Reply #6: Canadian (nat) Gas Soars as Hurricane Shuts Gulf of Mexico Production

[54anickel]

http://www.bloomberg.com/apps/news?pid=10000082&sid=aABUGPU3VnKU&refer=canada

Aug. 29 (Bloomberg) -- Canadian natural-gas prices soared after Hurricane Katrina struck the Gulf of Mexico, the biggest energy-producing region of the U.S.

Hurricane-related shutdowns in the Gulf began Aug. 27. The U.S. Minerals Management Service will release its first report of production cuts at 1 p.m. New York time today.

``The impact on prices is really dependent on the track of the storm and how it affects production platforms and gathering lines in the Gulf,'' said Frank Verrastro, director of the energy program at the Center for Strategic and International Studies. ``If the impacts are anything like Hurricane Ivan last year, then prices will clearly spike up.''

Gas for same-day delivery at EnCana Corp.'s AECO C hub in Alberta, the nation's largest trading point, jumped 73 cents, or 7.7 percent, to C$10.50 per gigajoule ($9.21 per million British thermal units) at 9:36 a.m. Calgary time on Natural Gas Exchange Inc.'s NGX electronic energy market.