Overlook

Price volatility, regulatory initiatives and the pressure to use the most advanced extraction technologies command most of the oil and gas industry’s attention, but companies shouldn’t overlook the opportunities that exist for those companies that actively manage their cash and working capital, according to a report by Ernst & Young.

As weather forecasts calling for cold began to pop up, natural gas futures on Friday were able to overlook the bearish 61 Bcf storage injection report from Thursday and explore higher price levels. The prompt month peaked at $11.840 before settling at $11.712, up 33.2 cents for the day and 29.7 cents higher than the previous Friday’s close.

Alaska Gov. Frank Murkowski urged FERC on Friday to address his state’s access to a proposed Alaska natural gas pipeline as part of the agency’s efforts to create an open-season process for capacity on the line.

Alaska Gov. Frank Murkowski urged FERC on Friday to address his state’s access to a proposed Alaska natural gas pipeline as part of the agency’s efforts to create an open-season process for capacity on the line.

Alaska Gov. Frank Murkowski urged FERC on Friday to address his state’s access to a proposed Alaska natural gas pipeline as part of the agency’s efforts to create an open-season process for capacity on the line.

The Federal Energy Regulatory Commission did not overlook Transcontinental Gas Pipe Line and Northern Natural Gas when it was doling out the numerous project certificates and preliminary determinations (PD) on non-environmental issues Wednesday. The agency awarded Transco a PD for a looping and lateral project in New Jersey to serve local distribution and generation load, while it handed Northern Natural a certificate to proceed with construction in Nebraska to alleviate constraints on its system.

Natural gas futures continued to defy gravity Wednesday afternoon as traders refused to sell the market despite the announcement by the American Gas Association (AGA) that only 64 Bcf was pulled from storage last week. That lack of selling pressure combined with the cold temperatures across much of the midwestern and eastern United States gave bulls the confidence they needed to boost the April contract higher on its first day as the prompt contract. April finished at $2.427, up 3.8 cents for the session and just off its high for the day at $2.44. At 71,577 contracts, trading volume was light.