Tellurian Inc. confirmed Friday that a memorandum of understanding (MOU) with India’s Petronet LNG Ltd. has expired in a development that’s likely to delay the sanctioning of its massive natural gas export project on the Gulf Coast.
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Just days before a 30-day public comment period in New York on proposed rules governing high-volume hydraulic fracturing (HVHF) expires, three influential state lawmakers are calling for the comment period to be suspended, citing a lost state report on the practice that surfaced earlier this month.
The bill (H.R. 4606), which cleared the House by 286-10, was sponsored by Rep. Denny Rehberg (R-MT), whose term expires at the end of the year, and was supported by Montana Democratic Sens. Max Baucus and Jon Tester. It allows maintenance work on a 3 1/2-mile section of pipeline, which was built in the 1950s, that runs through Glacier National Park lands. It is part of an 118-mile pipeline system that serves about 25,000 people and runs parallel to U.S. Highway 2 along Glacier’s southern boundary.
The bearish move of the last week was able to squeeze a few more pennies out Tuesday as the July natural gas futures contract — which expires Wednesday — reached a low of $6.840 before settling at $6.877, down 6.3 cents from Monday’s close. Over the last seven regular trading sessions (all losses), the prompt month has shed $1.041.
Putting in a relatively quiet trading session, February natural gas futures, which expires Friday, opened 13.2 cents lower Wednesday at $8.550 and kept within a tight 19-cent trading range between $8.420 and $8.610 on the day before closing at $8.460, down 22.2 cents.
After trading lower in the overnight Access trading session, May natural gas futures broke down to a low of $7.02 in trading on Tuesday afternoon. However, the May contract, which expires on Wednesday, rebounded in the afternoon to settle at $7.12, down 3.3 cents on the session but just 1.5 cents less than the high for the day.
Despite calls for an expiration-day short-covering rally, natural gas futures traded listlessly sideways Tuesday, evidence that most traders had already squared their August books. With that the August contract limped off the board at $4.693, down 0.7 cents for the session, 60 cents less than July’s settlement and a whopping 72 cents below where it was when it became prompt contract a month ago. At 80,239, estimated volume was extremely low for an expiration day.
With five business days before the offer expires, nearly 66% of Mirant’s bondholders last week said they plan to support the company’s exchange offers and related pre-packaged plan of reorganization — an indication that the company may achieve a successful out-of-court restructuring. Mirant has until midnight July 14 to obtain support from at least 85% of its bondholders to avoid bankruptcy (see NGI, June 23).
With 10 business days before the offer expires, nearly 66% of Mirant’s bondholders plan to support the company’s exchange offers and related pre-packaged plan of reorganization — an indication that the company may achieve a successful out-of-court restructuring, the CEO said Monday. Mirant has until midnight July 14 to obtain support from at least 85% of its bondholders to avoid bankruptcy (see Daily GPI, June 23).