Stride

A forecast migration to the north and west in the sources of Canadian natural gas supplies has taken a stride ahead, thanks to a favorable pipeline regulatory ruling. TransCanada Corp. obtained approval from the National Energy Board (NEB) for a C$324 million (U.S. dollar at par) addition to its Nova gas transportation grid in northern British Columbia and Alberta.

Natural gas and oil industry fundamentals are improving “in stride” with the global economy, and with rising economic expectations, energy market sentiment remains “relatively positive,” industry consultant Ernst & Young LLP reported last week.

Natural gas and oil industry fundamentals are improving “in stride” with the global economy, and with rising economic expectations, energy market sentiment remains “relatively positive,” industry consultant Ernst & Young LLP reported Wednesday.

Natural gas and oil industry fundamentals are improving “in stride” with the global economy, and with rising economic expectations, energy market sentiment remains “relatively positive,” industry consultant Ernst & Young LLP reported Wednesday.

With drilling programs beginning to hit their stride in the once contested Atlantic Rim leasehold and across the southeastern corner of Wyoming, small and large exploration and production (E&P) companies are stepping up their coalbed methane (CBM) programs in the Greater Green River Basin to take advantage of the Rockies Express Pipeline (REX) and sharply higher natural gas prices.

With drilling programs beginning to hit their stride in the once contested Atlantic Rim leasehold and across the southeastern corner of Wyoming, small and large exploration and production (E&P) companies are stepping up their coalbed methane (CBM) programs in the Greater Green River Basin to take advantage of the Rockies Express Pipeline (REX) and sharply higher natural gas prices.

The market took Thursday morning’s natural gas storage report in stride as the Energy Information Administration (EIA) reported that 43 Bcf was injected for the week ended Aug. 24. October natural gas futures, in its first regular session action as front month, rallied in the late morning to $5.770 and closed out the day at $5.635, up 5.4 cents, but traders were not convinced the move higher had much if anything to do with the injection figure.

In yet another display of resistance to moving lower, the natural gas futures market bent but did not break Thursday morning as another triple-digit storage injection (100 Bcf) put bulls on the defensive. They battled back, however, and armed with weather reports calling for snow in Michigan and a tropical storm in the Gulf of Mexico, were successful in repelling the selling surge.

After first rallying on the news that a whopping 100 Bcf had been injected into underground storage facilities last week, the natural gas futures market suffered a slow grind lower Thursday as traders lightened their longs ahead of Friday’s expiration. At $4.542, the October contract finished 4.6 cents lower in its penultimate trading session. It goes off the board Friday at 2:30 p.m. EDT.