Failed

Natural gas futures bears were stymied for a second straight day Wednesday as April natural gas failed to dredge new territory. After putting in a low of $4.680, the prompt-month contract finished the regular session at $4.757, up 4.9 cents from Tuesday’s close.

More stringent drilling rules and low natural gas prices — which led to some well shut-ins last year — failed to deter Colorado’s natural gas production, which grew in 2009 from 2008, according to the Colorado Oil and Gas Conservation Commission (COGCC).

More stringent drilling rules and low natural gas prices — which led to some well shut-ins last year — failed to deter Colorado’s natural gas production, which grew in 2009 from 2008, according to the Colorado Oil and Gas Conservation Commission (COGCC).

More stringent drilling rules and low natural gas prices — which led to some well shut-ins last year — failed to deter Colorado’s natural gas production, which grew in 2009 from 2008, according to the Colorado Oil and Gas Conservation Commission (COGCC).

Icy conditions building from the Midcontinent and Texas through the Southeast and heavy snowfalls predicted in the Northeast and Midwest failed to revive most of the cash market Thursday. Only Northeast citygates, where spikes were most often in triple digits, got a significant boost from the new blast of arctic cold enveloping most of North America.

Icy conditions building from the Midcontinent and Texas through the Southeast and heavy snowfalls predicted in the Northeast and Midwest failed to revive most of the cash market Thursday. Only Northeast citygates, where spikes were most often in triple digits, got a significant boost from the new blast of arctic cold enveloping most of North America.

Natural gas futures values spiraled lower Thursday after the 266 Bcf natural gas storage withdrawal for the week ending Jan. 8 failed to set a new all-time single-week record. While the number still came in above most industry estimates, it appeared that some traders were holding out for a decline of more than 274 Bcf, which was recorded for the week ending Jan. 25, 2008 and stands as the single-week record.

Pipeline customers who failed to get lower rates on Panhandle Eastern Pipe Lines’ Southwest Gas Storage service by filing their own Natural Gas Act (NGA) Section 5 complaint [RP07-34] several years ago, nevertheless may have laid the groundwork and inspired the strategy for FERC’s surprise action last week, calling for formal investigations of three pipelines for possible over-recovery in their rates (see related story).

Pipeline customers who failed to get lower rates on Panhandle Eastern Pipe Lines’ Southwest Gas Storage service by filing their own Natural Gas Act (NGA) Section 5 complaint [RP07-34] several years ago, nevertheless may have laid the groundwork and inspired the strategy for a FERC surprise action last week that calls for formal investigations of three pipelines for possible over-recovery in their rates.