Situation

Adding to losses etched in Thursday’s abbreviated session, the natural gas futures market continued lower Friday as buyers appeared content to wait for sub-$5.00 prices before re-entering the market.

Citing maximum withdrawals at its Washington Ranch storage facility, El Paso declared an Unauthorized Overpull Penalty situation Tuesday. The pipeline also said the Flagstaff (AZ) Station’s #1 unit requires extensive repairs that will make the station unavailable through April 9. The work reduced capacity of the North Mainline by about 90 MMcf/d effective with Tuesday’s Cycle 2 nominations.

Saying its Washington Ranch storage facility was experiencing maximum withdrawals, El Paso declared an Unauthorized Overpull Penalty situation Tuesday. The pipeline said it would limit scheduled volumes at underperforming interconnects to insure system integrity.

El Paso declared an Unauthorized Overpull Penalty situation Sunday, saying its Washington Ranch storage facility was at maximum withdrawal.

El Paso declared an Unauthorized Overpull Penalty situation Tuesday, saying its Washington Ranch storage facility was experiencing maximum withdrawals. To insure system integrity, the pipeline planned to limit scheduled volumes at underperforming interconnects.

El Paso declared an Unauthorized Overpull Penalty situation late Monday afternoon, saying its Washington Ranch storage facility was experiencing maximum withdrawals. “To insure system integrity, El Paso will place limits on scheduled volumes at interconnects that are underperforming,” the pipeline added. El Paso also said it has not determined how long the Alamo Lake Station’s #2 turbine will be down for unscheduled repairs. The outage reduced capacity of the Havasu Crossover 145 MMcf/d effective with nominations for Cycle 4 Monday and Cycle 2 Tuesday until further notice.

El Paso said an Unauthorized Overpull Penalty situation declared Tuesday due to low linepack was being continued Wednesday until further notice. The Washington Ranch storage facility is experiencing maximum withdrawals, the pipeline said.

El Paso declared an Unauthorized Overpull Penalty situation late Tuesday afternoon, citing “low linepack, the unavailability of withdrawal capability at Washington Ranch storage facility and continued forecasted warm weather in our operating area.”

The Williams Cos. warned Tuesday in its annual report with the Securities and Exchange Commission (SEC) that limited access to capital due to its non-investment-grade credit status and insufficient cash flow from operations to pay debt obligations make it imperative that the company sell its previously announced $2.25 billion in additional assets this year.