Noted

Southern Natural Gas noted that as previously posted, it is in the process of abandoning its 16-inch diameter Mississippi Canyon 268 Line. As a result the West Delta 152 receipt point has been shut in and Southern is not accepting nominations there for about six days starting with Wednesday’s gas day. Since there is firm service at the point, this work constitutes a force majeure, the pipeline said.

Oil and gas industry executives have all duly noted the change in Washington’s thinking on global warming and greenhouse gases, but at least some are still in denial of what’s to come. Those who think “all this renewable energy stuff is nonsense” are in for a rude awakening, an oil and gas industry researcher told NGI.

Oil and gas industry executives have all duly noted the change in Washington’s thinking on global warming and greenhouse gases, but at least some are still in denial of what’s to come. Those who think “all this renewable energy stuff is nonsense” are in for a rude awakening, an oil and gas industry researcher told NGI.

Atlantic basin tropical storm activity and U.S. landfall of tropical storms during the upcoming hurricane season are forecast to be about 35% above the 1950-2008 norm, according to London-based forecaster Tropical Storm Risk (TSR). TSR called for 4.8 named storms making U.S. landfall, including 2.1 hurricanes.

While affirming the Iroquois Gas Transmission System LP’s credit ratings (“BBB+”) and positive outlook, Standard & Poor’s Ratings Services noted it will keep an eye on the Northeast interstate natural gas pipeline’s shipper base and cash flow. If they waver S&P said it might consider changes in the ratings and outlook.

May natural gas futures recorded their second consecutive “quiet” session on Tuesday, but one broker noted that increased volatility is likely ahead once the liquefied natural gas (LNG) supply, demand and price dynamics play out as early as this summer. Front-month natural gas closed 3.7 cents higher Tuesday at $3.776.

Some traders are crying foul with regards to the Chicago Mercantile Exchange’s (CME) electronic Globex trading system following last Thursday morning’s knee-jerk spike in front-month natural gas futures of nearly 75 cents. Some traders complained that their orders were not filled following the Energy Information Administration’s (EIA) storage report release at 10:30 a.m. EDT, which sparked the run-up in prices. The trading exchange said Friday that no glitches were reported on the system.

April natural gas spiraled lower Friday as traders noted liquidation of earlier long positions and had to factor in continuing negative economic news. April natural gas futures fell 14.3 cents to $3.945, and the May contract tumbled 15.9 cents to $4.017. April crude oil rose $1.91 to $45.52/bbl.

CenterPoint said it has resolved a Line O failure and shippers are no longer under operational alert No. 697.