Access

The national pipeline expansion frenzy continued last week with Tennessee Gas Pipeline announcing a certificate application with the Federal Energy Regulatory Commission (FERC) to add new pipeline capacity in New England at its connection with the Maritimes & Northeast pipeline, which imports Canadian gas produced offshore Nova Scotia at the Sable Offshore Energy Project.

Adding to losses that began in the Sunday evening/Monday morning Access trading session, natural gas futures accelerated lower Monday as traders continued to price in the impact of seemingly plentiful supply in a market that is lacking a strong demand component. At the closing bell, the prompt June contract was 25.1 cents lower at $4.239. The July contract followed suit, also tumbling 25.1 cents to close at $4.314.

The national pipeline expansion frenzy continued this week with Tennessee Gas Pipeline announcing a certificate application with the Federal Energy Regulatory Commission (FERC) to add new pipeline capacity in New England at its connection with the Maritimes & Northeast pipeline, which imports Canadian gas produced offshore Nova Scotia at the Sable Offshore Energy Project.

Eroding gains achieved in the overnight Access trading session, natural gas futures trickled lower Tuesday as neither bull nor bear was willing or able to propel the May contract outside of its recent trading range. Closing at $5.115, the May contract finished 5.5 cents off its opening trade, but 1.2 cents above Monday’s settle.

The cornerstones to build a sound energy supply and delivery foundation in the United States are flexibility, access to development, and coordinated energy policies, according to Cambridge Energy Research Associates Chairman Daniel Yergin. Speaking at the National Energy Summit sponsored by the U.S. Chamber of Commerce this week, Yergin warned that the country could no longer take energy for granted, and echoed calls for a strong energy policy to guarantee economic growth.

The cornerstones to build a sound energy supply and deliveryfoundation in the United States are flexibility, access todevelopment, and coordinated energy policies, according toCambridge Energy Research Associates Chairman Daniel Yergin.Speaking at the National Energy Summit sponsored by the U.S.Chamber of Commerce this week, Yergin warned that the country couldno longer take energy for granted, and echoed calls for a strongenergy policy to guarantee economic growth.

Pressured by selling in Thursday night’s Access trading session,natural gas futures broke to the bottom of its recent trading rangeFriday as sellers liquidated positions ahead of the weekend. Aftergapping lower at the open, the price action was almost entirely inbears’ favor. A brief and ultimately insignificant rally attemptshortly after noon (EST) was all bulls could muster and as a resultprices were left to finish the day on their lows. The Aprilcontract was the hardest hit, dropping 21.3 cents to close at$5.072.

Propelled by a strong showing in the overnight Access tradingsession, natural gas futures clawed their way higher on the openThursday as short-term traders alleviated oversold positions.

After failing to fill in a looming chart gap on the daily chartsduring Sunday night’s Access trading session, natural gas futuressank lower for much of the session Monday, as day traders rotatedto the short side of the market. That selling pressure enabled theFebruary contract to trim all of Sunday’s advances, finishing 0.2cents down on the day at $7.457.