Warns

Coming off a very warm end to 2006, one forecasting firm warns that the world hasn’t seen anything yet. The Met Office, which is the United Kingdom’s National Weather Service, said late last week that 2007 is likely to be the warmest year on record globally, beating out the current record set in 1998.

Coming off a very warm end to 2006, one forecasting firm warns that the world hasn’t seen anything yet. The Met Office, which is the United Kingdom’s National Weather Service, said Thursday that 2007 is likely to be the warmest year on record globally, beating out the current record set in 1998.

Canadian regulators should avoid forcing gas utilities out of the regulated merchant function, according to a new discussion paper by Roland George of consulting firm Purvin and Gertz. “System gas and direct sales gas can co-exist in the retail market,” George said. The paper was released recently by the Conference Board of Canada and Canadian Gas Association (CGA), which represents Canada’s local distribution companies (LDC).

Canadian regulators should avoid forcing gas utilities out of the regulated merchant function, according to a new discussion paper by Roland George of consulting firm Purvin and Gertz. “System gas and direct sales gas can co-exist in the retail market,” George said. The paper was released recently by the Conference Board of Canada and Canadian Gas Association (CGA), which represents Canada’s local distribution companies (LDC).

There is an increasing risk that natural gas prices will fall to $4 or less by February because of excess gas supply on the market, and if that happens investors should be prepared for a potential 20-30% drop in E&P share prices, said Lehman Brothers analyst Thomas Driscoll last week in a research note.

There is an increasing risk that natural gas prices will fall to $4 or less by February because of excess gas supply on the market, said Lehman Brothers analyst Thomas Driscoll in a research note to clients. If prices weaken considerably, shares of exploration and production companies could fall 20-30%, he said.

London-based BP plc Tuesday reported that net income nearly doubled in the third quarter on the back of soaring commodity prices. However, the major warned that its capital spending budget is taking a hit from higher oil field service costs and a weaker dollar, which may put a damper on spending in the next year.

Noting that the United States is facing a natural gas crisis very much like the current flu vaccine shortage, the chairman of the Independent Petroleum Association of America (IPAA) called on Congress last week to take up “narrowly focused” natural gas legislation when it returns for a new legislative session in January.

Noting that the United States is facing a natural gas crisis very much like the current flu vaccine shortage, the chairman of the Independent Petroleum Association of America (IPAA) called on Congress to take up “narrowly focused” natural gas legislation when it returns for a new legislative session in January.