Rage

After taking dives a day earlier, Northeast citygates rebounded by fairly substantive amounts Wednesday as blizzard conditions continued to rage from the Mid-Atlantic though southern New England. However, nearly all of the rest of the cash market was flat to nearly 15 cents lower as the wintry weather penetrating a great deal of North America failed to have much impact on most prices.

A fierce interregional battle is set to rage in June, when the Rockies Express Pipeline (REX) East, carrying up to 1.6 Bcf/d, completes its march into Lebanon, OH. REX East will face an onslaught of gas pouring in from Midcontinent shale and tight gas production, as well as Appalachia’s Marcellus Shale, Evergreen, CO-based Bentek Energy LLC said last week.

The debate over whether Tuesday’s $5.458 low for the move was in fact the bottom of the bearish trend continued to rage Wednesday as January natural gas futures pushed to a session high of $5.792 in morning trade but failed to hold on to a majority of the gains as a wave of selling arrived in the afternoon. The prompt-month contract ended up closing the day’s regular session at $5.686, up 10.7 cents from Tuesday’s close.

A fierce interregional battle is set to rage by June, when the Rockies Express Pipeline (REX) East, carrying up to 1.6 Bcf/d, completes its march into Lebanon, OH. REX East will face an onslaught from Midcontinent shale and tight gas production as well as Appalachia’s Marcellus Shale, Evergreen, CO-based Bentek Energy LLC said Tuesday.

While the competition for commodity trading market share continues to rage on between the New York Mercantile Exchange (Nymex) and Atlanta-based IntercontinentalExchange (ICE), the rivals are also neck and neck in earnings as both companies reported record 1Q2007 results last week.

Gains handily outweighed losses in mixed price movement Monday while an ice storm continued to rage through the central U.S. Transco’s Zone 6-New York City pool and Iroquois Zone 2 spiked by about $1.50 to as high as $14.00 and $13.75, respectively, as very cold and weather was expected to remain in place Tuesday across the northern half of the U.S. and Canada.