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After settling below the psychological $7.00 mark for the first time since Sept. 27 on Thursday, December natural gas futures rebounded Friday on sympathy with soaring prices in the petroleum futures complex. The natural gas futures prompt month vaulted back above $7.00 to settle at $7.115, up 24.2 cents on the day.

Continuing the downward trend, December natural gas futures fell 24.5 cents Friday to settle below the $8 mark at $7.954. For the week, the prompt month fell 77.1 cents from the previous Friday’s $8.725 close.

Continuing the downward trend, December natural gas futures fell 24.5 cents Friday to settle below the $8 mark at $7.954. For the week, the prompt month fell 77.1 cents from the previous Friday’s $8.725 close.

Coming in slightly below most expectations, the Energy Information Administration reported that 26 Bcf was injected into underground natural gas storage for the week ended Oct. 22. Despite the moderately bullish injection, it appeared that natural gas futures had either already factored such a build into the market prior to the release or just ignored the news because storage is currently “full.”

Coming in slightly below most expectations, the Energy Information Administration reported that 26 Bcf was injected into underground natural gas storage for the week ended Oct. 22. Despite the moderately bullish injection, it appeared that natural gas futures had either already factored such a build into the market prior to the release or just ignored the news because storage is currently “full.”

Fourth quarter completion of a new pipeline and three processing plants should expand production capacity in XTO Energy Inc.’s Freestone Trend by more than 60% to 730 MMcf/d, but the Fort Worth-based independent said estimated volumes will be lower than previous forecasts to reflect “ongoing curtailments imposed by third-party pipeline purchases.”

November natural gas futures dropped 17 cents in light trading Monday, settling back below the $7 level for the first time in five sessions. The prompt month closed at $6.993, while the rest of the winter strip recorded smaller losses as concerns in the natural gas market remain.

After retracing below the $7 mark in Wednesday a.m. trading, November natural gas futures climbed during the afternoon to settle at $7.045, down 11.9 cents for the day. The relatively small decline followed a wild Tuesday in which the November contract closed up 43.9 cents to $7.164.

The Department of Transportation’s Office of Pipeline Safety (OPS) has issued a final rule that amends pipeline safety regulations to require operators of natural gas and hazardous liquid pipelines to prepare and follow procedures for periodic inspections of facilities located in the shallow waters of the Gulf of Mexico and its inlets.