Fact

March natural gas futures recorded a third straight day of gains Wednesday despite the fact that New York City was basking in 58-degree weather on the sixth day of February. However, they don’t call it the “futures” market for nothing. Temperatures later in February continued to look colder than first expected, helping to drive the prompt-month contract to a high of $8.070 before closing out at $7.994, up 5.2 cents from Tuesday’s close.

Falling cash prices at nearly all points Thursday reflected the fact that the latest blast of cold weather is starting to wane, although forecasts of Friday lows around freezing were still common in northern market areas and extended as far south as Atlanta.

The gas market seems to be taking note of the fact that the final leg of the Rockies Express (REX) pipeline, REX-East, could be delayed by environmental review at FERC as the impact of the project on eastern markets has yet to be reflected in forward basis, says an analyst at Barclays Capital.

The gas market seems to be taking note of the fact that the final leg of the Rockies Express (REX) pipeline, REX-East, could be delayed by environmental review at FERC as the impact of the project on eastern markets has yet to be reflected in forward basis, says an analyst at Barclays Capital.

Avista Corp.’s outgoing CEO is resigned to the fact that 2007 will be a “repositioning” year for the company, which sold its money-losing energy marketing/trading unit and saw its utility operations hindered by a combination of adverse weather and regulatory lag impacts. Nevertheless, the Spokane, WA-based company reported profits for the second quarter of $14.2 million, or 26 cents/diluted share, compared with $13.5 million, or 27 cents/diluted share, for the same period last year.

One day after absorbing the fact that a bearish 106 Bcf was injected into underground storage for the week ended July 6, August natural gas futures on Friday sprung higher as traders covered shorts ahead of the weekend. The prompt month reached a high of $6.720 before settling at $6.662, up 16.5 cents from Thursday’s close and 21.8 cents higher than the previous week’s finish.

EOG Resources Inc. CEO Mark Papa is a lot more optimistic about natural gas prices than he was a few weeks ago. So optimistic in fact, that he said last week the company is moving “full steam ahead” with its planned $3.4 billion capital budget.

EOG Resources Inc. CEO Mark Papa is a lot more optimistic about natural gas prices than he was a few weeks ago. So optimistic in fact, that he said Tuesday the company is moving “full steam ahead” with its planned $3.4 billion capital budget.

The Federal Energy Regulatory Commission’s practices involving ex parte (off-the-record) communications are “fully consistent” with existing law, and in fact are “more stringent” than the requirements of the Administrative Procedure Act (APA), said a noted legal expert last Monday.