New York Mercantile Exchange
Henry Hub Future Price $6.87 per million British Thermal Units
Henry Hub Spot Price $6.14 per million British Thermal Units
New York City Gate Spot Price $6.47 per million British Thermal Units
Sunday, September 30, 2007
Saturday, September 29, 2007
Canada Serious - No More Flaring after 2020
The Canadian Press reported today that the natural gas industry in British Columbia is preparing to get behind their Premier Gordon Campbell's aim to reduce greenhouse gas emissions by 33 per cent by the year 2020, a spokesman for the Canadian Association of Petroleum Producers said Friday, September 28, 2007.
The natural gas industry is working with the Canadian government on plans to virtually eliminate the practice of flaring natural gas at British Columbia wells, said Dave Price, association vice-president for Western Canada.
The Canadian government will introduce legislation this fall that sets emission targets for industry and government - the first province in Canada to introduce laws enforcing environmental goals, said Campbell.
The oil and gas industry has been consulting with the British Columbian government to develop a flaring reduction plan similar to the province of Alberta, said Price.
"It really builds on what was done in Alberta," he said. "We're more than 70 per cent reduced in our flaring (in Alberta.)."
Part of the British Columbia strategy includes reduction targets, Price said.
"The abilities to accomplish the targets in the time frames remain to be seen, but we're working with the Crown to see what we can do," he said. "Essentially what it calls for is a 50 per cent reduction by 2011 and elimination of all routine flaring by 2016."
The natural gas industry is working with the Canadian government on plans to virtually eliminate the practice of flaring natural gas at British Columbia wells, said Dave Price, association vice-president for Western Canada.
The Canadian government will introduce legislation this fall that sets emission targets for industry and government - the first province in Canada to introduce laws enforcing environmental goals, said Campbell.
The oil and gas industry has been consulting with the British Columbian government to develop a flaring reduction plan similar to the province of Alberta, said Price.
"It really builds on what was done in Alberta," he said. "We're more than 70 per cent reduced in our flaring (in Alberta.)."
Part of the British Columbia strategy includes reduction targets, Price said.
"The abilities to accomplish the targets in the time frames remain to be seen, but we're working with the Crown to see what we can do," he said. "Essentially what it calls for is a 50 per cent reduction by 2011 and elimination of all routine flaring by 2016."
Friday, September 28, 2007
Canadian Natural Gas Prices Lower Than U.S.
The Canadian spot market for natural gas prices fell for a second day on Thursday, September 27, 2007 as storage volumes remained near record highs and forecasts called for mild temperatures in major markets reported Reuters newswire from Calgary, Alberta Canada.
The natural gas spot market at the AECO storage hub in southeastern Alberta sank 28 cents to average $4.77 a gigajoule after dipping 5 Canadian cents on Wednesday. 1 gigajoule is equal to 947,817.12 BTUs.
Natural gas exchanges ranged between C$4.69 and C$4.85 a Gigajoule and were last at C$4.80, according to the NGX electronic exchange.
The spot markets viewed Thursday's natural gas storage injection numbers as neutral.
The U.S. Energy Information Administration said natural gas stocks in the United States rose 74 billion cubic feet the week ended September 21, 1 billion cubic feet higher than a Reuters survey estimate.
The natural gas spot market at the AECO storage hub in southeastern Alberta sank 28 cents to average $4.77 a gigajoule after dipping 5 Canadian cents on Wednesday. 1 gigajoule is equal to 947,817.12 BTUs.
Natural gas exchanges ranged between C$4.69 and C$4.85 a Gigajoule and were last at C$4.80, according to the NGX electronic exchange.
The spot markets viewed Thursday's natural gas storage injection numbers as neutral.
The U.S. Energy Information Administration said natural gas stocks in the United States rose 74 billion cubic feet the week ended September 21, 1 billion cubic feet higher than a Reuters survey estimate.
Natural Gas Expansion in China - USA/$6.91 per mmBTU
D Three Technology learned today that the price of natural gas on the New York Mercantile Exchange is $6.91 per mmBTU.
D Three Technology learned today that China Natural Gas, Incorporated is said to be one of the leading providers of pipeline natural gas for industrial, commercial and residential use and compressed natural gas (CNG) for vehicular (car, auto, truck) fuel in Xi'an, China.
D Three Technology learned today that China Natural Gas, Incorporated announced today that it had received government approval from the Shaanxi Province to pursue a diversified natural gas project, which when completed will enable China Natural Gas to produce various natural gas products, including liquefied natural gas ("LNG"), liquefied petroleum gas, dry ice, and sulfur.
D Three Technology learned today that As part of the project, China Natural Gas plans to complete an LNG processing and distribution facility in Jingbian County, Shaanxi Province, in the first half of 2009.
D Three Technology learned today that China Natural Gas, Incorporated is said to be one of the leading providers of pipeline natural gas for industrial, commercial and residential use and compressed natural gas (CNG) for vehicular (car, auto, truck) fuel in Xi'an, China.
D Three Technology learned today that China Natural Gas, Incorporated announced today that it had received government approval from the Shaanxi Province to pursue a diversified natural gas project, which when completed will enable China Natural Gas to produce various natural gas products, including liquefied natural gas ("LNG"), liquefied petroleum gas, dry ice, and sulfur.
D Three Technology learned today that As part of the project, China Natural Gas plans to complete an LNG processing and distribution facility in Jingbian County, Shaanxi Province, in the first half of 2009.
Thursday, September 27, 2007
October Natural Gas Futures Down 4.5 Cents
The Houston Chronicle reported today that oil prices dropped more than a point on Tuesday, with the price at the end of the day below $80 a barrel, and other energy futures followed suit as investors locked in profits from the recent record-setting rally.
November 2007 light, sweet crude oil fell $1.42 to settle at $79.53 a barrel on the New York Mercantile Exchange.
October 2007 gasoline prices fell 4.55 cents to settle at $2.0379 a gallon, and New York Mercantile Exchange heating oil tumbled 4.93 cents to settle at $2.1813 a gallon. In London, November 2007 Brent crude lost $1.29 to settle at $77.62 a barrel on the ICE Futures exchange.
October 2007 future pricing natural gas, which expires today, fell a penny to settle at $6.36 per million British thermal units on the New York Mercantile Exchange after spending much of the day in positive territory. Trading in expiring future contracts is often volatile as investors equal out their positions.
November 2007 light, sweet crude oil fell $1.42 to settle at $79.53 a barrel on the New York Mercantile Exchange.
October 2007 gasoline prices fell 4.55 cents to settle at $2.0379 a gallon, and New York Mercantile Exchange heating oil tumbled 4.93 cents to settle at $2.1813 a gallon. In London, November 2007 Brent crude lost $1.29 to settle at $77.62 a barrel on the ICE Futures exchange.
October 2007 future pricing natural gas, which expires today, fell a penny to settle at $6.36 per million British thermal units on the New York Mercantile Exchange after spending much of the day in positive territory. Trading in expiring future contracts is often volatile as investors equal out their positions.
Wednesday, September 26, 2007
New Natural Gas Play in Canada
Abu Dhabi National Energy Co. made its largest acquisition so far in Alberta's energy oil and gas fields by purchasing for $5 billion U.S. dollars Prime West Energy Trust as the United Arab Emirates-based firm continues to purchase significant assets in order to become a major player in Canada’s oil and natural gas industry.
