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A day after major cash market losses that exceeded a dollar in some cases, traders stanched the hemorrhaging to some extent Wednesday with mixed price movement that mostly was a dime or less up or down from flat. Late quotes were rising, which a couple of sources attributed to short squeezes.

The liquids level at the Tivoli Plant onshore Texas from a Matagorda Offshore Pipeline System pigging operation had receded to the point that all scheduled nominations were being accepted for Tuesday’s Intraday 2 cycle, MOPS operator Northern Natural Gas said. The pipeline was forced to shut down Sunday due to excess liquids being received at Tivoli (see Daily GPI, Dec. 23). According to an NNG spokesman, “We were able to get rid of the liquids faster than expected, and there are no remaining constraints on MOPS.” Florida Gas Transmission resumed taking deliveries from MOPS at their interconnect in Matagorda County, TX effective with the Intraday 2 cycle for Tuesday’s gas day and for Wednesday’s evening cycle. Another MOPS pigging is scheduled for Dec. 26-31.

Though it opened and closed at almost the same level, the natural gas futures market was anything but a kiddie’s ride Tuesday as waves of buying and selling led prices on a roller coaster of trading activity.

Dual proposals by Michigan Consolidated Gas (MichCon) to lower commodity costs and raise distribution charges will in the long run increase monthly gas bills for the typical residential customer by 7% on an annualized basis.

Dual proposals by Michigan Consolidated Gas (MichCon) to lower commodity costs and raise distribution charges will in the long run increase monthly gas bills for the typical residential customer by 7% on an annualized basis.

Salt Lake City-based Questar Pipeline Co. Tuesday announced an open season to gauge the level of interest in added interstate natural gas pipeline capacity in the Rockies between the Piceance Basin in western Colorado and the Kanda/Coleman hub in southwestern Wyoming. The open season will run through Sept. 5, Questar said. Potential volumes are in the 300-500 MMcf/d range, according to a Questar market representative.

Tractebel LNG North America LLC, the largest supplier of liquefied natural gas (LNG) in the United States, and Oslo, Norway-based Bergesen, one of the world’s leading shipping companies, announced Tuesday the launch of a new 138,000 cubic meter LNG vessel that will begin making deliveries for Tractebel under an exclusive, long-term charter.

Steve Letbetter, chairman and CEO of Reliant Resources Inc. (RRI), became the latest top-level casualty of the collapse in the energy marketing industry after announcing his resignation last week. Board member Joel V. Staff, former CEO of National Oilwell Inc., has assumed Letbetter’s responsibilities until a new CEO is elected.

Available natural gas capacity in the Lower 48 states this year appears “sufficient” to meet the level of demand, but the relatively narrow margin of surplus capacity may be limited if there are “sudden” increases or drops in either production or demand, thus setting up the potential for short-term price hikes, according to a report by the Energy Information Administration (EIA).