natural gas data

February natural gas is expected to open 16 cents higher Monday morning at $4.21as traders digest new weather reports that are calling for a return to colder-than-normal conditions in the near and intermediate terms. Overnight oil markets sagged.

Over BP plc’s objections, a federal appeals court on Friday upheld the multibillion-dollar settlement with Macondo spill-impacted plaintiffs, which could force the oil major to pay billions more in claims.

FERC issued three delegated orders Wednesday that will allow Iroquois Gas Transmission System LP to amend existing negotiated rate agreements with two customers for a few natural gas delivery days in December. Among 15 delegated orders issued, the Federal Energy Regulatory Commission waived the 30-day notice requirement for revised tariff records with Trafigura AG (Docket No. RP14-291) and J.P. Morgan Ventures Energy Corp. (Nos. RP14-292 and RP14-293). According to FERC, a Trafigura contract set revised rates for service under Iroquois’ interruptible rate schedule HUB, while a separate contract did the same with J.P. Morgan. The revised tariff records covered Dec. 13-16 for Trafigura, and Dec. 14-16 for J.P. Morgan. The orders were issued by FERC’s Nils Nichols, director of Division of Pipeline Regulation.

President Obama on Thursday ordered his administration to conduct a comprehensive review of the nation’s energy infrastructure, an effort designed to not only address the age and capacity of the system, but also to meet the challenges posed by climate change, and cyber and physical threats.

The U.S. onshore well count rose 5% in the fourth quarter from a year earlier, with an average drilling rig completing 9% more wells over the same period, Baker Hughes Inc. reported Friday.

Canyon Midstream Partners LLChas begun development of a natural gas gathering, processing and treating system in the Permian Basin called the James Lake System. The project is anchored by a 10-year gathering and processing agreement with “one of the world’s largest oil and gas companies,” the company said. The system is to include a cryogenic processing plant in Ector County with an initial capacity of 70 MMcf/d and treating capabilities for gas containing hydrogen sulfide and carbon dioxide. To supply the plant, Canyon is developing 40 miles of high-pressure gathering trunklines and three compressor stations, which will connect to low-pressure field gathering systems it is constructing for its anchor customer in Ector and Andrews counties. When completed in late 2014, the James Lake System will deliver residue gas into the El Paso Natural Gas pipeline and offer interconnections to multiple natural gas liquids pipelines in Ector County. “Ultimately, we expect the current James Lake project will be the first phase of a distributed and integrated gathering and processing system in the Permian Basin…” said Canyon President Michael Walsh.

The polar vortex that ripped through the Midwest and East causing hardship and much discomfort had an impact on the natural gas market similar to an entry-level earthquake. Lots of shaking and movement, but overall in the end everything was left standing about in the same place. For the week ended Jan. 10 the NGI Weekly Average Spot Gas Price eased all of a penny to $5.40. Variation about that average was high with the Northeast posting a trade range of $2 to $99 before averaging $9.43, up $1.09. The Midwest and Midcontinent posted losses of 55 cents and 42 cents, respectively, to average $5.21 and $4.76.

Physical gas for delivery Friday fell hard and fell often in Thursday’s trading. No points made it to the positive side of the ledger, and the greatest losses occurred in New England and the Mid-Atlantic.

Amidst conflicting concerns about air quality and economic growth, the Wyoming Department of Environmental Quality (DEQ) last month approved a natural gas processing plant in Douglas, WY, in Converse County where natural gas production is robust in a part of the Niobrara Shale.