The purchase was the third acquisition made by Abu Dhabi National Energy Co. in Alberta since May 2007 and it appears it will not be the last as Abu Dhabi National Energy Co. seeks to increase the size of its Canadian subsidiary, TAQA North, from $7.5 billion U.S. dollars and is on a spree to spend $20 billion U.S. dollars by 2012 through oil and gas production growth and additional purchases, said CEO Peter Barker-Homek.
"Further acquisitions will come, and certainly Canada is an area in which we are looking for further opportunities to grow the business and get to scale," Mr. Barker-Homek said in a conference call today.
The purchase was the third acquisition made by Abu Dhabi National Energy Co. in Alberta since May 2007 and it appears it will not be the last as Abu Dhabi National Energy Co. seeks to increase the size of its Canadian subsidiary, TAQA North, from $7.5 billion U.S. dollars and is on a spree to spend $20 billion U.S. dollars by 2012 through oil and gas production growth and additional purchases, said CEO Peter Barker-Homek.
"Further acquisitions will come, and certainly Canada is an area in which we are looking for further opportunities to grow the business and get to scale," Mr. Barker-Homek said in a conference call today.
Tuesday, September 25, 2007
Linde Natural Gas Construction Contract Value at 900 Million Euros
Linde AG reported today from its headquarters in Munich, Germany that it has a contract valued at 900 million Euros with Statoil to supply liquification equipment and construction for new natural gas production at Statoil’s site near the Norwegian city of Hammerfest.
Linde AG has been involved in LNG construction facilities in Hammerfest for the last five years. The plant in Melkoya, Norway, an island off the northern coast of Norway, officially began production on Sept 13, 2007.
The Statoil plant, Europe's largest natural gas production site, is connected through 143 kilometers of underwater pipelines with the Snohvit offshore gas field.
Linde AG has been involved in LNG construction facilities in Hammerfest for the last five years. The plant in Melkoya, Norway, an island off the northern coast of Norway, officially began production on Sept 13, 2007.
The Statoil plant, Europe's largest natural gas production site, is connected through 143 kilometers of underwater pipelines with the Snohvit offshore gas field.
Monday, September 24, 2007
Statoil Producing LNG in Snoehvit, Norway
The Norwegian oil company Statoil said Friday from Oslo, Norway that it had set up the largest liquefied natural gas (LNG) project in Europe in the Barents Sea. Statoil said the large-scale gas project also involves French oil group Total and gas utility Gaz de France, who respectively hold 18.4 percent and 12 percent of the project with Statoil holding 33.53 percent.
Located at the northern tip of Norway and linked by pipeline to the gas deposit at Snoehvit, Norway the project produced its first cubic metres of liquefied natural gas on September 13, 2007 after five years of development. It had a cost overrun of 18.8 billion kronor (the equivalent of 2.4 billion euros or 3.3 billion dollars) Statoil said.
Initially fixed at 39.5 billion kronor, the cost of the project ran to 58.3 billion kronor, Statoil said. The other partners are the Norwegian company Petoro (30 percent), US firm Hess (3.26 percent), and Germany's RWE-DEA (2.81 percent).
"The first phase will be characterised by instability," Tim Dodson, Statoil's acting executive vice president for exploration and production Norway said in a statement.
"We must expect that the plant will again be closed for shorter or longer periods for further adjustments to the process."
The gas has been prepped for the American and European markets.
Located at the northern tip of Norway and linked by pipeline to the gas deposit at Snoehvit, Norway the project produced its first cubic metres of liquefied natural gas on September 13, 2007 after five years of development. It had a cost overrun of 18.8 billion kronor (the equivalent of 2.4 billion euros or 3.3 billion dollars) Statoil said.
Initially fixed at 39.5 billion kronor, the cost of the project ran to 58.3 billion kronor, Statoil said. The other partners are the Norwegian company Petoro (30 percent), US firm Hess (3.26 percent), and Germany's RWE-DEA (2.81 percent).
"The first phase will be characterised by instability," Tim Dodson, Statoil's acting executive vice president for exploration and production Norway said in a statement.
"We must expect that the plant will again be closed for shorter or longer periods for further adjustments to the process."
The gas has been prepped for the American and European markets.
Sunday, September 23, 2007
Natural Gas Pipeline 270 Mile Approval
The Associated Press reported today from Icksburg, Mississippi that United States Federal regulators have approved construction of a 270-mile natural gas pipeline project through Mississippi, Louisiana and Alabama.
The 270 mile long natural gas project, known as Southeast Supply Header, is a joint venture between Center Point Energy and Spectra Energy Corp., both companies headquartered in Houston, Texas.
The 270 miles is designed to connect natural gas pipelines in Arkansas, Oklahoma and Texas with another natural gas line that connects them with the Gulf of Mexico to Florida.
The 36-inch natural gas pipeline will transport up to 1 billion cubic feet of natural gas per day from a Center.owned hub in northeast Louisiana to one co-owned by Spectra in Mobile, Ala.
This approval of the 270 mile natural gas pipeline represents the final step in the Federal Energy Regulatory Commission's process.
The 270 mile long natural gas project, known as Southeast Supply Header, is a joint venture between Center Point Energy and Spectra Energy Corp., both companies headquartered in Houston, Texas.
The 270 miles is designed to connect natural gas pipelines in Arkansas, Oklahoma and Texas with another natural gas line that connects them with the Gulf of Mexico to Florida.
The 36-inch natural gas pipeline will transport up to 1 billion cubic feet of natural gas per day from a Center.owned hub in northeast Louisiana to one co-owned by Spectra in Mobile, Ala.
This approval of the 270 mile natural gas pipeline represents the final step in the Federal Energy Regulatory Commission's process.
Saturday, September 22, 2007
John D. Oil and Gas Company 20 Wells Update
John D. Oil and Gas Company announced today from CLEVELAND, Ohio on Sept. 21, 2007 that is has drilled twenty new wells so far this year 2007. Ten oil wells are in production and ten more are in various phases of coming online. The Company had a slow start in the first quarter of the year with the lack of availability of a drill rig. During the second quarter, an affiliated company began drilling for John D. Oil with their new rig.
Gregory J. Osborne, the Company's President and COO stated, "The Company anticipates drilling ten more wells in the last quarter. We are moving quickly to achieve our goal of 30-35 new wells in 2007. It has been an exciting year, as we continue to grow our reserve base and add to our land lease inventory."
As previously disclosed by John D. Oil and Gas, part of the Company's expansion program includes participating as the managing member and forty percent investor of a newly formed company, Kykuit Resources LLC. Kykuit Resources LLC. entered into a joint venture with Hemis, Ltd. on August 3, 2007. Since that date, the joint venture has purchased approximately 200,000 acres in the Montana Breaks area of Montana. The Company plans to begin drilling in Montana under this joint venture in early spring 2008.
Gregory J. Osborne, the Company's President and COO stated, "The Company anticipates drilling ten more wells in the last quarter. We are moving quickly to achieve our goal of 30-35 new wells in 2007. It has been an exciting year, as we continue to grow our reserve base and add to our land lease inventory."
As previously disclosed by John D. Oil and Gas, part of the Company's expansion program includes participating as the managing member and forty percent investor of a newly formed company, Kykuit Resources LLC. Kykuit Resources LLC. entered into a joint venture with Hemis, Ltd. on August 3, 2007. Since that date, the joint venture has purchased approximately 200,000 acres in the Montana Breaks area of Montana. The Company plans to begin drilling in Montana under this joint venture in early spring 2008.
