Three workers were injured when a 20-inch diameter gas gathering pipeline owned by OGE Energy Corp. unit Enogex exploded at about 11 a.m. CDT Tuesday about 50 miles southwest of Oklahoma City, OK, the company told NGI.
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Futures Keep Soaring on Alleged Fund Short-Covering
October natural gas futures exploded higher once again on Wednesday, and with the bearish fundamental picture remaining unchanged, market participants were attempting to identify a catalyst. While some were convinced that the recent activities of the United States Natural Gas Fund (UNG) played a role, others saw the extended rally as nothing more than a wave of fund short-covering.
Futures North of $3 on Round of Short-Covering
October natural gas futures exploded higher on Thursday despite the news from the Energy Information Administration (EIA) that a fairly robust 69 Bcf was injected into underground natural gas storage for the week ending Sept. 4. The prompt-month contract reached a high of $3.278 before closing Thursday’s regular session at $3.256, up 42.7 cents from Wednesday’s close.
Amaranth Turns the Tables, Sues Former Bankers for $1B
Natural gas hedge fund Amaranth LLC, which exploded in a $6.4 billion debacle last year, has turned the tables and is suing J.P. Morgan Chase & Co. for $1 billion for the bank’s alleged role in the fund’s demise.
Amaranth Turns the Tables, Sues Former Bankers for $1B
Natural gas hedge fund Amaranth LLC, which exploded in a $6.4 billion debacle last year, has turned the tables and is suing J.P. Morgan Chase & Co. for $1 billion for the bank’s alleged role in the fund’s demise.
Controlling Carbon: A Role For Natural Gas and Profits
In the last six months or so interest in controlling carbon (CO2) emissions in the United States has exploded, and the natural gas industry has awakened to the idea that the coming years could be its time to shine as it provides a “bridge” from pulverized coal-fired power generation to clean-coal and other technologies.
Futures Surge 8.5% Higher on Near-term Cold
Following a couple of back-and-forth trading sessions, prompt-month natural gas futures on Wednesday exploded 8.5% higher as colder than normal temperatures took hold in a number of regions around the country. After topping out at $7.750 on the day, November futures — which expire Friday — settled at $7.693, up 60.2 cents on the day.
Expiring October Futures Notch Record Settle on Short-Covering, Bullish News
October natural gas futures exploded higher on Wednesday as massive short-covering entered the market ahead of the contract’s expiration at 2:30 p.m. EDT. While the prompt month was in positive territory all day, it jumped significantly higher in the last 30 minutes of trading to notch a new record high of $14.80, before expiring at a prompt-month record settle of $13.907, up $1.251 for the day.
Transco Pipe Accident Under Investigation
A portion of Williams Cos.’ Transcontinental Gas Pipe Line system in Montgomery County, TX, near Houston exploded on Wednesday, but the fire, which caused no injuries, burned itself out after about four hours.
Following $8 Visit, Futures Settle at $7.885 on Fund Short-Covering
Sparked by a rush from funds to cover their short positions, August natural gas futures on Tuesday morning exploded to the upside, notching a high trade of $8.10 as of 10:53 a.m. EDT. The prompt month slipped under the psychological $8.00 level in the afternoon, but still managed to finish strong on the day at $7.885, up 39 cents from Monday’s settle.