Awaiting

December natural gas futures registered a modest decline as traders acknowledged that the market was awaiting weather data that might show a continuation of the cold weather currently pummeling the East.

Construction has been completed on Excelerate Energy’s Northeast Gateway deepwater liquefied natural gas (LNG) port off the coast of Massachusetts and the company is awaiting its final operating permits from the U.S. Coast Guard, a spokesman said Monday.

Forty companies will be awaiting the news early Wednesday when the Minerals Management Service (MMS) unveils the winning bids in its Western Gulf of Mexico (GOM) Lease Sale 204. There were 358 bids on 282 tracks up for lease.

After natural gas futures played dead on Monday with minimal activity in either direction, traders were awaiting a spark to steer the market’s next direction. They got that spark Tuesday as AccuWeather.com Hurricane Center Chief Forecaster Joe Bastardi warned that the U.S. Gulf Coast, which avoided the wrath of major storms and hurricanes in 2006, is at much higher risk of destructive tropical weather this year (see related story). April natural gas, which expires Wednesday, soared to a high of $7.530 Tuesday before settling at $7.503, up 24.9 cents on the day. The May contract, which takes over front-month status in after-hours trading Wednesday, added 23.2 cents Tuesday to finish at $7.615. However, prices pushed even higher late Tuesday afternoon in Globex trading due to an unsubstantiated rumor out of the Middle East.

With the natural gas futures arena awaiting fundamental news to push it in one direction or the other, a just released WSI Corp. temperature forecast could have bulls bellying up to the bar in the near-term. According to the Andover, MA-based weather forecasting and business solution provider, the May-July period should average above normal temperatures for a majority of the U.S., except for the East.

With the natural gas futures arena awaiting fundamental news to push it in one direction or the other, a just released WSI Corp. temperature forecast could have bulls bellying up to the bar in the near-term. According to the Andover, MA-based weather forecasting and business solution provider, the May-July period should average above normal temperatures for a majority of the U.S., except for the East.

Sponsors of the long-stalled Islander East Pipeline project are awaiting President Bush’s signing of the omnibus energy bill so that they can challenge in federal court the state of Connecticut’s denial of a water permit for the Connecticut-to-Long Island natural gas pipeline.

Canadian producers are signaling the Mackenzie Gas Project will trigger a wave of northern exploration and supply development if the pipeline proposal can be steered past aboriginal land-claims and into construction.

Canadian producers are signaling the Mackenzie Gas Project will trigger a wave of northern exploration and supply development if the pipeline proposal can be steered past aboriginal land-claims and into construction.