Friday, September 21, 2007
Natural Gas Storage in U.S. Up This Week
Natural gas in natural gas storage units in the United States grew last week and is 8.2 percent above the five-year average for this time of year, a government report said Thursday, according to the Associated Press in Washington, D.C.
The United States Energy Department's Energy Information Administration said in its weekly report that natural gas inventories held in underground storage in the lower 48 states increased by 63 billion standard cubic feet to more than 3.13 trillion standard cubic feet for the week ending Sept. 14, 2007.
The natural gas inventory level was well above the five-year average of 2.89 trillion standard cubic feet in underground storage, but slightly below last year's storage level of more than 3.16 trillion standard cubic feet, according to the government data.
In morning commodity trading, natural gas for October 2007 delivery fell 10 cents to $6.08 per 1,000 standard cubic feet on the New York Mercantile Exchange.
The United States Energy Department's Energy Information Administration said in its weekly report that natural gas inventories held in underground storage in the lower 48 states increased by 63 billion standard cubic feet to more than 3.13 trillion standard cubic feet for the week ending Sept. 14, 2007.
The natural gas inventory level was well above the five-year average of 2.89 trillion standard cubic feet in underground storage, but slightly below last year's storage level of more than 3.16 trillion standard cubic feet, according to the government data.
In morning commodity trading, natural gas for October 2007 delivery fell 10 cents to $6.08 per 1,000 standard cubic feet on the New York Mercantile Exchange.
Thursday, September 20, 2007
Natural Gas Futures are $6.91/mmBTU
Natural gas futures' prices fell Wednesday amid speculation that inventories would expand beyond what is required to meet winter heating needs.
A late-summer wave of moderate weather in much of the United States and a long-range forecast for a warm October means air-cooling demand and heating needs will be low, increasing storage, said Chris Jarvis, president of Caprock Risk Management in Hampton Falls, New Hampshire.
"We're looking at a very bullish injection season with a delay in the heating season and no hurricanes," he said.
Gas for October 2007 delivery declined 31.8 cents to $6.91 per million British thermal units on the New York Mercantile Exchange. Still, $6.91 per million BTU is a pretty good price considering the up and down summer of 2007 that we have enjoyed.
A late-summer wave of moderate weather in much of the United States and a long-range forecast for a warm October means air-cooling demand and heating needs will be low, increasing storage, said Chris Jarvis, president of Caprock Risk Management in Hampton Falls, New Hampshire.
"We're looking at a very bullish injection season with a delay in the heating season and no hurricanes," he said.
Gas for October 2007 delivery declined 31.8 cents to $6.91 per million British thermal units on the New York Mercantile Exchange. Still, $6.91 per million BTU is a pretty good price considering the up and down summer of 2007 that we have enjoyed.
Wednesday, September 19, 2007
California Natural Gas Well Has Successful Flow Test
Aspen Exploration announced from its corporate offices today in Denver, Colorado that it had a successful flow test on a natural gas well located in the Sacramento Valley gas province of northern California.
The company reported that the Morris #12-4 well, located in the West Grimes Gas Field, Colusa County, California, was drilled to a depth of 8,007 feet and encountered approximately 115 feet of potential gross gas pay in several intervals in the Forbes formation. Several of these intervals were perforated and tested gas on a 1/4 inch choke at a stabilized flow rate of 500 MCFPD. The shut in tubing and shut in casing pressures were 3,150 psig. Aspen has a 21% operated working interest in this well.
This was the sixteenth successful gas well out of sixteen attempts by Aspen in this field. Aspen is currently drilling the Harlan #1-24 well, also located in this field. Aspen is also in the initial permit phase of a 10 square mile 3-D seismic survey in this area in which Aspen owns a 32% operated working interest.
In the Sacramento Valley, Aspen has drilled 36 successful gas wells out of 39 attempts during the last 3 1/2 years (92% success rate) and drilled 44 successful gas wells out of 51 attempts during the last 5 1/2 years, a success rate of 86%. Aspen currently operates 62 gas wells and has non-operated interests in 21 additional wells in the Sacramento Valley of northern California and has non-operated interests in approximately 33 oil wells in Montana.
The company reported that the Morris #12-4 well, located in the West Grimes Gas Field, Colusa County, California, was drilled to a depth of 8,007 feet and encountered approximately 115 feet of potential gross gas pay in several intervals in the Forbes formation. Several of these intervals were perforated and tested gas on a 1/4 inch choke at a stabilized flow rate of 500 MCFPD. The shut in tubing and shut in casing pressures were 3,150 psig. Aspen has a 21% operated working interest in this well.
This was the sixteenth successful gas well out of sixteen attempts by Aspen in this field. Aspen is currently drilling the Harlan #1-24 well, also located in this field. Aspen is also in the initial permit phase of a 10 square mile 3-D seismic survey in this area in which Aspen owns a 32% operated working interest.
In the Sacramento Valley, Aspen has drilled 36 successful gas wells out of 39 attempts during the last 3 1/2 years (92% success rate) and drilled 44 successful gas wells out of 51 attempts during the last 5 1/2 years, a success rate of 86%. Aspen currently operates 62 gas wells and has non-operated interests in 21 additional wells in the Sacramento Valley of northern California and has non-operated interests in approximately 33 oil wells in Montana.
Tuesday, September 18, 2007
Iran - A Natural Gas Giant Potential
According to studies carried out by the ninth government of Iran, their annual growth rate for natural gas consumption in the world has been forcast at an average of about 3.1 percent between 1997 and 2020. These statistical figures will stand at 5.5 percent in developing countries and at 1.2 percent in developed states. Therefore, European countries will be at their best position in 2020 with a natural gas consumption growth rate of 2 percent while developing Asian nations will be consuming at a rate of 7.9 percent and the corresponding figure for the Latin American states will stand at 7.5 percent.
According to Iranian current natural gas and oil estimates, Iran’s share of oil in supplying energy to the world will decrease from 41.3 percent in 2000 to 39.2 percent in 2020 while their share of natural gas in supplying energy to the world will increase from 22.6 percent in 2000 to 26.5 percent in 2020.
Iran currently enjoys about 27 trillion cubic meters of natural gas resources (over 15 percent of global reserves) and, thus, stands high in the global natural gas industry. Since those natural gas reserves have been used only for the past 100 years, the country can increase its share of global energy markets by making suitable investments.
According to Iranian current natural gas and oil estimates, Iran’s share of oil in supplying energy to the world will decrease from 41.3 percent in 2000 to 39.2 percent in 2020 while their share of natural gas in supplying energy to the world will increase from 22.6 percent in 2000 to 26.5 percent in 2020.
Iran currently enjoys about 27 trillion cubic meters of natural gas resources (over 15 percent of global reserves) and, thus, stands high in the global natural gas industry. Since those natural gas reserves have been used only for the past 100 years, the country can increase its share of global energy markets by making suitable investments.
Gazprom & BASF JV Sell Natural Gas to UK & Belgium
The Thomson Financial News Limited corporation has reported from Londay today, September 17, 2007 that the joint venture firm WinGas, which is jointly owned by Russian natural gas giant Gazprom and huge German chemical group BASF AG, said it is increasing the supply of natural gas to the United Kingdom and Belgium, reflecting increased demand for natural gas in those two countries.
