.50/share, cash. However, reports on Friday warned that a company was expected to come in with a competing bid.

A private opinion poll and mailing among voters in an upcoming county ballot referendum has sparked a controversy in Oregon aimed at NorthernStar Natural Gas and its proposed Bradwood Landing liquefied natural gas (LNG) receiving terminal along the Oregon side of the Columbia River a few miles from where the river and Pacific Ocean meet. Part of the proposed project would include a natural gas transmission pipeline to take the regasified LNG supplies about 125 miles east to major transmission pipelines in the load center in and around Portland and the Willamette Valley.

September natural gas futures blasted below the old low for the move downward on Monday before rebounding in afternoon trade on a round of short-covering sparked by the development of Tropical Storm Gustav. The prompt-month contract recorded a low of $7.617 before closing out at $7.825, down 1.8 cents on the day.

Sparked mostly by a round of crude weakness and U.S. dollar strength, August natural gas futures plummeted following the long holiday — breaking beneath psychological support at $13 along the way. The prompt-month contract recorded a low of $12.874 before going on to settle at $12.977, down 60 cents from Friday’s finish.