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Winter 2005 - 2006 Natural Gas Market Update

Item No.: A-3 January 19, 2006. Winter 2005 - 2006 Natural Gas Market Update. D. O. N. J. S. M. J. A. Gas Prices Respond to Colder U.S. Weather. Rita. $15.00. Katrina. $10.00. Natural Gas Price ($/MMBtu). $5.00. Next-Day Spot Price at Henry Hub, La. SOURCE: Intercontinental

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Winter 2005 - 2006 Natural Gas Market Update

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  1. Item No.: A-3 January 19, 2006 Winter 2005 - 2006Natural Gas Market Update

  2. D O N J S M J A Gas Prices Respond to Colder U.S. Weather Rita $15.00 Katrina $10.00 Natural Gas Price ($/MMBtu) $5.00 Next-Day Spot Price at Henry Hub, La. SOURCE: Intercontinental Exchange J

  3. 5-year range 2004-05 2005-06 Initial Storage Inventories Begin to Face Cold 3,000 2,000 Storage Inventory (Bcf) 1,000 SOURCE: Energy Information Administration 0 M J J A S O N D J F M A

  4. 10,000 8,000 6,000 4,000 2,000 0 Gulf Production Continues Strong Recovery Katrina Wilma Rita Shut-In Louisiana State Production MMcf/day Shut-In Offshore Gulf Production SOURCES: Minerals Management Service and the Louisiana Department of Natural Resources SEPT OCT NOV DEC JAN

  5. 20 15 10 5 M J J A S O N D J Oil May Prevent Further Gas Price Decreases Heating Oil (No. 2, New York) Wholesale Gas (New York) $/MMBt Residual Fuel Oil (No. 6, 0.3% Sulfur, New York) SOURCE: Intercontinental Exchange

  6. M J J A S O N D J Rita -$1.00 Katrina -$2.00 -$3.00 -$4.00 Post-Hurricane East-West Price Differences Decline Difference in Next-Day Spot Prices Between PG&E and Henry Hub, La. SOURCE: Intercontinental Exchange

  7. LNG Events • Review of 2005 • Supply Development • U.S. Regasification Activity • Under Construction • Expansion of Existing Facilities • Potential New Capacity

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