Breathed

Natural gas storage operators breathed deeper than ever during this year’s injection season, and while many worried that capacity would be breached, that was not the case. Analysts at Barclays Capital suggest the industry has reached a “new normal” for season-ending inventories.

The oil and natural gas industry breathed a sigh of relief last Monday when Senate leaders said they would not consider the $3 billion omnibus lands bill during the lame-duck session. But the relief may be short-lived because they plan to take up the legislation, which would close access to millions of acres of public lands for energy exploration and other activities, when the new Congress convenes in January.

The oil and natural gas industry breathed a sigh of relief Monday when Senate leaders said they would not consider the $3 billion omnibus lands bill during the lame-duck session this week. But the relief may be short-lived because they plan to take up the legislation, which would close access to millions of acres of public lands for energy exploration and other activities, when the new Congress convenes in January.

Natural gas traders on Tuesday breathed a small sigh of relief as the unpredictable Hurricane Ike changed paths to a more westerly course that should spare much of the Gulf of Mexico’s energy infrastructure. Despite the news, October natural gas futures settled almost unchanged at $7.535, due likely to the fact that it is still early and the storm’s path could very well change again.

A federal appeals court has breathed new life into a lawsuit brought by six members of the Pleasant Point Passamaquoddy Reservation who are seeking to derail the Quoddy Bay liquefied natural gas terminal (LNG) proposed for development on tribal land in Maine.

A federal appeals court has breathed new life into a lawsuit brought by six members of the Pleasant Point Passamaquoddy Reservation who are seeking to derail the Quoddy Bay liquefied natural gas terminal (LNG) proposed for development on tribal land in Maine.

Natural gas futures traders mostly breathed a sigh of relief Thursday morning as the outsized 108 Bcf injection of the previous week’s natural gas storage report proved to be a one-time thing. However, despite an only slightly bearish 93 Bcf injection report this week, October natural gas futures plumbed two-year old support before closing at $4.781, down 15 cents on the day.

With Hurricane Emily’s projected path shifting a little south to the northeastern Gulf Coast of Mexico, the futures market breathed a sigh of relief on Monday, bringing fixed cash prices down as well. Basis, however, widened at many market points due to the continued oppressive heat and humidity across most of the country that kept power generators active.

The energy industry breathed a sigh of relief Thursday morning as the Energy Information Administration reported that 123 Bcf was pulled from underground natural gas storage for the week ended Dec. 17. While higher than most expectations, the draw remained within the industry’s projection range — unlike the erroneous pre-Thanksgiving report that threw the market into chaos.