Reuters

Encana Corp.’s board of directors has concluded that the producer did not collude with “competitors” on land leasing in Michigan two years ago.

The cash market overall on average tallied a four cent gain Thursday as the market piggy-backed off the screen’s nearly 12 cent advance Wednesday and points in the East were expected to see well above normal temperatures. Most cash points proved strong with the exception of a handful of spots in the Northeast. The Energy Information Administration (EIA) reported a build of 61 Bcf, a bit more than the market was expecting and futures eased. At the close of futures trading June had fallen 2.4 cents to $2.594 and July fell 1.4 cents to $2.673. June crude oil continued lower falling 25 cents to $92.56/bbl.

With Reuters, Bentek Energy and the five-year average all in agreement on an 89 Bcf natural gas storage injection for the week ended June 15, the Energy Information Administration (EIA) Thursday morning really had no other option but to comply. The 89 Bcf build announcement provided a small bounce in July futures, but ultimately the prompt month settled at $7.348, down 4.3 cents from Wednesday.

Confirming that the transition from physical pit trading to electronic marketplaces is indeed impacting the way traders and exchanges do business, a Reuters article said Friday that Nymex Holdings, parent company of the New York Mercantile Exchange (Nymex), has plans to consolidate its energy and metals trading floors in an effort to cut costs. The question remains as to whether floor trading will ultimately go the way of the Dodo bird.

Confirming that the transition from physical pit trading to electronic marketplaces is indeed impacting the way traders and exchanges do business, a Reuters article said Friday that Nymex Holdings, parent company of the New York Mercantile Exchange (Nymex), has plans to consolidate its energy and metals trading floors in an effort to cut costs. The question remains as to whether floor trading will ultimately go the way of the Dodo bird.

Trinidad’s Energy Minister Eric Williams told Reuters New Service this week that Trinidad and Tobago is considering investing in a liquefied natural gas (LNG) import terminal in the United States. He did not say whether an existing or proposed terminal was being considered. Trinidad is the largest supplier of LNG to the United States. The Atlantic LNG joint venture, which includes The National Gas Company of Trinidad, BP, BG Group, Repsol and Tractebel, currently has three LNG supply trains operating and a fourth under construction. Trinidad and Tobago produces about 2.8 Bcf/d currently, and the government expects output to rise to about 3 Bcf/d by the end of the year.

Westcoast Energy CEO Michael Phelps told Reuters news serviceafter a New York investors conference yesterday that he expectsMaritimes & Northeast gas volumes to triple in five years tomore than 1.6 Bcf/d.