natural gas

The Lower Tertiary Trend of the Gulf of Mexico (GOM) drew the most prospectors in the Department of Interior’s offshore lease auction on Wednesday with one block receiving a $52 million-plus bid.

Natural gas for delivery Thursday moved little in Wednesday’s trading as traders were willing to discount forecasts of a cold, wet snow-mix that is expected to hit the Northeast and keep temperatures well below seasonal norms.

WGL Holdings Inc.’s WGL Midstream has acquired a 7% stake in Mountain Valley Pipeline LLC, a joint venture of units of EQT Corp. and NextEra Energy Inc. (see Shale Daily,Oct. 29, 2014). A unit of Vega Energy Partners Ltd., Vega Midstream MVP LLC, has acquired a 3% interest in Mountain Valley. NextEra Energy will hold a 35% interest; and as previously announced, EQT Midstream Partners LP is expected to assume EQT’s 55% majority interest and operate the proposed pipeline if it is constructed. WGL Midstream is to be a shipper on Mountain Valley and has also committed to buying a “significant amount of natural gas” at Transcontinental Gas Pipeline Co.’s (Transco) Zone 5 compressor station 165 in Pittsylvania County, VA. “WGL has a major presence in this market and currently moves significant volume on Transco’s mainline; therefore, securing them as a joint venture partner validates the market’s need for additional energy supply sources at Station 165…” said EQT Midstream COO Randy Crawford.

National Fuel Gas Supply Corp. and Empire Pipeline Inc. have filed for their Northern Access 2016 Project at FERC, which would move Marcellus Shale natural gas from Pennsylvania to New York on behalf of foundation shipper Seneca Resources Corp.

Natural gas-heavy Quicksilver Resources Inc. is seeking bankruptcy protection after warning last month that financial problems were mounting.

The Department of Interior (DOI) is weeks away from proposing tougher rules on blowout preventers (BOP), and will take public comments on a proposal by its Bureau of Land Management (BLM) to be able to adjust royalty rates for oil and gas leases on public lands, according to Secretary Sally Jewell.

There are 25% more operating natural gas fueling stations in the Lone Star State than there were last September. Texans can now natural gas-up at 130 locations, according to the Railroad Commission of Texas (RRC).

Physical natural gas for Wednesday delivery surged Tuesday in front of forecasts calling for a sharp incursion of cold air dropping Northeast temperatures by as much as 20 degrees from Monday’s readings. Power prices and forecast loads returned the favor and advanced as well.

BP plc extended its dominance over other North American natural gas marketers with a gain in 4Q2014, continuing its trend for the year, but for many other marketers, both the quarter and the full year resulted in declines compared to previous periods.