Struggling

Struggling liquefied natural gas (LNG) terminal developer Cheniere Energy Inc. chalked up a $50 million loss in the first quarter as the company explores options for its business, unwinds contracts and lets go of employees.

The New York State Public Service Commission (PSC) announced a final voluntary mutual aid agreement between struggling state gas utility Corning Natural Gas and KeySpan Corp., which stepped in several weeks ago to assist Corning in lining up reliable winter gas supply service.

Gulf of Mexico producers and drilling contractors, many still struggling to restore production and repair platforms and rigs in the wake of Hurricane Katrina, were moving quickly Monday to get their personnel out of the path of oncoming Tropical Storm Rita, which the National Hurricane Center (NHC) believes could be a major hurricane later this week with a current trajectory over the Central Gulf.

The amount of gas production shut-in offshore in the Gulf of Mexico fell again Thursday to 3.411 Bcf/d, compared with 3.518 Bcf/d a day earlier, and some struggling offshore producers were offered a new gas transportation and processing alternative by Discovery Gas Transmission LLC.

With gas demand growing about 2-3%/year and gas supply struggling to meet demand, high gas prices should continue until liquefied natural gas (LNG) imports begin significant growth in 2008, Sempra Energy’s CEO Steve Baum told Wall Street financial analysts Tuesday in New York City. Prices probably won’t soften until 2008-09, Baum said.

With gas demand growing about 2-3%/year and gas supply struggling to meet demand, high gas prices should continue until liquefied natural gas (LNG) imports begin significant growth in 2008, Sempra Energy’s CEO Steve Baum told Wall Street financial analysts Tuesday in New York City. Prices probably won’t soften until 2008-09, Baum said.

Gas buyers are in panic mode right now and energy service providers are struggling to provide answers to a perfect storm of events that is driving not only natural gas prices into the stratosphere but also the prices of many other fuels.

Gas buyers are in panic mode right now and energy service providers are struggling to provide answers to a perfect storm of events that is driving not only natural gas prices into the stratosphere but also the prices of many other fuels.

Gas buyers are in panic mode right now and energy service providers are struggling to provide answers to a perfect storm of events that is driving not only natural gas prices into the stratosphere but also the prices of many other fuels.