However

After trading sub-$13 in the Sunday Access session, November natural gas opened lower on Monday and tested even further south with a low of $12.70. However, a late rally forced the prompt month to close at $12.975, down 25.1 cents on the day, but very near the $13.03 high for the session.

TransCanada appears to have finally overcome its bad luck in getting towns to approve proposed liquefied natural gas (LNG) import terminals. However, it wasn’t exactly a landslide decision. After having LNG projects rejected by two towns in Maine last year, the company’s Cacouna Energy project, which TransCanada and partner Petro-Canada plan to build in Cacouna, PQ, squeaked by with a 57% approval by voters in a nearby Quebec village.

Effective with Monday’s Cycle 4 nominations, Destin removed a force majeure notice and said it was accepting nominations from all receipt points. However, due to the approach of Hurricane Rita, at 1 p.m. CDT Tuesday Destin said it was claiming force majeure again until further notice and would be unable to provide transportation services from offshore receipt points. Onshore receipt and delivery points will remain in operation, Destin said.

“Keep the lights on and keep the people warm. Keep listening to the customer…I think when we have failed to do that on both the power and gas side, industry has suffered and the country has suffered,” departing Chairman Pat Wood said when asked for his advice to commissioners and staff of the Federal Energy Regulatory Commission and the energy industry.

Kerr-McGee Corp.’s chemicals unit, New-Co Chemical Inc., has filed an initial public offering (IPO) for up to $300 million in Class A common stock. However, Kerr-McGee still holds an option to sell New-Co if the opportunity arises. The IPO or sale of the chemicals unit was announced earlier this year so the company could refocus its attention on oil and gas exploration and production (see NGI, May 16). About 90% of the chemicals sold by the unit last year were titanium dioxide, according to the company. In the Securities and Exchange Commission filing on the IPO, the Oklahoma City-based producer did not specify how many shares would be offered or the price of the shares. That information is expected to be disclosed in a later filing. The underwriters are Lehman Brothers and JP Morgan. Kerr-McGee said it wants the chemicals unit sold or spun off from the company by the end of the year.

Kerr-McGee Corp.’s chemicals unit, New-Co Chemical Inc., has filed an initial public offering (IPO) for up to $300 million in Class A common stock. However, Kerr-McGee still holds an option to sell New-Co if the opportunity arises.

Oneok Inc. reaffirmed its 2005 earnings forecast last week with an expectation of higher net income. However, earnings in its production unit are expected to fall because of an anticipated drop in natural gas volumes.

Oneok Inc. reaffirmed its 2005 earnings forecast this week with an expectation of higher net income. However, earnings in its production unit are expected to fall because of an anticipated drop in natural gas volumes.

Trying to expand upon the upward momentum from Tuesday, March natural gas futures explored higher Wednesday morning. However, after bumping up against the $6.26 level, the prompt month retreated, locating support at $6.10 before settling at $6.165, relatively unchanged from Tuesday.