Advised

NGPL advised shippers of a potential OFO “for oversupply or undertake activities across its entire system due to the lack of significant market load.” Shippers can mitigate the need for an OFO by ensuring that imbalances are not in a long position and that point operators are flowing as nominated the pipeline added. It said that if it is determined that the OFO is required, “any gas left on the pipeline is at risk of OFO penalties.” See the bulletin board for details.

The wind industry accused the federal Bonneville Power Administration (BPA) Monday of illegal and ill-advised moves in the face of record hydroelectric supplies this spring and summer, and it promised legal action to reverse the current operating decision by the Pacific Northwest’s major energy player.

Vessel operators in the Gulf of Mexico (GOM) who seek storm shelter at the Port of New Orleans were advised Tuesday by the U.S. Coast Guard that the Inner Harbor Navigation Canal, the area of the Harvey Canal between the Lapalco Bridge and Algiers Alternate Route and the Algiers Canal will not be open as a safe haven during the 2009 hurricane season.

A merger of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) “doesn’t make sense” and would be ill-advised, said CFTC Commissioner Bart Chilton last Tuesday.

A merger of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) “doesn’t make sense” and would be ill-advised, said CFTC Commissioner Bart Chilton Tuesday.

Senate Energy and Natural Resources Committee Chairman Jeff Bingaman, D-NM, saying his committee was continuing to investigate “potential anomalies in natural gas market,” advised that he was scheduling a private meeting last week with Federal Energy Regulatory Commission (FERC) Chairman Joseph Kelliher to go over some unanswered questions about the integrity of the markets.

Senate Energy and Natural Resources Committee Chairman Jeff Bingaman, D-NM, saying his committee was continuing to investigate “potential anomalies in natural gas market,” advised that he would be meeting this week with Federal Energy Regulatory Commission (FERC) Chairman Joseph Kelliher to go over some unanswered questions about the integrity of the markets.

The cash market recorded double-digit declines across the board Friday as the list of negative influences already in effect — moderate to cool weather in nearly every area, prior-day screen softness, splitting-at-the-seams storage inventories and the long-standing absence of a tropical storm in the Gulf of Mexico — was supplemented by the big reduction of industrial load that affects trading for a weekend.

Just days after hedge fund Amaranth Advisors LLC warned investors of significant losses due to ill-advised positions in the natural gas futures arena, the ramifications of those losses on the market — now reported to be as high as $5 billion — are slowly coming into better view. In addition, one prominent broker said that without hedge fund regulation the market will “definitely see more of these blowouts” down the road.