Anticipation

CF Industries Holdings Inc., an agricultural fertilizer manufacturer and distributor, reported record third quarter earnings on Tuesday and said low natural gas costs were part of a favorable outlook for 2013.

While 10% of its 2012 capital program will be spent to maintain dry natural gas activities — in anticipation of better days — EOG Resources Inc.’s focus is on oil and liquids, as it has been for about the last four years, CEO Mark G. Papa told financial analysts Friday during an earnings conference call when he waxed ecstatic about the Eagle Ford Shale in South Texas.

December natural gas futures rose Wednesday in a quiet session punctuated more by trader anticipation of the extended holiday weekend than the release of bullish storage data or options expiration. At the close December had risen 4.5 cents to $3.460 and January had added 4.7 cents to $3.608. Oil and equity markets faltered. January crude oil dropped $1.84 to $96.17/bbl and with 45 minutes to the close the Dow Jones Industrial Average was down 163 points to 11,330.

The cash market is displaying one of its quirkier characteristics. After rising strongly at all but one point Monday in anticipation of significantly colder temperatures approaching later in the week to much of the nation’s midsection, prices fell at a large majority of locations Tuesday, even as the heating load-boosting conditions began to arrive.

Likely in anticipation of a holiday weekend that is often the lowest-demand period of the year for many utilities and end-users, prices fell across the board Thursday. The previous day’s fall of 3.9 cents by August futures was an additional, albeit minor, bearish factor for the cash market.

Southern California Gas did not extend a high-linepack OFO beyond Wednesday,

March natural gas futures treaded water Wednesday in anticipation of Thursday’s release of government figures showing a withdrawal that would place inventories below last year and five-year averages. At the closing bell March futures had risen four-tenths of a cent to $4.044 and April futures added 1.1 cents to $4.083. March crude oil fell 23 cents to $86.71/bbl.

In anticipation of lower-than-normal temperatures continuing on its system, Northern Natural Gas declared a System Overrun Limitation (SOL) in all market-area zones for Saturday through Monday. However, the pipeline said an earlier notice about a Friday SOL had been inadvertently posted and no SOL will be in effect that day.

In anticipation of valve section 313-1 to 314-1 being placed back in service Friday afternoon, Tennessee said it was lifting the OFO Action Alert in downstream market Zones 5 and 6 that morning. Due to the Bear Creek storage field test and linepack conditions, the Action Alert OFO will remain in effect in zones 0, L, 1, 2, 3 and 4 for all Balancing Parties until further notice, Tennessee said.