Various sources mentioned the previous day’s spike in petroleum-based futures, continuing cold weather in northern market areas combined with an anticipated winter storm thrust into western reaches of the Southeast, and popular expectations of a 200 Bcf-plus storage withdrawal report as reasons for a moderate rebound in cash prices Tuesday.
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Tengasco Offers Shareholders Stock to Reduce Debt and Build Capital
Junior independent Tengasco Inc., which has cited frustration with its primary lender to finance more wells in its core production areas of Tennessee and Kansas, on Monday filed an amended stock offering to its existing shareholders to reduce its debt and build working capital. The Knoxville, TN-based producer’s original offering was made in mid-October.
Short Squeezes Cited as Price Trends Level Off
A day after major cash market losses that exceeded a dollar in some cases, traders stanched the hemorrhaging to some extent Wednesday with mixed price movement that mostly was a dime or less up or down from flat. Late quotes were rising, which a couple of sources attributed to short squeezes.
FERC Workshop to Explore Liquidity of Index Prices Cited by Pipes in Tariffs
The Federal Energy Regulatory Commission said it plans to hold a public workshop on Nov. 4 to “develop a basis for evaluating [the] adequacy of liquidity” and reliability of published index natural gas prices referenced by interstate gas pipelines in their tariffs.
FERC Workshop to Explore Liquidity of Index Prices Cited by Pipes in Tariffs
The Federal Energy Regulatory Commission said it plans to hold a public workshop on Nov. 4 to “develop a basis for evaluating [the] adequacy of liquidity” and reliability of published index natural gas prices referenced by interstate gas pipelines in their tariffs.
Screen Cited as Main Supporter of New Cash Gains
Prices were surging again Wednesday in mostly double-digit advances. Traders mentioned late-season storage buying and substitution of gas-fired generation during nuclear plant outages as having minor roles in the bullishness, but for most, it was a case of “following the screen.”
Cash Strength Features Major Rockies/San Juan Recovery
The 40 cents-plus screen spike of the day before was the most frequently cited factor in Tuesday’s muscle-flexing cash market, but rising temperatures in the South, storage injection demand and the end of a Rockies transportation constraint also drew mention. Double-digit gains ruled the day at most points, accompanied by triple-digit rebounds for CIG, Cheyenne Hub, Questar and San Juan-Bondad. Significant nuclear outages, while little changed from before, also helped bolster gas prices.
Targets of FERC Attack Challenge Legal Basis for Action
Echoing the concerns cited by Duke Energy earlier, scores of West Coast energy suppliers disputed FERC staff’s view that the California market monitoring rules provide the legal backing for the Commission to issue show-cause orders against them and other sellers, threatening the loss of market-based rate authority and/or alleged ill-gotten profits.
Targets of FERC Attack Challenge Legal Basis for Action
Echoing the concerns cited by Duke Energy earlier, scores of West Coast energy suppliers dispute FERC staff’s view that the California market monitoring rules provide the legal backing for the Commission to issue show-cause orders against them and other sellers, threatening the loss of market-based rate authority and/or alleged ill-gotten profits.
CA Lt. Gov. Drops McGraw-Hill from Lawsuit; 1st Amendment Cited
Spokespeople for both sides confirmed that a lawsuit brought by California’s lieutenant governor in a state Superior Court in Los Angeles quietly late last month dropped McGraw-Hill and its two industry publications from the legal action against trading companies that alleges widespread wholesale natural gas market manipulation.