Forced

October futures managed a modest gain Monday as traders grapple with a sense of seasonality but are forced to recognize the ongoing trend lower. At the close October had risen 2.0 cents to $3.829 and November was higher by 1.0 cents to $3.932. October crude oil plunged $2.26 to $85.70/bbl as Euro-worried equity markets fell.

Rescuers on Friday were attempting to reach a life raft containing a 10-member crew that was forced to abandon ship in the fury of Tropical Storm (TS) Nate in the southern Gulf of Mexico. Geokinetics Inc. said three of its workers and seven contractors had been aboard the Trinity II to support an ocean bottom cable project in the Bay of Campeche. The company said the storm disabled the ship Thursday and the crew was last seen boarding a life raft. Houston-based Geokinetics, which performs seismic testing for the oil and gas industry, said rescuers were attempting to reach the crew but were hampered by the inclement weather. “The safety and welfare of our employees is paramount and we are coordinating with maritime authorities to expedite the rescue effort as we continue to gather the facts,” said Geokinetics CEO Richard Miles. Mexico’s state-owned petroleum company, Petroleos Mexicanos (Pemex), said it had dispatched two ships to search for the workers off the coast of Tabasco state.

Rescuers on Friday were attempting to reach a life raft containing a 10-member crew that was forced to abandon ship in the fury of Tropical Storm (TS) Nate in the southern Gulf of Mexico.

An attempt by Williams late last month to snatch Southern Union Co. has forced Energy Transfer Equity LP (ETE) to strike back with a sweetened offer of $40/share.

The Pennsylvania Department of Environmental Protection (DEP) has ordered Chesapeake Energy to stop work on a natural gas drilling well pad in rural Potter County for failing to implement required erosion and sediment controls, DEP said Wednesday.

February natural gas futures made it two days in a row of double-digit losses as traders were forced to factor in weather forecasts based on computer model runs showing less agreement than previously seen and concerted technical selling. At the close February tumbled 10.7 cents to $4.473 and March shed 10.8 cents to $4.490. March crude oil also continued its losing ways, dropping $1.68 to $86.19/bbl.

A “meltdown of the financial markets” has forced Calais LNG to withdraw its application to build a $1 billion liquefied natural gas (LNG) terminal, import facility and pipeline project in Calais, ME, but the company intends to reapply at a later date, according to a letter sent to the Maine Board of Environmental Protection (MBEP) last Tuesday.

A “meltdown of the financial markets” has forced Calais LNG to withdraw its application to build a $1 billion liquefied natural gas (LNG) terminal, import facility and pipeline project in Calais, ME, but the company intends to reapply at a later date, according to a letter sent to the Maine Board of Environmental Protection (MBEP) Tuesday.

Natural gas futures continued its trek lower Monday as traders were forced to pull weather premium out of the market, and technical traders reset support parameters. At the close October futures fell 8.1 cents to $3.800 and November skidded 9.3 cents to $3.916. November crude oil rose 3 cents to $76.52/bbl although more deferred contracts fell.