The natural gas industry suffered a major disappointment last Thursday when a House Appropriations subcommittee approved a modest increase in the baseline funding for the Low-Income Home Energy Assistance Program (LIHEAP) for fiscal 2006 but failed to provide any emergency funds in the event of extreme weather and energy prices.
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Transportation Notes
Pacific Gas & Electric did not extend a systemwide Stage 2 high-inventory OFO beyond Wednesday.
Dynegy Begins ‘Bolt-on’ Projects, to Consider ‘Modest’ Acquisitions
Two years after the company suffered from a near-death experience, Dynegy Inc. is now readying “bolt-on” projects to improve its current fleet of generators and natural gas midstream assets, CEO Bruce Williamson said Thursday.
Dynegy Begins ‘Bolt-on’ Projects, to Consider ‘Modest’ Acquisitions
Two years after the company suffered from a near-death experience, Dynegy Inc. is now readying “bolt-on” projects to improve its current fleet of generators and natural gas midstream assets, CEO Bruce Williamson said Thursday.
Transportation Notes
Flagstaff (AZ) Station’s #1 compressor has suffered mechanical damage, making the station inoperable until further notice because the necessary replacement parts have not been located yet, El Paso said. Reductions of North Mainline capacity due to the Flagstaff outage coupled with other maintenance that is ongoing or planned through May 14 will fluctuate between 125 MMcf/d and 215 MMcf/d. See the bulletin board for details.
Gas Transport Earnings Down, but TransCanada Still Beats Analysts’ Estimates
Canada’s leading natural gas pipeline operator suffered lower net earnings from its natural gas transmission business in the first quarter, but lower net corporate expenses still propelled TransCanada Corp. to net income of C$214 million (C44 cents/share, up from C$208 million (C43 cents/share) for the same period of 2003. TransCanada blamed lower regulated returns on its Alberta and Canadian Mainline pipe systems, which cut gas transport earnings by C$9 million to stand at C$149 million.
Senate Blocks Energy Bill; GOP Leader Vows to Call Another Vote
Senate proponents of an omnibus energy bill suffered a major defeat Friday when adversaries successfully blocked the Republican-crafted measure, throwing into doubt congressional passage of comprehensive energy legislation this year. Senate Majority Leader Bill Frist (R-TN), however, said he would bring the bill up for “at least one more vote” before the Senate adjourns on Tuesday.
Senate Blocks Energy Bill; GOP Leader Vows to Call Another Vote
Senate proponents of an omnibus energy bill suffered a major defeat Friday when adversaries successfully blocked the Republican-crafted measure, throwing into doubt congressional passage of comprehensive energy legislation this year. Senate Majority Leader Bill Frist (R-TN), however, said he would bring the bill up for “at least one more vote” before the Senate adjourns on Tuesday.
Without Fundamental or Technical Consensus, Futures Continue Choppy Trade
Rebounding from the 18-cent setback suffered by the market Friday, natural gas futures rebounded Monday as technical bullishness mixed with sympathy buying following the run-up in crude oil futures. In a mirror image to Friday’s session when prices shuffled lower throughout the day, Monday’s natural gas trading action saw its highest prices near the 2:30 p.m. EDT closing bell.
Futures Correct Lower Amid Weakness in Crude, Technical Selling
Natural gas futures suffered their first major setback in five trading sessions Tuesday as commercial and local traders took profits in concert with weakness in the nearby crude oil pit. In contrast to Monday’s session, which climbed nearly a dime in the last 30 minutes of trading, Tuesday’s natural gas trading session saw losses ahead of the close as traders liquidated positions in preparation for the September expiry Wednesday. The prompt month completed its penultimate trading session at $3.483, down 13.4 cents on the day.