Confirmation

After dipping below $4 in anticipation of a bearish natural gas storage injection in Thursday morning’s report for the week ending March 19, confirmation that 11 Bcf was injected last week — two weeks earlier than normal — dropped April natural gas futures even lower before the contract closed at $3.981, down 12.4 cents from Wednesday’s close.

February natural gas futures gained another 14.2 cents on Wednesday as traders positioned themselves for what could be confirmation Thursday morning that last week’s bone-chilling cold resulted in an all-time record natural gas storage withdrawal. The prompt-month contract closed Wednesday’s regular session at $5.733.

The confirmation of former Iowa utility regulator John Norris to the Federal Energy Regulatory Commission (FERC) hit a snag in the Senate when a senator threatened to block a vote if the nomination was brought to the floor for a vote. Bill Wicker, a spokesman for the Senate Energy and Natural Resources Committee, declined to identify the senator who threatened to place a hold on the Norris nomination. “It has nothing to do with Norris personally,” but rather is directed at FERC policies, Wicker said. Officials from FERC and members of the senator’s staff “are trying to work things out…There are conversations going on,” Wicker said. The Senate energy panel voted out the nomination of Norris, currently chief of staff for Agriculture Secretary Tom Vilsack, earlier this month (see NGI, Oct. 12). If confirmed by the Senate, Norris will be one of three Democrats — the others being Chairman Jon Wellinghoff and Commissioner Suedeen Kelly — on the five-member FERC. Kelly has said she plans to leave FERC when her replacement is confirmed by the Senate, but the White House has not tapped anyone to fill her spot (see NGI, Sept. 28).

The Senate Energy and Natural Resources Committee Wednesday voted out (17-5) the nomination of David Hayes to be deputy secretary of the Department of Interior to the full Senate for confirmation, but Sen. Robert Bennett (R-UT) signaled that he intends to place a “hold” on the nomination. This would prevent the Senate from confirming Hayes until the issues related to disputed Utah oil and natural gas leases are resolved to Bennett’s satisfaction.

Presidential appointment and Congressional confirmation of the director of the Department of Interior’s Minerals Management Service (MMS) “would provide additional oversight and scrutiny of the agency, as well as elevate the status of one of the largest non-tax revenue operations within the federal government,” a taxpayer watchdog group is slated to tell a Congressional subcommittee last week.

Presidential appointment and Congressional confirmation of the director of the Department of Interior’s Minerals Management Service (MMS) “would provide additional oversight and scrutiny of the agency, as well as elevate the status of one of the largest non-tax revenue operations within the federal government,” a taxpayer watchdog group is slated to tell a Congressional subcommittee Tuesday.

Following their confirmation of merger talks last week, WPS Resources Corp. and Peoples Energy Corp. said Monday they plan to form a diversified company with regulated utilities in four midwestern states and nonregulated businesses serving customers in the Northeast and Canada.

Many observers were expecting a rebound yesterday, but got little confirmation that technical factors would support much of a change in direction. The August contract barely managed to halt the long decline. After slipping more than 22 cents in its first two trading sessions as the near-month contract, August struggled to muster a 2.1-cent daily gain, closing at $3.117, about a nickle off its daily high and 6.7 cents off its low of $3.050.

Debt-laden Forcenergy Inc. of Miami Wednesday receivedconfirmation of its reorganization from the United StatesBankruptcy Court, Eastern District of Louisiana in New Orleans.