In Belgium, WinGas will deliver 12.3 billion kilowatt-hours of gas to customers this year, 2007. For the year 2008, WinGas has already signed supply agreements involving about 16 billion kilowatt hours, which is equivalent to eight (8) percent of the country's natural gas market.
WinGas will supply the United Kingdom natural gas market with about 20 billion kilowatt hours this year.
The United Kingdom and Belgium need vast quantities of natural gas and so they still hold great potential growing profit for WinGas, said its chairman Rainer Seele.
In Belgium, WinGas will deliver 12.3 billion kilowatt-hours of gas to customers this year, 2007. For the year 2008, WinGas has already signed supply agreements involving about 16 billion kilowatt hours, which is equivalent to eight (8) percent of the country's natural gas market.
WinGas will supply the United Kingdom natural gas market with about 20 billion kilowatt hours this year.
The United Kingdom and Belgium need vast quantities of natural gas and so they still hold great potential growing profit for WinGas, said its chairman Rainer Seele.
Monday, September 17, 2007
Natural Gas Prices - Week of September 13, 2007
Once a week the Energy Information Administration, which is a part of the United States Department of Energy, gives an overview of the natural gas market and its prices. This week’s summary covers the dates from Thursday, September 13, 2007.
The EIA report states that natural gas spot and futures prices generally increased this report week (Wednesday to Wednesday, September 6-13, 2007), as tropical storms threatened to disrupt supplies and pipeline explosions in Mexico stirred concerns of supply security. Hurricane Humberto was still active near the Texas-Louisiana border at the time of their report, and Tropical Depression 8 in the South Atlantic is apparently moving toward Puerto Rico and the general direction of the Gulf of Mexico (where these storms might cause energy-producing platforms to be evacuated and supplies to be shut in). However, oil and gas companies have not yet announced significant shut-in production or damage from the weather.
On the week the Henry Hub natural gas spot price increased 32 cents per MMBtu (million btu) to $6.13. At the New York Mercantile Exchange (NYMEX), prices for futures contracts also registered significant increases.
The natural gas futures contract for October 2007 delivery rose 63.3 cents per MMBtu on the week to $6.438. Working natural gas in storage as of Friday, September 7, 2007 was 3,069 Bcf (billion cubic feet), which is 9.3 percent above the 5-year (2002-2006) average. The spot price for West Texas Intermediate (WTI) crude oil recorded yet another record high, increasing $4.11 per barrel on the week to $79.85, or $13.77 per MMBtu.
The EIA report states that natural gas spot and futures prices generally increased this report week (Wednesday to Wednesday, September 6-13, 2007), as tropical storms threatened to disrupt supplies and pipeline explosions in Mexico stirred concerns of supply security. Hurricane Humberto was still active near the Texas-Louisiana border at the time of their report, and Tropical Depression 8 in the South Atlantic is apparently moving toward Puerto Rico and the general direction of the Gulf of Mexico (where these storms might cause energy-producing platforms to be evacuated and supplies to be shut in). However, oil and gas companies have not yet announced significant shut-in production or damage from the weather.
On the week the Henry Hub natural gas spot price increased 32 cents per MMBtu (million btu) to $6.13. At the New York Mercantile Exchange (NYMEX), prices for futures contracts also registered significant increases.
The natural gas futures contract for October 2007 delivery rose 63.3 cents per MMBtu on the week to $6.438. Working natural gas in storage as of Friday, September 7, 2007 was 3,069 Bcf (billion cubic feet), which is 9.3 percent above the 5-year (2002-2006) average. The spot price for West Texas Intermediate (WTI) crude oil recorded yet another record high, increasing $4.11 per barrel on the week to $79.85, or $13.77 per MMBtu.
Sunday, September 16, 2007
Utah Natural Gas Source
Questar Corporation has plans for next year to build a natural gas pipeline hub in northwestern Colorado; it will be a project that will make Utah and the neighboring states an important role as natural gas suppliers in Denver and the United States.
Questar will connect six pipelines serving the Rocky Mountain region and is expected that it will benefit consumers both east and west of the Rocky Mountain natural gas region by helping bring natural gas to those markets.
For natural gas users in Utah, they may pay a little bit more for their natural gas, but the state of Utah will collect some extra tax money too. "It is definitely going to have an impact on prices. The question is how much," said Alan Isaacson, a researcher at the University of Utah's Bureau of Economic and Business Research who has studied the natural gas industry in the Rocky Mountain states. Over the years, Utah consumers paid anywhere from 10 percent to 35 percent less for natural gas than the rest of the country.
Questar's proposed project, with its partner Enterprise Product Partners to build the White River Hub will be a step toward helping address the continuing shortage of pipeline capacity in the region of the project. "This hub will help facilitate natural gas flow out of the area to markets in the eastern and western United States," said Brent Kitchen, director of marketing for Questar Pipeline Co., which will oversee construction.
It isn’t the final capacity solution, "We're still going to have a natural gas bubble in the Rockies that is going to persist," the University's Isaacson said. "Additional pipeline capacity eventually will get built, but it will be a while before they catch up with increasing production."
Questar will connect six pipelines serving the Rocky Mountain region and is expected that it will benefit consumers both east and west of the Rocky Mountain natural gas region by helping bring natural gas to those markets.
For natural gas users in Utah, they may pay a little bit more for their natural gas, but the state of Utah will collect some extra tax money too. "It is definitely going to have an impact on prices. The question is how much," said Alan Isaacson, a researcher at the University of Utah's Bureau of Economic and Business Research who has studied the natural gas industry in the Rocky Mountain states. Over the years, Utah consumers paid anywhere from 10 percent to 35 percent less for natural gas than the rest of the country.
Questar's proposed project, with its partner Enterprise Product Partners to build the White River Hub will be a step toward helping address the continuing shortage of pipeline capacity in the region of the project. "This hub will help facilitate natural gas flow out of the area to markets in the eastern and western United States," said Brent Kitchen, director of marketing for Questar Pipeline Co., which will oversee construction.
It isn’t the final capacity solution, "We're still going to have a natural gas bubble in the Rockies that is going to persist," the University's Isaacson said. "Additional pipeline capacity eventually will get built, but it will be a while before they catch up with increasing production."
Saturday, September 15, 2007
Bolivian Natural Gas International Contracts
Bloomberg.com reported today, Saturday, September 15, 2007 that the Bolivian government said it will meet its international commitments to increase natural gas shipments to Argentina and Brazil after their energy companies agreed to invest in the South American nation.
Bloomberg.com reported today, Saturday, September 15, 2007 that Energy Minister Carlos Villegas said a $588 million investment in Bolivian natural gas deposits will guarantee commitments with its neighbors, according to an e-mailed statement late yesterday from his office
Bloomberg.com reported today, Saturday, September 15, 2007 that Argentina is relying on Bolivia to quadruple natural gas shipments to some 27 million cubic meters a day to ease a power shortage in the country by 2010. Brazil currently gets about half the natural gas it uses from its western neighbor.
The Bolivian government announced September 10, 2007 that it would receive $590 million in investment from twelve companies including Petroleo Brasileiro SA (Petrobras), Repsol-YPF SA and British Petroleum Plc. Last year, President Evo Morales announced the nationalization of the country's energy industry and raised taxes.
