Rescinding

In its third regional report over the past year, the Pennsylvania Department of Environmental Protection (DEP) found compounds of natural gas constituents near natural gas operations in Bradford, Lycoming and Tioga counties, but none at any level that would trigger health issues.

A week after rescinding an Imbalance Warning for market-area Zones 5 and 6 that had been aimed at avoiding low linepack due to cold weather-related overtakes at delivery points, Tennessee said it is implementing a systemwide Imbalance Warning Friday. But this time the pipeline cited moderating weather across much of its system in asking customers to match scheduled volumes and actual flows so linepack will not reach excessive levels.

A week after rescinding an Imbalance Warning for market-area Zones 5 and 6 that had been aimed at avoiding low linepack due to cold weather-related overtakes at delivery points, Tennessee said it is implementing a systemwide Imbalance Warning Friday. But this time the pipeline cited moderating weather across much of its system in asking customers to match scheduled volumes and actual flows so linepack will not reach excessive levels.

MRT said it will lift a System Protection Warning at the start of Wednesday’s gas day.

A day after rescinding Conform Transportation Services to Scheduled Nominations and FTNN (Firm Transportation No-Notice) Hourly Limit OFOs affecting several utility meters in New York state, Dominion said the same OFOs would be in effect for the same meters Sunday. Dominion also planned to implement those two OFOs Sunday in its PL-1 service area in the Mid-Atlantic.

After rescinding Monday FTNN (Firm Transportation No-Notice) Hourly Limit and Conform Transportation Services to Scheduled Nominations OFOs that it had implemented last week for seven utility meters in New York state (see Daily GPI, Jan. 6), Dominion said the same OFOs will be reinstated Friday for the same New York meters.

Rescinding a portion of Tuesday’s losses, the natural gas futures market turned higher Wednesday as traders reacted to the latest forecast suggesting this week’s warm-up could be short-lived. The March contract closed at $5.356, up 3.7 cents for the session, but remained in the bottom half of its daily trading range. The out months fared better, led by the April contract, which gained 5.5 cents to close at $5.309.

After gapping higher at the opening bell, the natural gas futures market spent Tuesday’s trading session in a methodical downward slog. With that the February contract completed its penultimate trading session at $5.716, down 1.1 cents for the day and 16.4 cents off its early-session high. The contract is set to expire at 2:30 p.m. EST Wednesday.

Rescinding gains made shortly after the opening bell, the natural gas futures market was sent lower Thursday morning by traders unimpressed with government estimates suggesting that 134 Bcf was pulled from storage last week. However, after bottoming out at $6.75 shortly before 11 a.m. EST, the January 2004 contract — boosted by supportive weather and cash prices — mounted a sustained rally that resulting in its second-highest-ever settlement price. It closed at $7.122, up 12.9 cents for the session.