In response to the propane shortage plaguing the Midwest (see Daily GPI, Jan. 30; Jan. 22), Oneok NGL Pipeline LLC has filed at FERC to modify its tariff, allowing a flow reversal from south to north on its North Line 5. “By allowing the reversal movement, Oneok is enabling Oneok’s Medford, OK, facilities to increase the volume of propane barrels being shipped into the Conway, KS, market,” the company told the Federal Energy Regulatory Commission in a letter filed Friday. “The reversal of the direction of flow from south to north increases the available supply of propane from Medford, OK, to Midwest customers. Oneok acknowledges that this tariff publication is conditionally accepted subject to refund pending a 30-day review period.” Spokesman Brad Borror told NGI the change would relieve congestion at Medford, but he would not provide any details on the volume of propane that could be flowed or how long the reversal would remain in place.
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Sabine Pass Gets FTA Export OK for ‘Surplus’ LNG
The U.S. Department of Energy (DOE) recently granted Cheniere Energy Partners LP’s Sabine Pass Liquefaction LLC (SPL) authorization to export 314 Bcf of liquefied natural gas (LNG) per year from its existing Sabine Pass LNG terminal to countries with which the United States has a free trade agreement (FTA).
Goldman Raises Natural Gas Price Estimate on Declining Storage
Two energy analysts on Monday revised their forecasts upward for U.S. natural gas prices, with Goldman Sachs now expecting storage levels to end at 1.198 Tcf by the end of March.
Next-Day, February Bidweek Values Higher on Cold, Reduced Storage; Futures Inch Lower
Continuing on the path established late last week, the March natural gas futures contract probed lower Monday, recording a low of $4.751 before closing the day’s regular session at $4.905, down 3.8 cents from Friday’s finish.
Correction
In Thursday’s article Marcellus Gas Needs a Western Market, REX Executive Says (see Shale Daily, Jan. 30), NGI that Rockies Express Pipeline LLC is owned solely by Tallgrass Energy Partners LP. Tallgrass owns a 50% interest in and operates the pipeline, while Sempra U.S. Gas & Power and Phillips 66 each own a 25% interest in the pipeline. NGI regrets the error.
People
Occidental Petroleum(Oxy) CEO Stephen Chazen said Thursday a search for his successor is going slowly and he may stay on longer than was anticipated when his retirement plans were announced last year (see Daily GPI, Feb. 19, 2013). In response to a question during an earnings conference call, Chazen said Oxy’s board will make a progress report in February, “but I expect to be doing significantly more of these [quarterly] calls than I had planned.”
Futures Erase Wednesday Spike; Market Mixed Before Weekend
March natural gas futures on Friday continued to retreat from Wednesday’s short-covering run-up, leading market watchers to believe that the 52.4-cent jaunt well above $5 was more about the February contract’s termination than it was about current fundamentals.
Northeast Gas Price Drops Overshadow Nation’s Gains; Futures Volatility Returns
For the four-day trading week to end the month of January, physical natural gas prices were higher nearly across the board, except for in the Northeast, where prices were in steady retreat following record prices on polar vortex cold the previous week.
Obama Nominates FERC Enforcement Director to Chair Commission
President Obama on Thursday nominated Norman C. Bay, current director of FERC’s Office of Enforcement (OE), to the Commission and to be designated chairman upon appointment by the U.S. Senate.
People
Occidental Petroleum(Oxy) CEO Stephen Chazen said Thursday a search for his successor is going slowly and he may stay on longer than was anticipated when his retirement plans were announced last year (see Daily GPI, Feb. 19, 2013). In response to a question during an earnings conference call, Chazen said Oxy’s board will make a progress report in February, “but I expect to be doing significantly more of these [quarterly] calls than I had planned.”
