Responded

After venturing north of $8 and failing for the third time in recent trade on Monday, June natural gas futures responded like clockwork Tuesday, dropping lower to test out the ever-rising support lines. The prompt month put in a low of $7.815 before settling at $7.864, down 8.8 cents on the day.

Southern Union Co. responded to its top shareholder’s concerns last week and said it plans to have a master limited partnership (MLP) in place by the end of September. The MLP, announced as part of the Houston-based company’s long-range strategic plans, initially will hold the Southwest Gas Storage Co., but other assets eventually are expected to be moved into the partnership.

Southern Union Co. has responded to its top shareholder’s concerns and plans to have a master limited partnership (MLP) in place by the end of September. The MLP, announced as part of the Houston-based company’s long-range strategic plans, initially will hold the Southwest Gas Storage Co., but other assets eventually are expected to be moved into the partnership.

Interior Department’s Minerals Management Service (MMS) has quickly responded to a New York Times report that raised questions about whether the agency has been collecting sufficient royalties on natural gas produced from federal lands.

A couple of western upticks notwithstanding, the overall cash market responded to persistently weak weather fundamentals, prior-day energy futures declines and correct expectations of a bearish storage injection report with price declines ranging from a little less than a nickel to about 30 cents. A considerable majority of the drops were in double digits.

El Paso Natural Gas, Southern California Gas and the California Public Utilities Commission (CPUC) responded separately Friday to shipper protests of a precedent agreement between El Paso and SoCal Gas that was filed on March 1. The agreement covers recontracting under six new firm transportation service agreements (TSA) for an average throughput of 750 MMcf/d on El Paso mainly from the San Juan Basin to California border delivery points.

El Paso Natural Gas, Southern California Gas and the California Public Utilities Commission (CPUC) responded separately, defending against shipper protests to a precedent agreement between El Paso and SoCal Gas that was filed on March 1. The agreement covers recontracting under six new firm transportation service agreements (TSA) for an average throughput of 750 MMcf/d on El Paso mainly from the San Juan Basin to California border delivery points.

With a modicum of colder weather coming back into the market picture, prices responded with mostly moderate increases at nearly all points Tuesday. The few instances of flat to lower numbers were primarily associated with the warm Florida market, which as recently as late last week had experience near-freezing temperatures in the northern half of the state.

With the exception of a few upticks, the cash market responded as expected Wednesday with declines ranging from about a nickel to more than 80 cents. The West, which had been firmer than other market areas in the first couple of days of the week, led the shift in the other direction with most of Wednesday’s largest losses.