Push

Expectations of rising temperatures in the western half of the South, Midcontinent and Rockies combined with the previous day’s 8.9-cent drop by February futures to push prices lower in most of the cash market Wednesday. At least one source, however, thought there would be enough returning cold weather in the eastern U.S. and Canada by Friday to generate an overall rally Thursday.

FERC last Wednesday approved Liberty Gas Storage LLC’s third request to push back the in-service date for its 17 Bcf project in Louisiana that would tie in with an affiliated liquefied natural gas (LNG) terminal at Cameron, LA.

FERC Wednesday approved Liberty Gas Storage LLC’s third request to push back the in-service date for its 17 Bcf project in Louisiana that would tie in with an affiliated liquefied natural gas (LNG) terminal at Cameron, LA.

With concerns mounting about the effects of hydraulic fracturing on water supplies, New York Rep. Maurice Hinchey Wednesday vowed to aggressively push to close a legislative loophole that exempts the drilling practice from regulation under the federal Safe Drinking Water Act (SDWA). If the legislation passes, it could be a game-changer for the natural gas industry, because nine out of every 10 gas wells use the process, a producer told NGI.

Despite the near-record level of natural gas in underground storage, December natural gas futures maintained Friday’s momentum to push higher on Monday as the contract gained 5.5 cents to close at $6.838. The move was especially peculiar because crude futures — which have been recently aligned with natural gas — saw the December contract drop $3.90 on the day to close at $63.91/bbl.

Monday’s test of psychological support at $6, a nip in the air and a strong rebound in equities combined to push November natural gas futures higher on Tuesday. The contract, which expires Wednesday, put in a high of $6.302 before settling Tuesday’s regular session at $6.186, up 6.5 cents from Monday’s close.

Coming off the holiday weekend, some not-often-seen weakness in crude futures and natural gas futures price resistance at $12 teamed to push June natural gas lower on Tuesday, one day ahead of the contract’s expiration. The prompt-month contract recorded a high of $12.034 just after noon EDT, which triggered a round of selling that left June to finish the day’s regular session at $11.801, down 5.6 cents from Friday’s close.

A regulatory report on the C$16.2 billion Mackenzie Gas Project (MGP) has been delayed for several months, which once again will push back the long delayed start-up date for Canada’s Arctic pipeline.

A regulatory report on the C$16.2 billion Mackenzie Gas Project (MGP) has been delayed for several months, which once again will push back the long delayed start-up date for Canada’s Arctic pipeline.