Volumes

Rising costs, property sales and lower volumes from production-sharing contracts contributed to a disappointing quarter for BP plc, and the London-based major said last week production also is not rising at the rate it forecast. Oil and natural gas output this year is expected to range between 3.8-3.9 MMboe/d, nearly flat compared with 2006 annual production of 3.93 MMboe.

Rising costs, property sales and lower volumes from production-sharing contracts contributed to a disappointing quarter for BP plc on Tuesday. Going forward, the London-based major said 2007 oil and natural gas output will range between 3.8-3.9 MMboe/d, nearly flat compared with its 2006 annual production of 3.93 MMboe.

Columbia Gas reminded Firm Storage Service (FSS) customers of a section in their rate schedule requiring that account volumes on Feb. 1 not exceed 65% of the Storage Contract Quantity (SCQ). Additionally, the maximum inventory on April 1 shall not exceed 25% of SCQ, Columbia said, adding that failure to comply with the April 1 requirement may result in forfeiture of quantities above the 25% level.

Showing that increased trading activity of Nymex contracts through the Chicago Mercantile Exchange’s (CME) electronic Globex platform is not denting the volumes on its own exchange (see NGI, Nov. 6), rival electronic energy marketplace IntercontinentalExchange (ICE) reported Monday that volume and commissions during the month of November more than doubled from levels in November 2005.

Showing that increased trading activity of Nymex contracts through the Chicago Mercantile Exchange’s (CME) electronic Globex platform is not denting the volumes on its exchange in the least (see Daily GPI, Nov. 1), rival electronic energy marketplace IntercontinentalExchange (ICE) reported Monday that volume and commissions during the month of November more than doubled the figures from November 2005. In addition, ICE Futures, ICE’s London-based regulated futures subsidiary, boasted that for the month of November it averaged approximately 50% market share in global crude futures as measured by volume of light sweet crude oil.

Citing “very cold weather projections in the Pacific Northwest over the next few days and record low throughput volumes across the Canadian border,” Northwest declared a Stage II (8%) Overrun Entitlement for Receiving Parties on the Wenatchee Lateral and a Stage III Overrun Entitlement (13%) for all other Receiving Parties located north of the Kemmerer (WY) Compressor Station for the gas days of Wednesday and Thursday. Northwest said its tariff provides that an Overrun Entitlement will subject a receiving party to penalties if the party’s takes of gas exceed its confirmed nominations by more than the allowed threshold percentage. Northwest said it “encourages customers to secure adequate supplies from Canadian supply sources during this cold period.”

Just a day after the New York Mercantile Exchange (Nymex) set record daily volumes in its contracts on the Chicago Mercantile Exchange’s (CME) Globex trading platform, all Nymex contracts listed on the system went dark for an hour Thursday due to a “software issue” in the Globex system, the CME told NGI.

Just a day after the New York Mercantile Exchange (Nymex) set record daily volumes in its contracts on the Chicago Mercantile Exchange’s (CME) Globex trading platform, all Nymex contracts listed on the system went dark for an hour Thursday due to a “software issue” in the Globex system, the CME told NGI.

Chevron Corp. expects 3Q2006 U.S. natural gas liquids (NGL) and gas production volumes to increase 1.4% sequentially over 2Q2006, as it continues to restore its Gulf of Mexico (GOM) output that was shut-in during last year’s hurricane season.