Reversed

After spiraling lower in Thursday morning trade, June natural gas futures prices reversed course following the Energy Information Administration’s (EIA) 85 Bcf natural gas storage injection report for the week ended May 16, springing near-month futures to a new high for the up move that began back in August 2007. While the injection was well within expectations, the prompt-month contract spiked higher before backing off to close at $11.697, still good for a 5.7-cent gain over Wednesday’s regular session finish.

The Second Circuit Court of Appeals has reversed an earlier lower court decision that had favored Merrill Lynch & Co. Inc. in its dispute with Allegheny Energy Inc. over the 2001 sale of Merrill’s energy commodities trading unit to Allegheny, remanding the case back to the district court for reconsideration.

Traders reversed course in a big way Tuesday as August natural gas futures — which had fallen by $1.65 from June 15 through July 9 — sprung higher Tuesday in a fierce round of short-covering. The prompt month hit a high of $6.710 before settling at $6.699, up 28.9 cents from Monday’s close.

Upon clarification by Calypso U.S. Pipeline LLC, FERC earlier this month reversed its position in a January order and said the company could proceed with the construction of 10 miles of its proposed offshore Florida pipeline when an affiliate’s proposed deepwater liquefied natural gas (LNG) port, with which it would interconnect, obtains a green light from the U.S. Maritimes Administration (MARAD).

Upon clarification by Calypso U.S. Pipeline LLC, FERC Friday reversed its position in a January order and said the company could proceed with the construction of 10 miles of its proposed offshore Florida pipeline when an affiliate’s proposed deepwater liquefied natural gas (LNG) port, with which it would interconnect, gets the green light from the U.S. Maritimes Administration (MARAD).

FERC last Tuesday reversed its earlier position and approved Northern Natural Gas pipeline’s request to sell its extensive West Hugoton gas pipeline facilities in Kansas and Oklahoma to a Midland, TX-based energy company.

FERC Tuesday reversed its earlier position and approved Northern Natural Gas pipeline’s request to sell its extensive West Hugoton gas pipeline facilities in Kansas and Oklahoma to a Midland, TX-based energy company.

After enduring an ill-fated Tuesday morning rally to a high of $7.065, April natural gas futures reversed direction in the afternoon to record a $6.885 low before settling at $6.892, down two pennies on the day. Despite the second consecutive sub-$7 settle, some market experts warned that the recent trading behavior, combined with the potential for supportive crude and gas inventory reports over the next two days, could mean that the bulls aren’t out to pasture just yet.

Despite continuing extreme cold in the Northeast, spot prices sharply reversed course Tuesday with Transco Zone 6 New York dumping more than $24 to end the day with an average slightly less than $16. Other Northeast locations were off $2-$5.75 into the $9-12 range.