Lackluster

Harnessing momentum from Thursday’s lackluster 111 Bcf storage draw report, natural gas futures traders on Friday continued to put pressure on the downside of the market, resulting in the April contract closing at $4.400, down 4 cents from Thursday’s regular session finish and 19.3 cents lower than the previous week’s close.

The head of the Commodity Futures Trading Commission (CFTC) Thursday pointed a finger at Wall Street for its lackluster support for regulation of the over-the-counter (OTC) derivatives market as proposed in the sweeping financial reform package that is pending in Congress.

The head of the Commodity Futures Trading Commission (CFTC) Thursday pointed a finger at Wall Street for its lackluster support for regulation of the over-the-counter (OTC) derivatives market as proposed in the sweeping financial reform package that is pending in Congress.

March natural gas futures retreated in lackluster trading Friday on the New York Mercantile Exchange. Prior to the open of floor trading the March contract did breach the $4.00 level, trading as low as $3.921 in early Globex trading. Traders cited continued worries of a pervasive supply overhang, although others see factors in play working to contract the surplus. At the close March futures had fallen 7.2 cents to $4.006 and the April contract was down 7.5 cents to $4.036. March crude oil dropped 54 cents to $38.94/bbl.

Responding to the lackluster market in the United States for liquefied natural gas (LNG) imports, Sabine Pass LNG LP last Thursday filed an application at FERC seeking authorization to operate its terminal for the additional purpose of exporting foreign-sourced LNG volumes.

Responding to the lackluster market in the United States for liquefied natural gas (LNG) imports, Sabine Pass LNG LP Thursday filed an application at FERC seeking authorization to operate its terminal for the additional purpose of exporting foreign-sourced LNG volumes.

Natural gas futures trading on Wednesday mimicked Tuesday’s lackluster performance. Bulls were wary of bidding the market up in the face of bearish fundamentals, while the bears weren’t ready to risk testing the lower $5 level with winter just a few short months away.

With its founder and former CEO now back at the helm, Vintage Petroleum Inc. last week sold its underperforming Canadian oil and natural gas properties to Calgary-based Midnight Oil and Gas Ltd. in a cash-for-stock transaction worth C$350 million (US$270 million).

With its founder and former CEO now back at the helm, Vintage Petroleum Inc. on Thursday agreed to sell its underperforming Canadian oil and natural gas properties to Calgary-based Midnight Oil and Gas Ltd. in a cash-for-stock transaction worth C$350 million (US$270 million).