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Spiritual Enlightenment
Bloomberg.com reported today, Saturday, September 15, 2007 that Energy Minister Carlos Villegas said a $588 million investment in Bolivian natural gas deposits will guarantee commitments with its neighbors, according to an e-mailed statement late yesterday from his office
Bloomberg.com reported today, Saturday, September 15, 2007 that Argentina is relying on Bolivia to quadruple natural gas shipments to some 27 million cubic meters a day to ease a power shortage in the country by 2010. Brazil currently gets about half the natural gas it uses from its western neighbor.
The Bolivian government announced September 10, 2007 that it would receive $590 million in investment from twelve companies including Petroleo Brasileiro SA (Petrobras), Repsol-YPF SA and British Petroleum Plc. Last year, President Evo Morales announced the nationalization of the country's energy industry and raised taxes.
Handyman Torrance | Westlake Village Real Estate | Home Staging Westlake Village | Animal Actor Rentals | Embroidery Westlake Village | Flowers La Jolla | Houston Home Loans | Vitamins | Window Shutters | Personal Trainers | Real Estate Directory| Glass Simi Valley | Los Angeles Mold Inspections | Free Merchant Account | Carbon Dioxide Scavenger | SEO Website Enhancement | DUI Attorney Ventura | Solar Energy | Bridge Loans | Mortgage Woodland Hills | Fruit Basket Westlake Village | Chiropractor Westlake Village | Las Vegas Web Designer | Day Spa Thousand Oaks | Spiritual Truth | Commercial Real Estate Thousand Oaks | Home Improvements Temecula | Board-Up Services Ventura | Thousand Oaks Wedding Photographer | Real Estate Charleston | Tool and Die Maker | Solar Panels | Handyman Wilmington | Houston Mortgage| Enlightenment and Consciousness| Animal Rentals| Glass Cabinets | Celebrity Photos in L.A.| Malibu Realtor | Solar Power | Solar Pool Heater | Center for Integrated Medicine
Spiritual Enlightenment
Friday, September 14, 2007
India Caps Natural Gas Price Under Market Value
Bloomberg.com has reported today, September 13, 2007 from Mumbai, India that the price of natural gas has been set and capped 34 percent below a global pricing benchmark, for the purpose of cutting returns for Reliance Industries Ltd. and deterring global companies from exploring for natural gas in India.
Bloomberg.com has reported today, September 13, 2007 from Mumbai, India that the Indian government yesterday ordered Mumbai-based Reliance, India's biggest company, to sell natural gas from the Krishna Godavari field for $4.2 per million British thermal units, which is less than the about $4.5 per million British thermal units it was seeking. The natural gas price will be a benchmark for all producers in the country, the oil ministry said in a statement in New Delhi yesterday.
Bloomberg.com has reported today, September 13, 2007 from Mumbai, India that the lower gas costs ensure subsidized power and fertilizer for farmers, whose votes helped Prime Minister Manmohan Singh form a ruling coalition in May 2004. Regulated prices may delay projects that would ease a shortfall of the fuel, forcing utilities to seek alternative supplies.
Bloomberg.com has reported today, September 13, 2007 from Mumbai, India that the Indian government yesterday ordered Mumbai-based Reliance, India's biggest company, to sell natural gas from the Krishna Godavari field for $4.2 per million British thermal units, which is less than the about $4.5 per million British thermal units it was seeking. The natural gas price will be a benchmark for all producers in the country, the oil ministry said in a statement in New Delhi yesterday.
Bloomberg.com has reported today, September 13, 2007 from Mumbai, India that the lower gas costs ensure subsidized power and fertilizer for farmers, whose votes helped Prime Minister Manmohan Singh form a ruling coalition in May 2004. Regulated prices may delay projects that would ease a shortfall of the fuel, forcing utilities to seek alternative supplies.
Thursday, September 13, 2007
Canadian Natural Gas Spending Flat for 2008
Today, Wednesday, September 12, 2007 Claudia Cattaneo writing for the Financial Post Published an article indicating that spending on Natural Gas Exploration would be flat or down in the year 2008. The natural-gas spending squeeze that sunk drilling activity levels in Western Canada during the past year will probably continue into 2008, which was the message that some of Canada's largest producers were signaling yesterday.
Industry bigboys Canadian Natural Resources Ltd., Talisman Energy Inc., Devon Energy Corp., Apache Corp., and Husky Energy Inc., which are now in the process of preparing budgets for 2008, said that they will likely match this year's conservative spending levels, or tighten the purse strings even more.
EnCana Corp. said it will likely keep capital investment flat or grow it moderately next year. "If prices [of natural gas] stay where they are, we will remain pretty conservative," Robert Peabody, chief operating officer of Husky, said outside an energy investment conference in Toronto organized by energy investment dealer Peters & Co.
In 2008, "if anything, [spending] will likely edge down as we move it to other parts of the portfolio where we think we can get a bigger bang for our buck." Husky is spending $1-billion in Western Canada this year, most of it directed at natural gas projects.
Industry bigboys Canadian Natural Resources Ltd., Talisman Energy Inc., Devon Energy Corp., Apache Corp., and Husky Energy Inc., which are now in the process of preparing budgets for 2008, said that they will likely match this year's conservative spending levels, or tighten the purse strings even more.
EnCana Corp. said it will likely keep capital investment flat or grow it moderately next year. "If prices [of natural gas] stay where they are, we will remain pretty conservative," Robert Peabody, chief operating officer of Husky, said outside an energy investment conference in Toronto organized by energy investment dealer Peters & Co.
In 2008, "if anything, [spending] will likely edge down as we move it to other parts of the portfolio where we think we can get a bigger bang for our buck." Husky is spending $1-billion in Western Canada this year, most of it directed at natural gas projects.
Wednesday, September 12, 2007
Oil Prices Rise Again
Bloomberg.com reported from New York today, September 11, 2007 that crude oil traded near a record in New York on speculation increased OPEC production may not be enough to ensure sufficient global stockpiles for the fourth- quarter demand peak.
Bloomberg.com reported from New York today, September 11, 2007 that oil rose yesterday after the Organization of Petroleum Exporting Countries, producer of 40 percent of the world's oil, said it will pump an extra 500,000 barrels a day starting in November. Before the meeting, OPEC had not been expected to consider a production rise. Saudi Arabia, the group's biggest producer and its most influential member, led the move.
Bloomberg.com reported from New York today, September 11, 2007 that ``People seem to be thinking that half a million barrels is immaterial,'' said Tobin Gorey, commodity strategist at Commonwealth Bank of Australia Ltd. in Sydney. ``The fact that it's the producers club that has come out saying this has revealed an insider view to the market that has people worried.''
Bloomberg.com reported from New York today, September 11, 2007 that oil rose yesterday after the Organization of Petroleum Exporting Countries, producer of 40 percent of the world's oil, said it will pump an extra 500,000 barrels a day starting in November. Before the meeting, OPEC had not been expected to consider a production rise. Saudi Arabia, the group's biggest producer and its most influential member, led the move.
Bloomberg.com reported from New York today, September 11, 2007 that ``People seem to be thinking that half a million barrels is immaterial,'' said Tobin Gorey, commodity strategist at Commonwealth Bank of Australia Ltd. in Sydney. ``The fact that it's the producers club that has come out saying this has revealed an insider view to the market that has people worried.''
EnCana Flush With Cash From Gas & Oil
EnCana Corporation reported today from Toronto, Canada that it is "tracking at the high end" of its projections for production and cash-flow for 2007 and is optimistic about its prospects for next year, a senior executive said Tuesday.
