Very

The Midwest — a region that was said to be “very dependent” on outside sources for natural gas — got a clean bill of health last Wednesday from FERC staff, who concluded in a report that “adequate pipeline and storage capacity” exists to meet the gas needs of the regional market.

The Midwest — a region that was said to be “very dependent” on outside sources for natural gas — got a clean bill of health Wednesday from FERC staff, who concluded in a report that “adequate pipeline and storage capacity” existed to meet the gas needs of the regional market.

After finishing last week on very negative and tenuous footing, natural gas futures extended lower Monday as funds and local traders exerted their influence on a market mostly devoid of commercial players. However, after plumbing a new, four-week low at $3.67 yesterday morning, the November contract struggled back to near unchanged in the afternoon. It settled at $3.74, up 0.1 cents on the day.

Monday was a no good, very bad day across Wall Street, and as usual, the energy industry went along for the ride. For the energy merchants, however, it was more like getting hit by a truck.

FERC continued to smile upon natural gas pipeline projects right up until the very end of last week. Late Friday, the agency dismissed a plea by a Florida citizens advocacy group to stay Florida Gas Transmission’s (FGT) construction of a new compressor station as part of the pipeline’s Phase V expansion project in the state.

A veteran analyst of natural gas fundamentals sees a very tight balance between supply and demand with prices rising to well over $4.00 by February.

As several competitors struggled for their very survival last week, Duke Energy reported earnings rose to 57 cents per share in the second quarter from 54 cents a share a year ago, due to hefty profits in the company’s gas pipeline business, which it said offset lower results for its sagging merchant energy business. Wall Street responded favorably to the news, with Duke Energy stock gaining about 27% in value for the week to trade at $22.45 a share late Friday.

As several competitors struggled for their very survival Tuesday, Duke Energy reported earnings rose to 57 cents per share in the second quarter from 54 cents a share a year ago, due to hefty profits in the company’s gas pipeline business, which it said offset lower results for its sagging merchant energy business. Despite the upbeat report, the company’s stock fell slightly to $19.06 a share in late-day trading.

As several competitors struggled for their very survival Tuesday, Duke Energy reported earnings rose to 57 cents per share in the second quarter from 54 cents a share a year ago, due to hefty profits in the company’s gas pipeline business, which it said offset lower results for its sagging merchant energy business. Despite the upbeat report, the company’s stock fell slightly to $19.06 a share in late-day trading.