Stemming

January natural gas futures fell in erratic, choppy trading Monday as analysts see continued weakness stemming from ample supplies and fickle cold weather. The January contract fell 17.6 cents to $5.566 and February lost 15.5 cents to $5.612. January crude oil rose $2.90 to $43.71/bbl.

Stemming the freefall of the last two days, the expiring July natural gas futures contract — with some help from significant strength in crude futures — rallied Thursday morning as the Energy Information Administration (EIA) reported a 90 Bcf injection to storage for the week ended June 20. The contract recorded a high of $13.222 late in the regular session before going off of the board at $13.105, up 35.2 cents from Wednesday’s close. August futures, which now take over front-month contract classification, finished Thursday at $13.248, up 38.2 cents from Wednesday.

Pacific Gas and Electric Co. (PG&E) has agreed to pay $20 million to settle the last of a series of lawsuits stemming from water poisoning linked to its natural gas transmission pipeline operations in the Mojave Desert northeast of Los Angeles. The agreement was finalized late in March, according to an Associated Press report.

The latest surfacing of a class action lawsuit stemming from widespread allegations of western wholesale energy market manipulation going back seven or eight years is a low-profile second cousin to the multi-billion-dollar California-Arizona border price-focused cases targeting Sempra Energy and El Paso Natural Gas Co., both of which have been settled (see Daily GPI, June 26). This case is about alleged wholesale gas trading transgressions — not playing with interstate pipeline capacities to spike prices.

Spectra Energy Corp. announced last Wednesday that it has agreed to settle outstanding litigation stemming from a contract dispute between Citrus Trading Corp. and Spectra LNG Sales, formerly Duke Energy LNG Sales Inc.

Spectra Energy Corp. said Wednesday it has agreed to settle outstanding litigation stemming from a contract dispute between Citrus Trading Corp. and Spectra LNG Sales, formerly Duke Energy LNG Sales Inc.

The Interior Department’s Minerals Management Service (MMS) last Thursday handed a $32.3 million bill to BP America Production Co. for additional royalties and interest stemming from the company’s coalbed methane production in New Mexico.

The Interior Department’s Minerals Management Service (MMS) Thursday handed a $32.3 million bill to BP America Production Co. for additional royalties and interest stemming from the company’s coalbed methane production in New Mexico.

A federal court judge in New Orleans, LA late Tuesday rejected a request by the American Petroleum Institute (API) to keep sealed all bids stemming from the western Gulf of Mexico lease sale that will take place Wednesday (Aug. 16).