Direction

Offshore wind power advocates received a firm gust in the right direction on Earth Day after President Obama and Interior Department Secretary Ken Salazar revealed guidelines aimed at clearing the way for the development of major offshore wind power projects on the U.S. Outer Continental Shelf (OCS).

Close-to-flat price movement in either direction was the norm in the cash market Wednesday as prior-day futures support from a gain of 6.1 cents by the May contract Tuesday was pitted against generally light heating load and the absence of any substantive cooling load yet.

In a decision cheered by conservationists as a turning point in their direction, EnCana Corp. has been barred at least temporarily from drilling in a spot that was a cornerstone of its growth into Canada’s top natural gas producer for 34 years.

In a decision cheered by conservationists as a turning point in their direction, EnCana Corp. has been barred at least temporarily from drilling in a spot that was a cornerstone of its growth into Canada’s top natural gas producer for 34 years.

Unity in price direction returned to the cash market Monday as all points rose in response to somewhat colder-than-expected weather forecasts and the previous Wednesday’s 17.3-cent advance by January futures. Last Wednesday’s report of a 147 Bcf storage withdrawal for the week ending Dec. 19, which exceeded consensus expectations, and the restoration of industrial load following a long holiday weekend added to cash bullishness Monday.

With traders possibly worn out from the recent lack of direction in the natural gas futures market, the January contract on Wednesday unsurprisingly traded within a snug 20-cent range before closing out the regular session at $6.347, down 7.7 cents from Tuesday’s close.

With more than two months to go before inauguration day, the incoming Obama administration, which has promised a change of direction for the nation’s energy policy, is being inundated with a flood of advice — some of it contradictory — from a variety of sources.

With more than two months to go before inauguration day, the incoming Obama administration, which has promised a change of direction for the nation’s energy policy, is being inundated with a flood of advice — some of it contradictory — from a variety of sources.

Natural gas futures on Friday once again found their price direction hitched to the neighboring crude futures market, which managed to notch a new all-time high for its fifth consecutive session. May natural gas futures put in a high of $10.595 before closing at $10.587, up 20.4 cents for the day and an astounding 68.6 cents higher than the previous week’s close. May crude closed at $116.69/bbl, up $1.83 from Thursday.