Protracted

President Obama Monday signed into law an omnibus lands bill that cleared Congress last week following a contentious and protracted debate. Producers protested the bill (HR 146) that sets aside two million acres in nine western states as protected wilderness, closing off further access for oil and natural gas development.

In what has become a protracted and unusually complex case, FERC has said it would require Transcontinental Gas Pipe Line to pay Sunoco Inc. for any additional gathering costs that it incurs due to the pipeline’s violation of a 1992 settlement.

The cash market plunged Thursday in response to the latest reports of increased storage (both new and revised) and the screen’s subsequent dive Wednesday afternoon. Weather fundamentals remain generally lightweight and the latest Atlantic tropical storm was fizzling out almost as fast as it had developed.