Seven

The Regulatory Commission of Alaska (RCA) recently approved a seven-year gas supply contract between ConocoPhillips and Chugach Electric Association, which has struggled to secure supply for power generation. Even with the agreement, the gas supply outlook for Chugach and other utilities in Alaska’s Southcentral region is dodgy as production from Cook Inlet is in decline. Supply is so uncertain that last week utilities presented a draft plan to regulators that describes measure they could take in times of gas shortfalls.

The Regulatory Commission of Alaska (RCA) recently approved a seven-year gas supply contract between ConocoPhillips and Chugach Electric Association, which has struggled to secure supply for power generation. Even with the agreement, the gas supply outlook for Chugach and other utilities in Alaska’s Southcentral region is dodgy as production from Cook Inlet is in decline.

Coming off last week’s 43.4-cent decline, which broke the psychological $3 support line and notched a seven-year low, September natural gas futures underwent a little bit of a corrective action on Monday as the prompt-month contract regained 11.9 cents to close out the regular session at $2.923.

Collapsed hedge fund Amaranth Advisors LLC, seven affiliates and former trader Matthew Donohoe Thursday submitted a joint offer of settlement to FERC to resolve all claims that they manipulated the market to influence natural gas futures prices.

Collapsed hedge fund Amaranth Advisors LLC, seven affiliates and former trader Matthew Donohoe last Thursday submitted a joint offer of settlement to FERC to resolve all claims that they manipulated the market to influence natural gas futures prices.

The domestic natural gas rig count as of Friday had slipped to its lowest level in more than seven years, according to a report by Baker Hughes Inc. (BHI).

A “supportive” 75 Bcf natural gas storage build teamed with a small uptick in crude futures values to halt the August natural gas futures down-day streak at seven as the contract picked up 5.5 cents Thursday to close at $3.408.

The Commodity Futures Trading Commission said Walt Lukken will leave the agency effective July 10 after serving nearly seven years as commissioner and as chairman since January. He plans to join NYSE Euronext as senior vice president of global market structure in its office of general counsel.

Alaska’s Chugach Electric Association struck a seven-year gas supply contract with ConocoPhillips to head off a significant supply shortfall that had been expected by the utility. As part of the deal, Chugach, the largest electric utility in the state, dropped a challenge to a liquefied natural gas (LNG) license extension that had been awarded to Alaska producers.