Broke

The recent unpredictability of energy futures markets was on display yet again Wednesday as crude and natural gas broke ranks to explore different price directions. August crude gained $2.60 to close at $143.57/bbl, while August natural gas dropped 11.6 cents to finish at $13.389.

Riding momentum from the July contract’s bullish expiration Thursday, the August natural gas futures contract, in its first prompt-month action, broke the previous high for the up move with a $13.428 trade before a late round of short-covering forced a close of $13.198, down a nickel from Thursday’s close but 8.5 cents higher than the previous week’s finish.

For the third month in a row, Double Eagle Petroleum Co. broke a record for natural gas production at its Catalina Unit, an emerging coalbed methane play located in the Atlantic Rim of Wyoming.

AGL Resources’ Virginia Natural Gas broke ground Monday for its Hampton Roads Crossing (HRX) pipeline, which will connect its northern and southern pipeline systems for the first time by crossing the Hampton Roads harbor.

AGL Resources Inc. subsidiary Golden Triangle Storage Inc. broke ground last Wednesday for its 12 Bcf natural gas storage project on the Spindletop salt dome on the southern edge of Beaumont in Jefferson County, TX. Golden Triangle joins a panoply of other storage, intrastate and interstate pipeline projects to serve regional growth in unconventional gas production and regasified liquefied natural gas (LNG).

AGL Resources Inc. subsidiary Golden Triangle Storage Inc. broke ground Wednesday for its 12 Bcf natural gas storage project on the Spindletop salt dome on the southern edge of Beaumont in Jefferson County, TX.

After a week where the natural gas futures market went in a different direction every session, trading on Friday broke the mold as the session added to Thursday’s losses. The May contract closed out the week at $9.322, down 9.5 cents from Thursday’s finish and 47.8 cents lower than the previous week’s close.

December natural gas futures Tuesday broke rank with the oil complex and gained ground. Traders cited near-term supportive weather forecasts as aiding the bullish cause but cautioned against any sustained advance. November futures rose 4.7 cents to settle at $8.021, and December gained 5.5 cents to finish at $8.354. December crude oil swan-dived $3.15 to $90.38/bbl.

Algonquin Gas Transmission LLC broke ground Tuesday on its Ramapo Expansion, which includes a new compressor station in Oxford, CT; replacement of approximately five miles of natural gas pipeline in Ramapo, NY; new turbine compressor units at three existing stations in New York and New Jersey; and upgrades to other existing facilities.