"We're going to generate a tremendous amount of free cash flow again this year, in the order of about $2.1 billion," Mike Graham, president of EnCana's Canadian Foothills Division, said at the Peters & Co. North American Oil & Gas Conference in Toronto.
He added that EnCana's management also expects 2008 to have free cash flow, which is the cash available from operations after current debt repayments.
The company has been using the free cash flow to continue to buy back stock and pay dividend
"We're going to generate a tremendous amount of free cash flow again this year, in the order of about $2.1 billion," Mike Graham, president of EnCana's Canadian Foothills Division, said at the Peters & Co. North American Oil & Gas Conference in Toronto.
He added that EnCana's management also expects 2008 to have free cash flow, which is the cash available from operations after current debt repayments.
The company has been using the free cash flow to continue to buy back stock and pay dividend
Tuesday, September 11, 2007
Terrorists Blow Up Mexican Natural Gas Pipeline
The Associated Press reported from VeraCruz Mexico today, Monday, September 10, 2007 that leftist guerrillas took credit for a string of explosions that ripped apart at least six different Mexican oil and gas pipelines Monday, rattling financial markets and causing hundreds of millions of dollars in lost oil and gas production.
The six explosions were seen several miles away, and set off fires that sent flames and black smoke shooting high above the Gulf coast state of Veracruz. At least a dozen natural gas pipelines, mostly carrying natural gas, were affected, said Jesus Reyes Heroles, the head of Mexico's oil monopoly Petroleos Mexicanos, without providing specific information. The explosions occurred in valve stations where different pipelines intersect.
It was reported by Mexican officials of Pemex said there would be hundreds of millions of dollars in lost production and about nine states and the capital, Mexico City, would be affected. "It is a big blow," Reyes said. "You can't store natural gas or transport it by truck."
The six explosion blasts caused brief jitters in international markets, with natural gas futures up as much as 20.2 cents on news of the explosions, although prices dropped in later natural gas trading. One oil pipeline was hit in Monday's attack but Pemex said the damage wouldn't affect crude exports.
Mexico is a major oil producer and exporter, with oil and related taxes accounting for over a third of the Mexican federal government's revenue. The U.S. imported 12.7 million cubic feet of natural gas from Mexico in 2006, only about 0.3 percent of total imports that year.
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The six explosions were seen several miles away, and set off fires that sent flames and black smoke shooting high above the Gulf coast state of Veracruz. At least a dozen natural gas pipelines, mostly carrying natural gas, were affected, said Jesus Reyes Heroles, the head of Mexico's oil monopoly Petroleos Mexicanos, without providing specific information. The explosions occurred in valve stations where different pipelines intersect.
It was reported by Mexican officials of Pemex said there would be hundreds of millions of dollars in lost production and about nine states and the capital, Mexico City, would be affected. "It is a big blow," Reyes said. "You can't store natural gas or transport it by truck."
The six explosion blasts caused brief jitters in international markets, with natural gas futures up as much as 20.2 cents on news of the explosions, although prices dropped in later natural gas trading. One oil pipeline was hit in Monday's attack but Pemex said the damage wouldn't affect crude exports.
Mexico is a major oil producer and exporter, with oil and related taxes accounting for over a third of the Mexican federal government's revenue. The U.S. imported 12.7 million cubic feet of natural gas from Mexico in 2006, only about 0.3 percent of total imports that year.
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Monday, September 10, 2007
Natural Gas Producer XTO
Reuters newswire reported from New York, New York today, September 9, 2007 that stock shares of independent oil and natural gas producer XTO Energy Inc could be on the rise due to the company's promising drilling prospects and the strong track record of its management, according to the financial newspaper Barron's, which they reportedin its September 10, 2007 edition.
Reuters newswire reported that XTO has a low risk strategy of buying existing energy- producing properties in the United States and trying to extend the lives of those fields through selective drilling, the business weekly said.
Reuters newswire reported that XTO shares closed at $56.14 on the New York Stock Exchange on Friday, but XTO could be worth $70 per share -- if not $85 to $100 apiece -- if natural gas prices rise, Barron's said, citing Adam Sesel, a principal at New York investment firm Gravity Partners, which holds XTO shares.
Reuters newswire reported that the Fort Worth, Texas-based company plans to spend $2.6 billion this year to expand output, and it is very bullish on its recent purchase of a group of gas-producing fields from Dominion Resources Inc (D.N: Quote, Profile, Research), Barron's said.
Reuters newswire reported that the business weekly also suggested XTO could be a takeover target for one of the major oil companies.
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Reuters newswire reported that XTO has a low risk strategy of buying existing energy- producing properties in the United States and trying to extend the lives of those fields through selective drilling, the business weekly said.
Reuters newswire reported that XTO shares closed at $56.14 on the New York Stock Exchange on Friday, but XTO could be worth $70 per share -- if not $85 to $100 apiece -- if natural gas prices rise, Barron's said, citing Adam Sesel, a principal at New York investment firm Gravity Partners, which holds XTO shares.
Reuters newswire reported that the Fort Worth, Texas-based company plans to spend $2.6 billion this year to expand output, and it is very bullish on its recent purchase of a group of gas-producing fields from Dominion Resources Inc (D.N: Quote, Profile, Research), Barron's said.
Reuters newswire reported that the business weekly also suggested XTO could be a takeover target for one of the major oil companies.
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Sunday, September 9, 2007
Natural Gas Getting Production Increase from Exxon Mobil
The Associated Press reported from Denver today, Saturday 8, 2007 that the Exxon Mobil Corporation, which is the world's largest publicly traded oil company, plans to more than quadruple its current production of natural gas in northwest Colorado, by boosting its large role in the Rocky Mountain High energy boom.
Exxon Mobil Corporation plans to increase production in Denver’s Piceance Basin to 250 million cubic feet per day from 55 million cubic feet per day, said Mark Albers, an Exxon Mobil senior vice president. The Irving, Texas-based company, Exxon Mobil Corporation, is also considering more projects to lift total production to 1 billion cubic feet per day, Albers told energy analysts during a Lehman Brothers energy conference Thursday, September 6, 2007.
Exxon Mobil Corporation has a financial ownership stake in about 300,000 acres in the Piceance basin. Albers says the total recovery potential on the acreage could exceed 35 trillion cubic feet.
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Exxon Mobil Corporation plans to increase production in Denver’s Piceance Basin to 250 million cubic feet per day from 55 million cubic feet per day, said Mark Albers, an Exxon Mobil senior vice president. The Irving, Texas-based company, Exxon Mobil Corporation, is also considering more projects to lift total production to 1 billion cubic feet per day, Albers told energy analysts during a Lehman Brothers energy conference Thursday, September 6, 2007.
Exxon Mobil Corporation has a financial ownership stake in about 300,000 acres in the Piceance basin. Albers says the total recovery potential on the acreage could exceed 35 trillion cubic feet.
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Saturday, September 8, 2007
Natural Gas Derivatives Underglass in Europe
The Financial Times magazine reported today in a report written by Tobias Buck in Brussels and Javier Blas in London, today, Friday, September 07, 2007 and also reported on www.msnbc.com that the European investment banks and stock market energy traders have voiced concern about a plan by the European Commission to subject the trading of energy as well as gas and electricity derivatives to tougher regulation. The measures are expected to form part of Brussels' sweeping package to overhaul the European Union energy stock market, most importantly by forcing integrated energy companies to divest infrastructure assets such as pipelines and power grids. However, a little-noticed plan that would force energy traders to comply with stricter post-trade transparency and reporting requirements has alarmed the financial services industry. The new European Union regime would bring the markets for the trading of electricity and gas and electricity and gas derivatives closer into line with the rules that apply to trading shares and bonds. But the industry fears the approach will backfire and saddle the stock market with burdensome and unnecessary regulation and hit liquidity.
