Prices finally found this week’s buildup of heating load — mostly in the East — to be sufficient to realize gains at nearly all points Wednesday. The January futures advance of 1.3 cents Tuesday provided a smidgen of extra support to Wednesday’s cash market.
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Northeast Citygates Lead Price Gains at Most Points
The frigid conditions predicted to be occupying the Midwest, Northeast and to some extent the South Friday finally got the upper hand over prior-day futures weakness and produced gains at most points Thursday. Except for large increases at Northeast citygates, most of the cash market advance was rather timid.
Chesapeake Regains Footing with Credit Line for Midstream Partnership
Following a roller coaster ride in which Chesapeake Energy Corp. saw its share price pummeled, the independent finally caught a break last week after it landed a fresh line of credit for a new midstream spin-off and after the market responded positively to rumors that BP plc, already a joint partner, may be eyeing some of Chesapeake’s natural gas assets.
Deepwater Neptune Platform Begins Oil, Gas Production
After a delay of more than six months due to “structural anomalies” in the hull’s pontoons, BHP Billiton said Monday that oil and natural gas production has finally commenced from the $1.2 billion Neptune development in the deepwater Gulf of Mexico.
All Points Head in Same Direction for a Change: Down
All points were finally on the same page again Friday, and that page said “down.” Prices fell across the board, succumbing to weak weather-based demand, a bearish storage report that resulted in a 28.2-cent dive by June futures Thursday, and the usual weekend decline of industrial load.
ENSTAR, Suppliers Racing the Clock for Contract Approval
South-central Alaska gas distribution utility ENSTAR Natural Gas Co. has finally secured contracts for gas supply to meet its customers’ needs next year and beyond. Now it is seeking expedited state regulatory approval of the two contracts in order to avoid a gas supply shortfall as early as Jan. 1.
Futures Sink as Price Direction Debated
Natural gas and crude futures values declined in unison on Wednesday as traders continued to debate whether the bullish move had finally run its course or the recent price pullback was just a pause before the next push higher. April natural gas recorded a low of $8.990 on the day before closing at $9.024, down 39 cents from Tuesday’s close. May natural gas followed suit, shedding 39.2 cents to finish the day at $9.112.
Bears Take a Breather; Natgas Finally in the ‘Win’ Column
Natural gas bulls finally had their day in court as August natural gas futures were able to post the first positive close since Thursday of last week. The soon-to-expire contract rose 6.2 cents to $5.925 and the September contract gained 11.3 cents to settle at $6.062. Bears may have had the last laugh, however, as the August contract did manage to make a new low at $5.780 for the pervasive decline in place since mid-June.
Late Surge Jolts Bears; Some Traders Eye $9
Natural gas bulls finally had reason to show their horns with pride Wednesday as a late rally pushed the April contract north of $7 to settle at $7.160, up 25 cents on the day.
Rockies Express Segment Begins Service at 500,000 Dth/d
After sub-zero cold set back construction several weeks, the second segment of the first leg of the Rockies Express Pipeline (REX) project finally entered service last Wednesday, providing significant new transportation capacity within the region, operator Kinder Morgan Energy Partners (KMP) said. However, until the eastern extension of the massive REX system enters service, Rockies production could face the age-old problem of finding a regional exit door.