Stunned

The natural gas industry was stunned last Thursday when the Energy Information Administration (EIA) reported that a whopping 108 Bcf had been injected into underground natural gas storage for the week ended Sept. 8.

Analysts, many stunned by the news of Anadarko’s double play, saw the bounce in the energy markets from the news, but they also saw some negatives. In any case, energy analyst John Gerdes sees it as an expensive play. “The global takeaway here, with the 40% premium to the prices is that Anadarko is betting on $8 long-term gas prices. Otherwise, it’s absolutely the wrong mindset.”

Officials at AGL Resources and Georgia utility subsidiary Atlanta Gas Light were stunned last week by a 3-2 vote at the Georgia Public Service Commission (GPSC) to freeze the utility company’s residential rates. AGL said the decision will cut its annual utility revenues by about $25 million.

Officials at AGL Resources and Georgia utility subsidiary Atlanta Gas Light were stunned Wednesday by a 3-2 vote at the Georgia Public Service Commission (GPSC) to freeze the utility company’s residential rates. AGL said the decision will cut its annual utility revenues by about $25 million.

Some dual-fuel interruptible natural gas customers of Bay State Gas Co. in Massachusetts, New Hampshire and Maine were stunned last week when they found out that they may have to pay $317.10/MMBtu for any gas they used since an operational flow order and curtailment period began on Christmas Eve.

Bedminster, NJ-based NUI Corp., which stunned the financial community in September by announcing that it would sell its entire business, said last Wednesday that it received document subpoenas from the New Jersey Attorney General’s office regarding “certain questionable transactions” at its wholesale energy trading operation.

Bedminster, NJ-based NUI Corp., which stunned the financial community in September by announcing that it would sell its entire business, said Wednesday that it received document subpoenas from the New Jersey Attorney General’s office regarding “certain questionable transactions” at its wholesale energy trading operation.

NUI Corp. stunned the financial community on Friday by announcing that it will sell the entire integrated natural gas business within the next few months. CFO A. Mark Abramovic said the board of directors considered a sale in the best interests of all stakeholders going forward because of credit downgrades and “adverse business conditions.”

NUI Corp. stunned the financial community on Friday by announcing that it will sell the entire integrated natural gas business within the next few months. CFO A. Mark Abramovic said the board of directors of the New Jersey-based firm considered a sale in the best interests of all stakeholders going forward because of credit downgrades and “adverse business conditions.”