A disruptive storm building strength over the Gulf of Mexico (GOM) and upcoming government storage data gave natural gas futures traders plenty to ponder heading into Thursday’s regular trading hours. The August Nymex futures contract was up 2.6 cents to $2.470/MMBtu shortly after 8:30 a.m. ET.
Articles from Barry
Railroad Commission of Texas (RRC) Chairman Barry Smitherman plans to run for Texas attorney general (AG) next year, but only if current AG and fellow conservative Greg Abbott does not seek re-election. An AG’s office headed by Smitherman would be pro-drilling and a staunch opponent of federal Environmental Protection Agency (EPA) regulation.
The National Association of Regulatory Utility Commissioners (NARUC) appointed Railroad Commission of Texas (RRC) Chairman Barry Smitherman chair of the NARUC committee on gas. Smitherman, who had served as a co-vice chair of the committee, replaces outgoing chair Timothy Alan Simon of California. Commissioner Todd Snitchler of the Public Utilities Commission of Ohio was appointed gas committee co-vice chair along with Commissioner Paul Roberti of the Rhode Island Public Utilities Commission. Roberti also leads the NARUC task force on pipeline safety.
Railroad Commission of Texas (RRC) Commissioner Barry Smitherman was unanimously elected RRC chairman. He replaces former Chair Elizabeth Ames Jones, who left the commission to devote more time to her campaign for Texas Senate (see Daily GPI, Feb. 15). Her seat on the three-member RRC has yet to be filled. Smitherman was appointed to the RRC in July 2011. Previously he sat on the Public Utility Commission of Texas, where in 2007 he became chairman. Smitherman currently serves as Texas’ representative on the Interstate Oil and Gas Compact Commission, as vice chair of the National Association of Regulatory Utility Commissioners’ gas committee. He is on the visiting committee of the Bureau of Economic Geology with the Jackson School of Geosciences at The University of Texas at Austin, The University of Texas School of Law Center for Global Energy, International Arbitration, and Environmental Law, and the Eanes Education Foundation advisory board.
Barry Smitherman was appointed to the Railroad Commission of Texas for a term that is to expire at the next general election. Smitherman, who lives in Austin, TX, is chairman of the Public Utility Commission of Texas, a position he has held since 2007. He is a member of the U.S. Department of Energy electricity advisory committee and a board member of the National Association of Regulatory Utility Commissioners. He is vice president of the Southwest Power Pool regional state committee and an ex officio board member of the Electric Reliability Council of Texas. Smitherman received a bachelor’s degree from Texas A&M University, a law degree from the University of Texas School of Law, and a master of public administration from Harvard University.
Saying its overall linepack was low because Tropical Storm Barry had “significantly affected receipt gas” and market area demand was strong, Florida Gas Transmission issued an Overage Alert Day for Monday’s gas day with a 10% tolerance for negative daily imbalances.
Acting on the mentality that Tropical Storm Barry was innocent until proven guilty (see Daily GPI, Aug. 3), natural gas futures tumbled lower Friday morning as traders re-initiated shorts that they had covered just 24 hours prior. As of noon (EDT), the September contract was 19.7 cents lower at $2.995. The market then proceeded sideways for most of the afternoon as sellers took a breather to monitor the storm. They were not finished however, and after gaining confidence the storm was not going to re-intensify Friday, sellers conspired for one last push lower. At the closing bell, the September contract was 22.1 cents lower at $2.971.