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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New York Lawmakers Want Halt to Frack Comment Period
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.
Glacial Gas Pipe Bill Clears House, Poised for Senate Action
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.
July Futures Down Again, Likely to Break $7.50s Expiration Streak
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.
Futures Drop 22.2 Cents, Maintain ‘Sideways Chop’ Ahead of Storage Report
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.
May Futures Undecided on Direction Ahead of Expiry
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.
Futures Test $5 Mark as September Expires
After trading within the $5.12-5.18 range for a majority of the day, September natural gas futures used the final half hour of the regular trading session to make another run at the psychological $5 mark before expiration.
August Expires Quietly as Bulls Begin to Regroup
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.
Mirant Bondholders Showing Support for Exchange Offers
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).
Mirant Bondholders Showing Support for Exchange Offers
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).