Deja

It’s deja vu all over again as Kinder Morgan floats a proposal to convert a 635-mile Wyoming to Missouri section of its former Pony Express Pipeline from natural gas back to its original function of carrying crude oil. Chalk it up to the booming oil development in the Bakken and the Denver-Julesburg/Niobrara shales and a shrinking demand for Rockies gas in the East.

Forgive traders if they were feeling some sense of deja vu Wednesday. Much like early last week, Northeast delivered numbers were skyrocketing in the $3 area in several cases, while most of the rest of the market was down by less than a dime.

Natural gas futures traders experienced a bit of deja vu as the April contract followed Tuesday’s 4.4-cent decline with another 4.4-cent reduction for Wednesday, leaving the prompt-month contract to close at $4.303.

Natural gas futures traders experienced a bit of deja vu as the April contract followed Tuesday’s 4.4-cent decline with another 4.4-cent reduction for Wednesday, leaving the prompt-month contract to close at $4.303.

It’s deja vu all over again in Mexico as the legislature readies to debate whether to reform the country’s national oil company.

It’s deja vu all over again in Mexico as the legislature readies to debate whether to reform the country’s national oil company.

Thursday morning’s natural gas storage report had traders experiencing a case of deja vu as the Energy Information Administration (EIA) reported that 77 Bcf was added to underground working gas for the week ended June 9, the identical amount of gas that was added the previous week. While the injections were the same, the market’s reaction was remarkably different as the industry had been expecting a meatier number this week. July natural gas reached a high of $7.250 on the day before settling at $7.207, up 61.7 cents on the day and $1.035 higher for the week to date.

Some industry experts were wondering whether they were experiencing deja vu earlier this week as the energy futures complex once again spiked following a bullish research report produced by global investment bank Goldman Sachs. While there were those who believed the 34-page report by the market leader was largely responsible for the price spike on Tuesday, others weren’t so sure, with some noting that people are free to trade off of anything they want to.

It was deja vu all over again, as Hurricane Rita slowly churned into the southeastern Gulf of Mexico as a Category Two storm after dumping heavy rain in the Florida Keys on Tuesday. The storm is expected to intensify into a Category Three and its center was projected to reach the middle of the production area off Texas sometime Friday. In preparation, energy companies were stepping up offshore evacuations.