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Friday, September 7, 2007
Natural Gas Inventory Up
The United States natural gas inventory rose by 36 billion cubic feet for the week ending August 31, 2007 according to the United States Energy Department, stated in a press release on September 6, 2007. Petroleum analysts at Global Insight expected a climb of 57 billion standard cubic feet of gas and the total natural gas stocks now stand at 3.005 trillion cubic feet, up 39 billion cubic feet from the year-ago level and 284 billion cubic feet above the five-year average, the United States Energy department government data said. October 2007 natural gas futures were last up 2.9% at $5.975 per million British thermal units.
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Thursday, September 6, 2007
$35 Billion Liquid Natural Gas Deal - China & Australia
The countries of AUSTRALIA and China have signed a $35-billion liquid natural gas deal, as the nations' two leaders revealed plans for closer security ties after meeting today.
Prime Minister John Howard of Australia and Chinese leader Hu Jintao witnessed the huge liquid natural gas deal during a bilateral meeting on the sidelines of the APEC summit this week.
In a joint press announcement, the two countries'leaders said China and Japan would now hold annual security meetings, in what amounts to a significant upgrade of relations between the two countries.
Australia's Mr Howard and China's Mr Hu signed a number of agreements aimed at strengthening ties between the two countries, and struck deals on extradition, prisoner exchange and energy.
Among the liquid natural gas deals was a $35-billion agreement between Woodside Energy and PetroChina Co Ltd.
Prime Minister John Howard of Australia and Chinese leader Hu Jintao witnessed the huge liquid natural gas deal during a bilateral meeting on the sidelines of the APEC summit this week.
In a joint press announcement, the two countries'leaders said China and Japan would now hold annual security meetings, in what amounts to a significant upgrade of relations between the two countries.
Australia's Mr Howard and China's Mr Hu signed a number of agreements aimed at strengthening ties between the two countries, and struck deals on extradition, prisoner exchange and energy.
Among the liquid natural gas deals was a $35-billion agreement between Woodside Energy and PetroChina Co Ltd.
Natural Gas Company Purchased for $562.5 Million U.S. Dollars
Cantera Natural Gas LLC was sold and bought for $675 million on Tuesday, September 4, 2007 by Copano Energy LLC, a Houston based company and a member of the NASDAQ stock exchange under the four letters: CPNO. Copano Energy LLC said on Tuesday, September 4, 2007 that it had a definitive purchase agreement in place to buy Denver-based Cantera Natual Gas, LLC. Cantera Natural Gas, LLC is owned by Metalmark Capital, a private equity firm based in New York.
The agreed upon purchase price is $562.5 million U.S. dollars in cash, which is subject to closing adjustments. The sale is expected to close in the fourth quarter this year 2007.
Copano Energy, LLC said on Tuesday, September 4, 2007 that it will raise $335 million U.S. dollars through a private placement, with the net proceeds going toward the Cantera Natural Gas, LLC purchase.
Cantera Natural Gas, LLC is the owner of a 51 percent interest in Bighorn Gas Gathering LLC, which has 238 miles of natural gas gathering pipelines and a 37.04 percent stake in Fort Union Gas Gathering, which has a 105-mile natural gas pipeline. Both natural gas pipeline systems are in the Powder River Basin of Wyoming.
The agreed upon purchase price is $562.5 million U.S. dollars in cash, which is subject to closing adjustments. The sale is expected to close in the fourth quarter this year 2007.
Copano Energy, LLC said on Tuesday, September 4, 2007 that it will raise $335 million U.S. dollars through a private placement, with the net proceeds going toward the Cantera Natural Gas, LLC purchase.
Cantera Natural Gas, LLC is the owner of a 51 percent interest in Bighorn Gas Gathering LLC, which has 238 miles of natural gas gathering pipelines and a 37.04 percent stake in Fort Union Gas Gathering, which has a 105-mile natural gas pipeline. Both natural gas pipeline systems are in the Powder River Basin of Wyoming.
Wednesday, September 5, 2007
Natural Gas - United Kingdom - Part 2
Another consequence of the Central Area Transmission System (Cats) of the United Kingdom going down and natural gas flow being interrupted according to Patrick Heren of the Heren Report, is that Britain's measure of natural gas prices - the National Balancing Point - could become a world standard measure of natural gas prices, much like Brent Crude is for oil.
And according to Mr. Matthew Monteverde of Argus European Natural Gas, it is still too early after the CATS fiasco to assume that natural gas prices will stay low in the coming years.
"We could well be in a boom period where we have some excess supply, but then you always have to be skeptical about these kinds of things," Mr. Monteverde said.
"Demand can always be unpredictable. We don't know how chilly the winter will be. And remember that much of the gas that comes here doesn't have to. It could easily go to the Continent if that would be more profitable."
The gas price is closely linked to the oil price, and with crude close to record levels, there remains plenty of upward pressure on gas.
Likewise, British Gas owner Centrica, which has already cut prices once, has no further plans to make more cuts to domestic price plans. A spokesman said the forward prices for next winter remained relatively high.
And according to Mr. Matthew Monteverde of Argus European Natural Gas, it is still too early after the CATS fiasco to assume that natural gas prices will stay low in the coming years.
"We could well be in a boom period where we have some excess supply, but then you always have to be skeptical about these kinds of things," Mr. Monteverde said.
"Demand can always be unpredictable. We don't know how chilly the winter will be. And remember that much of the gas that comes here doesn't have to. It could easily go to the Continent if that would be more profitable."
The gas price is closely linked to the oil price, and with crude close to record levels, there remains plenty of upward pressure on gas.
Likewise, British Gas owner Centrica, which has already cut prices once, has no further plans to make more cuts to domestic price plans. A spokesman said the forward prices for next winter remained relatively high.
Tuesday, September 4, 2007
United Kingdom Natural Gas Prices - Part 1
Edmund Conway of the Economics.com website in the United Kingdom wrote that the story of Britain's up and down summer for natural gas began a few kilo-meters off the Teeside coast in the UK on a damp and windy June day in 2007. It is the wettest summer in English history and the ships lining up to dock didn’t know that there was a major accident about to happen.
The storm got worse as the day went on, eventually building to Force 8 hurricane strength, and one of the oil tankers, Young Lady, dropped its anchor to steady its position. As the metal chain reels down and the anchor drops the 30meters down to the sea bed, no one on board realizes that something is about to happen that will send major shockwaves through the gas markets, instantly shooting prices dramatically higher.
With the wind and waves buffeting it, the ship is pushed and pulled backwards and forwards and the chain drags along the seabed. It might have been bad luck; it could be called a miserable foul-up, but moments later the anchor struck and broke into one of the biggest pipelines taking natural gas into the United Kingdom from the North Sea.
In just a little bit of time it became clear that the Central Area Transmission System (Cats) of the United Kingdom, England in particular was damaged, the pipeline, which provides around 8 percent (8%) of Great Britain's gas demand, was shut down.
