Responded

April natural gas futures fell hard in active trading Thursday. Traders responded to data showing a weakening economy and a natural gas storage report that fell in line with expectations but below historical averages. Additionally, quantitative traders pushed prices lower.

Despite all of the other noise surrounding natural gas futures, the October contract still responded in a big way to Thursday morning’s Energy Information Administration (EIA) storage report, which revealed that an astounding 102 Bcf was injected into underground storage for the week ended Aug. 22. In its first regular session action as front-month, the October contract plummeted 55.8 cents to close at $8.050.

With energy futures prices spiking over the last few months, the U.S. oil and gas industry responded in kind as the number of rigs actively seeking new supplies jumped during February, according to the Baker Hughes Inc. rig count.

With energy futures prices spiking over the last few months, the U.S. oil and gas industry responded in kind as the number of rigs actively seeking new supplies jumped during February, according to the Baker Hughes Inc. rig count.

NorthernStar Natural Gas Co. Feb. 15 responded to a letter by Oregon Gov. Ted Kulongoski to FERC that questioned the credibility and soundness of the federal review process for NorthernStar’s proposed Bradwood Landing liquefied natural gas (LNG) terminal along the Columbia River.

NorthernStar Natural Gas Co. last Friday responded to a letter by Oregon Gov. Ted Kulongoski to FERC that questioned the credibility and soundness of the federal review process for NorthernStar’s proposed Bradwood Landing liquefied natural gas (LNG) terminal along the Columbia River.

Most points responded to forecasts of cold fronts, diminishing cooling load in several areas and Wednesday’s expiration-day weakness of September futures by ranging from flat to down about 30 cents Thursday. The Rockies, however, continued to recover from their maintenance-related plunges in the first two days of the week by rising as much as about 70 cents.

As expected, Friday turned out to be another day of “following the screen” as the cash market responded to the previous day’s 24.6-cent drop by August futures with declines at most points. Modest cooling trends in northern market areas and the loss of industrial load that accompanies a weekend contributed to the general cash bearishness.

Unified price movement almost made one of its rare return visits to the cash market in recent weeks Thursday. All points responded to the previous day’s 22.1-cent advance by August futures with gains. Prices rose overall despite a substantial dearth of fundamental cooling load in many areas.