Amid two momentous selling waves, natural gas prices tumbled lower in dramatic fashion Thursday, as traders looked past bullish weather forecasts to focus on the undeniably bearish supply situation. Sellers were fast out of the chute as profit-takers pressured the January contract to a gap-lower open. However, that was only the beginning. After it was announced that only 81 Bcf had been drawn from storage last week, the heavy selling resumed. The January contract settled at $2.555, down 12% or 35.6 cents for the day.
Rescind
Articles from Rescind
With Eye On Storage, Traders Rescind Early Advances
Eroding gains achieved in the overnight Access trading session, natural gas futures trickled lower Tuesday as neither bull nor bear was willing or able to propel the May contract outside of its recent trading range. Closing at $5.115, the May contract finished 5.5 cents off its opening trade, but 1.2 cents above Monday’s settle.
April 4, 2001
New Jersey Tries to Derail Transco Project — Again
The state of New Jersey and the state’s Department of Law andPublic Safety called on FERC this week to rescind and vacate thecertificate approving construction of the controversial MarketLinkpipeline expansion through the state, and to treat sponsorTranscontinental Gas Pipe Line Corp.’s recent request to amend theproject as a new application.
October 20, 2000
Transportation Notes
Citing such factors as customer cooperation and recent storageactivity in March, ANR said it was able to rescind a Februarynotice requiring that interruptible storage customers under the MBSand DDS rate schedules draw their accounts down to a zero balanceby today. However, the pipeline added, due to abnormally highinventory balances remaining and overall operational concerns, itmust continue to limit interruptible injections “for theforeseeable future.”
April 1, 1999
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