Natural Gas Prices shot up instantly, nearly doubling in price. The natural gas market, which was serenely sailing on boring low prices, thinking that the days of record high prices was gone, was back climbing back the profit tree.
The storm got worse as the day went on, eventually building to Force 8 hurricane strength, and one of the oil tankers, Young Lady, dropped its anchor to steady its position. As the metal chain reels down and the anchor drops the 30meters down to the sea bed, no one on board realizes that something is about to happen that will send major shockwaves through the gas markets, instantly shooting prices dramatically higher.
With the wind and waves buffeting it, the ship is pushed and pulled backwards and forwards and the chain drags along the seabed. It might have been bad luck; it could be called a miserable foul-up, but moments later the anchor struck and broke into one of the biggest pipelines taking natural gas into the United Kingdom from the North Sea.
In just a little bit of time it became clear that the Central Area Transmission System (Cats) of the United Kingdom, England in particular was damaged, the pipeline, which provides around 8 percent (8%) of Great Britain's gas demand, was shut down.
Natural Gas Prices shot up instantly, nearly doubling in price. The natural gas market, which was serenely sailing on boring low prices, thinking that the days of record high prices was gone, was back climbing back the profit tree.
Monday, September 3, 2007
Natural Gas Company - Gazprom
Gazprom is considered one of the most powerful owner of oil and gas reserves in the world. This Russian based company, which owns 17 per cent of the world's known gas reserves, is tied very closely to the Kremlin leadership through President Vladimir Putin's government. The Russian government holds a stake of just over 50 per cent, and the Gazprom chairman is a Russian deputy prime minister, Dmitry Medvedev, who is considered the front runner to become the successor to President Putin when the President steps down next year. The Gazprom board of directors, and its chief executive Alexei Miller, one of Putin's former associates from St Petersburg, is totally loyal to Putin.
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Sunday, September 2, 2007
Natural Gas Triumphs Over Coal
The Associated Press reported on Saturday, Sept. 2, 2007 that the developers of a proposed coal-fired power plant in southeastern Arizona that has drawn severe criticism from the proposed neighbors have decided the facility will instead burn natural gas. The SouthWestern Power Group announced the decision for its Bowie Power Station in a news release sent late Friday. Company officials were not available for comment or further explanation on Saturday. The natural gas announcement brought a swift reaction from Cochise County Supervisor Paul Newman, who held a Town Hall meeting Aug. 17 that brought together company officials, plant supporters and a host of opponents.
"That's a huge environmental victory for Cochise County and the state of Arizona," Newman, a former Arizona state legislator, said Saturday. "I've been in a state of disbelief about it since yesterday afternoon when I was informed."
The Associated Press reported on Saturday, Sept. 2, 2007 that The Bowie facility was approved by the Arizona Corporation Commission in 2002 as a natural gas-fired plant with two 500-megawatt generators. After the first unit was built, the private plant would have been required to also build some solar power units, and pay into a fund to compensate nearby growers if they are harmed by the increase in groundwater pumping the plant requires. But with the soaring price of natural gas and crude oil and questionable supplies in the future, the power company felt compelled to change the power source to coal.
However, with the huge public relations backlash and political pressure from greenhouse gas advocates, the power company has once again chosen natural gas.
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"That's a huge environmental victory for Cochise County and the state of Arizona," Newman, a former Arizona state legislator, said Saturday. "I've been in a state of disbelief about it since yesterday afternoon when I was informed."
The Associated Press reported on Saturday, Sept. 2, 2007 that The Bowie facility was approved by the Arizona Corporation Commission in 2002 as a natural gas-fired plant with two 500-megawatt generators. After the first unit was built, the private plant would have been required to also build some solar power units, and pay into a fund to compensate nearby growers if they are harmed by the increase in groundwater pumping the plant requires. But with the soaring price of natural gas and crude oil and questionable supplies in the future, the power company felt compelled to change the power source to coal.
However, with the huge public relations backlash and political pressure from greenhouse gas advocates, the power company has once again chosen natural gas.
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Retail Natural Gas Prices Down in Oregon
It was reported on Saturday, September 01, 2007 by the Register-Guard on their Internet website that Oregon's largest natural gas utility plans to cut its rates starting in November 2007.
It was reported on Saturday, September 01, 2007 by the Register-Guard on their Internet website that Northwest Natural Gas said the reduction of nearly 6 percent would save its average residential customer $4.65 a month and that commercial rates would fall about 7 percent, and the rates for most industrial customers would fall about 9 percent.
It was reported on Saturday, September 01, 2007 by the Register-Guard on their Internet website that the proposal was filed Friday with state regulators. Last month in the Northwest power journals the utility companies said Oregon utility rates would be flat or even increase slightly, but Northwest Natural spokesman Steve Sechrist said that since last winter was mild and supplies are abundant it will be able to cut the rates instead of increasing them.
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It was reported on Saturday, September 01, 2007 by the Register-Guard on their Internet website that Northwest Natural Gas said the reduction of nearly 6 percent would save its average residential customer $4.65 a month and that commercial rates would fall about 7 percent, and the rates for most industrial customers would fall about 9 percent.
It was reported on Saturday, September 01, 2007 by the Register-Guard on their Internet website that the proposal was filed Friday with state regulators. Last month in the Northwest power journals the utility companies said Oregon utility rates would be flat or even increase slightly, but Northwest Natural spokesman Steve Sechrist said that since last winter was mild and supplies are abundant it will be able to cut the rates instead of increasing them.
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Saturday, September 1, 2007
Canadian Natural Gas Prices - Up
According to the Bloomberg.com website natural gas at some of Canada's largest trading points increased as warmer-than-normal weather was forecast to cover much of the U.S. and central Canada by the weekend, boosting demand from power generators.
According to the Bloomberg.com website temperatures in New York may reach 82 degrees Fahrenheit (28 Celsius) on Sept. 2, above the normal 79 degrees, according to the U.S. National Weather Service. Highs in Toronto, Canada's largest city, may climb 6 degrees above normal to reach 81, Environment Canada said.
According to the Bloomberg.com website central Canada and the United States Northeast are among the biggest markets for gas mostly produced in western provinces including Alberta. Hot weather typically increases the amount of power needed to run air conditioners, raising demand for the fuel from some utilities.
According to the Bloomberg.com website spot prices at AECO rose 1 cent, or 0.2 percent, to C$4.25 per gigajoule ($4.242 per million British thermal units) at 12:58 p.m. on Calgary-based Natural Gas Exchange Inc.'s NGX electronic energy market. The southern Alberta hub is Canada's largest gas-trading center.
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According to the Bloomberg.com website temperatures in New York may reach 82 degrees Fahrenheit (28 Celsius) on Sept. 2, above the normal 79 degrees, according to the U.S. National Weather Service. Highs in Toronto, Canada's largest city, may climb 6 degrees above normal to reach 81, Environment Canada said.
According to the Bloomberg.com website central Canada and the United States Northeast are among the biggest markets for gas mostly produced in western provinces including Alberta. Hot weather typically increases the amount of power needed to run air conditioners, raising demand for the fuel from some utilities.
According to the Bloomberg.com website spot prices at AECO rose 1 cent, or 0.2 percent, to C$4.25 per gigajoule ($4.242 per million British thermal units) at 12:58 p.m. on Calgary-based Natural Gas Exchange Inc.'s NGX electronic energy market. The southern Alberta hub is Canada's largest gas-trading center.
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Spiritual Enlightenment
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