As ifoperating without a quorum weren’t enough trouble, FERC was forced to close its headquarters at 11 a.m. EST Wednesday due to a water emergency.
Burst
Articles from Burst
Cabot Closes Out ‘Best Year’ in Marcellus
Houston-based Cabot Oil & Gas Corp. burst through the finish line in 2011, averaging 600 MMcf/d from the Marcellus Shale at the end of the year, including one day where it produced a record 606 MMcf. The independent also earned the distinction of being the best-performing stock on the Standard & Poor’s 500 in 2011.
New North American LNG Export Project ‘Mobile’
If the burst of shale gas supplies in British Columbia (BC) turns into a source of liquefied natural gas (LNG) for the Far East, the $300-400 million Kitimat export facility being conceived by engineering consultants is likely to be a moveable feast.
Bearishness Reigns; Quotes Fall at Nearly All Points
Thursday’s burst of extremely mild firmness in most of the cash market proved to be short-lived as prices fell at nearly all locations Friday. Spring-like weather was spreading to more areas, and the previous day’s decline of 12.4 cents by April futures and the typical weekend drop of industrial load also depressed spot gas numbers.
Bearishness Reigns; Quotes Fall at Nearly All Points
Thursday’s burst of extremely mild firmness in most of the cash market proved to be short-lived as prices fell at nearly all locations Friday. Spring-like weather was spreading to more areas, and the previous day’s decline of 12.4 cents by April futures and the typical weekend drop of industrial load also depressed spot gas numbers.
‘Bearish’ Storage Draw Lets Bulls Down
Despite the Christmas week’s burst of wintry cold in a number of regions of the country, only 124 Bcf was removed from underground natural gas storage, according to the Energy Information Administration, which released its latest storage report on Thursday morning. The number was some 20 Bcf below most industry expectations, which caused natural gas futures values to turn lower Thursday after riding high in pre-report trading.
Prior-Day Futures Spike Boosts All Cash Points
Getting a fresh burst of “energy” from the previous day’s 44-cent futures spike, cash prices rose across the board Thursday. In most cases the gains were larger than on Wednesday, despite weather load remaining light for the most part outside some 100-degree forecasts in the desert Southwest.
Most Points Fall on Waning Weather, Storage Support
As a marketer had correctly predicted, the cash market was unable to sustain Tuesday’s brief burst of firmness and was down at nearly all points Wednesday. The previous day’s 4.1-cent drop by September futures played a minor bearish role, of course, but it was primarily the subpar late-summer cooling load and continuing warnings about storage facilities soon being unable to accommodate further injections in many locations (see related story) that drove most quotes downward.
Screen, Waning Cold Push All Points Lower
Cash prices saw sizeable drops at all points Friday as last week’s burst of cold weather was abating in several regions. The previous day’s 33-cent loss by January futures also was a major factor in the pervasive softness, abetted to a small extent by the typical decline of industrial load over a weekend.
Long Weekend, Weather Cited in Drops at All Points
With the post-weekend burst of cold in much of the East expected to begin fading Wednesday in some sections and relatively moderate conditions expected during the Thanksgiving holiday weekend, prices fell at all points Tuesday. The 40.8-cent expiration-day spike by December futures a day earlier proved unable to sustain the post-weekend rally in most of the cash market.