Vancouver-based Westcoast Energy Inc. will pay $75 million tobuy the 50% interest in Empire State Pipeline that it doesn’talready own from Houston-based Coastal Corp., officials saidyesterday. The deal gives Westcoast complete ownership of the156-mile, 24-inch natural gas pipeline running along theU.S.-Canada border near Niagara Falls to Syracuse, NY interconnectpoints.
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Futures Tumble then Rebound Amid Bearish Storage Data
For the second Wednesday in a row, natural gas prices were hitwith a wave of selling seconds after the release of fresh storagenews. However, whereas the market closed on its daily lows lastWednesday, it finished on its highs yesterday as bargain huntinglifted the November contract almost 15 cents above its $5.15 lowWednesday.
Gordon Causes Few Problems in Gulf
The thunderstorm formerly known as Hurricane Gordon moved toofar east too fast then slowed too much too soon to have much impacton the key U.S. oil and gas production areas off the Gulf ofMexico. By Monday afternoon, the evacuated offshore workers hadbeen returned to their rigs and power lost in Florida communitieshad been restored.
Hurricane Alberto Has Bulls Seeing Double
In almost an exact blueprint of Friday’s topsy-turvy session,natural gas futures spiked then retraced yesterday as tradersdigested the latest weather news. After gapping higher at the openand putting in a fresh one-month high at $4.43, the Septembercontract succumbed to profit-taking which ushered the prompt monthlower at the close. September finished at $4.348, up 5.2 cents forthe session, but just a fraction of a cent above its low on theday.
May Tests Support, Then Rebounds 6.6 Cents
Gas futures observers concluded Tuesday’s 6.7-cent slide was afalse breakout to the downside because May was unable to breakthrough support yesterday at $2.82 and rebounded a healthy 6.6cents on the day to $2.888. The high for the day was $2.900, whilethe low was $2.820. The three-month summer strip rose 5.7 cents to$2.918.
ANR’s WI Expansion Gets FERC Nod
The Federal Energy Regulatory Commission yesterday awarded ANRPipeline a certificate to build a scaled-back expansion of itsmainline system between the Joliet, IL, hub and the market areas insouthwestern Wisconsin.
Western Buys CA Pipes then Sells them to Calpine
Denver-based Western Gas Resources earlier this week exercisedits long-standing option to buy 170 miles of proprietary gaspipelines in the Sacramento Basin and promptly sold the network oftwo- and 10-inch-diameter pipes to California-based merchant powerplant developer Calpine Corp. No dollar figures on the deals willbe released, and both companies are expected to make formalannouncements later this week or early next week, according toWestern Gas and Calpine.
Expiration-Day Pyrotechnics Put Bulls Back on Top
Punctuated by a gut-wrenching final 45 minutes in which the spotcontract plummeted, spiked and then fell again, natural gas futuresfinished on a strong note yesterday in a classic short-coveringrally.
Questar Starts Large, Long Term Production Program
If Questar’s predictions concerning its Pinedale Anticline fieldhold true, then the Utah-based company is about to embark on one ofthe most significant exploration and production projects in itshistory. Although some drilling has already taken place at theSublette County, WY, field, Questar is preparing to launch amassive drilling program aimed at cultivating the projected 3 Tcfthe field holds.
Questar’s Production Eggs Lie in One Basket
If Questar’s predictions concerning its Pinedale Anticline fieldhold true, then the Utah-based company is about to embark on one ofthe most significant exploration and production projects in the itshistory. Although some drilling has already taken place at theSublette County, WY, field, Questar is preparing to launch amassive drilling program aimed at cultivating the projected 3 Tcfthe field holds.