Working gas in storage was 1,511 Bcf as of Friday, March 23, 2007, according to EIA estimates. This represents a net decline of 22 Bcf from the previous week. Stocks were 209 Bcf less than last year at this time and 267 Bcf above the 5-year average of 1,244 Bcf. In the East Region, stocks were 76 Bcf above the 5-year average following net withdrawals of 41 Bcf. Stocks in the Producing Region were 149 Bcf above the 5-year average of 448 Bcf after a net injection of 13 Bcf. Stocks in the West Region were 42 Bcf above the 5-year average after a net addition of 6 Bcf. At 1,511 Bcf, total working gas is within the 5-year historical range.

Mexican state oil monopoly Petroleos Mexicanos, or Pemex, awarded two long-term contracts to develop natural gas reserves in the Burgos basin of northeastern Mexico.

The Nejo natural gas block was awarded to a consortium formed by Spain's Cobra and Mexico's Monclova Pirineos Gas, while the Monclova block was won by Construcciones Mecanicas Monclova and Administradora de Proyectos de Campos, of Mexico, along with Colombia's Production Testing Services, Pemex said in a news release Sunday.

A third block, Euro, received no bids, and will be reevaluated, the company said.

Pemex said the two natural gas contracts will involve investment of at least US$177 million in the next three years. The contracts are for up to 15 years, with investment up to US$1.35 billion

Working gas in storage was 1,533 Bcf as of Friday, March 16, 2007, according to EIA estimates. This represents a net increase of 17 Bcf from the previous week. Stocks were 279 Bcf less than last year at this time and 239 Bcf above the 5-year average of 1,294 Bcf. In the East Region, stocks were 76 Bcf above the 5-year average following net withdrawals of 10 Bcf. Stocks in the Producing Region were 132 Bcf above the 5-year average of 452 Bcf after a net injection of 20 Bcf. Stocks in the West Region were 32 Bcf above the 5-year average after a net addition of 7 Bcf. At 1,533 Bcf, total working gas is within the 5-year historical range.

Working gas in storage was 1,516 Bcf as of Friday, March 9, 2007, according to EIA estimates. This represents a net decline of 115 Bcf from the previous week. Stocks were 324 Bcf less than last year at this time and 158 Bcf above the 5-year average of 1,358 Bcf. In the East Region, stocks were 35 Bcf above the 5-year average following net withdrawals of 92 Bcf. Stocks in the Producing Region were 103 Bcf above the 5-year average of 461 Bcf after a net withdrawal of 22 Bcf. Stocks in the West Region were 19 Bcf above the 5-year average after a net drawdown of 1 Bcf. At 1,516 Bcf, total working gas is within the 5-year historical range.

Working gas in storage was 1,631 Bcf as of Friday, March 2, 2007, according to EIA estimates. This represents a net decline of 102 Bcf from the previous week. Stocks were 268 Bcf less than last year at this time and 194 Bcf above the 5-year average of 1,437 Bcf. In the East Region, stocks were 70 Bcf above the 5-year average following net withdrawals of 78 Bcf. Stocks in the Producing Region were 113 Bcf above the 5-year average of 473 Bcf after a net withdrawal of 6 Bcf. Stocks in the West Region were 12 Bcf above the 5-year average after a net drawdown of 18 Bcf. At 1,631 Bcf, total working gas is within the 5-year historical range.

Piedmont Natural Gas Co. said Wednesday its fiscal first-quarter profit slipped nearly 2 percent, hurt by weaker demand amid warm weather.

The natural gas distributor's quarterly earnings fell to $70.7 million from $72 million in the prior-year period. Per-share profit was flat at 94 cents, as the number of outstanding shares declined over the year-earlier period.

Wall Street, on average, expected quarterly earnings of 98 cents per share, according to an analyst poll by Thomson Financial.

Operating revenue dropped to $677.2 million from $921.3 million, as this year's first quarter was 15 percent warmer than normal and 6 percent warmer than the prior year. The reduced demand offset Piedmont Natural Gas' growing customer rolls and reduced operations and maintenance expenses.

Piedmont Natural Gas shares fell 21 cents to $24.93 in morning trading on the New York Stock Exchange.

Venezuelan President Hugo Chavez's proposal for a South American organization of natural gas producers based on the oil-exporting cartel OPEC has baffled analysts.

Chavez said on his radio talk show late Thursday that he had spoken to Argentine President Nestor Kirchner about the idea of forming "a kind of Organization of Gas Exporting and Producing Countries in South America." He proposed naming it Opegas Sur, and said it would start with Venezuela, Bolivia and Argentina, but could be expanded.

Far-fetched and toothless is how some natural gas experts described the idea Friday. One reason is that none of the three countries exports natural gas outside of South America, which stymies their ability to influence world gas markets. Venezuela doesn't export any gas at all.

"I'm not really sure what would be the objective," said Anouk Honore, a natural gas analyst at the London-based Oxford Institute for Energy Studies. It might make more sense if the proposed cartel were to include Trinidad, a major gas exporter, she suggested.

"It would have zero impact," declared Bolivian petroleum analyst Andres Stepkowski.

He noted that the Organization of the Petroleum Exporting Countries influences oil prices because crude is sold on a spot market — that is, sold for cash and delivered immediately — so any output cuts are felt immediately.

Natural gas, however, is sold through long-term contracts, and suppliers and buyers use a formula to adjust the price every three or six months.

A natural gas cartel might work against Chavez's integrationist goals because it would mostly hurt South American consumers.

Working gas in storage was 1,733 Bcf as of Friday, February 23, 2007, according to EIA estimates. This represents a net decline of 132 Bcf from the previous week. Stocks were 263 Bcf less than last year at this time and 179 Bcf above the 5-year average of 1,554 Bcf. In the East Region, stocks were 71 Bcf above the 5-year average following net withdrawals of 98 Bcf. Stocks in the Producing Region were 91 Bcf above the 5-year average of 501 Bcf after a net withdrawal of 24 Bcf. Stocks in the West Region were 16 Bcf above the 5-year average after a net drawdown of 10 Bcf. At 1,733 Bcf, total working gas is within the 5-year historical range.