Canadian industry interest in arctic drilling is warming up in the regulatory thaw signaled by the National Energy Board (NEB) with its December approval of the Mackenzie Gas Project, but the rigs will remain frozen out of offshore prospects until further notice.
Warming
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Northeast Plunges Again Lead Dips Across Board
As could be expected, weekend warming trends in many parts of the U.S. and Canada combined with a forecast of above-normal temperatures in most of the eastern two-thirds of the U.S. this week to keep prices falling at all points Friday. The previous day’s March futures drop of nearly 6 cents in the face of a nominally bullish storage report and the usual weekend decline of industrial load put further downward pressure on the cash market.
Most Points a Bit Higher as Mixed Pricing Prevails
The brief midweek firming effect on gas prices from colder weather began to fade a bit Thursday as modest warming trends were in effect in such areas as the South, Northeast and Midwest. They weren’t substantial enough to generate much in the way of cooling load, but they caused the market to be mixed on small price changes both up and down from flat.
Market Sees Firmer Quotes at Most Locations
Perhaps due to a little heating load starting to appear in some northern and western market areas, along with moderate warming trends returning in the South, the market found enough weather-based support to see modest gains at a small majority of points Tuesday.
Bit of Extra Heat, Screen Send Most Points Higher
With some support from the previous day’s 9.7-cent rebound by October futures, warming trends in parts of the key Midwest and Northeast market areas propelled cash prices higher at a large majority of points Wednesday.
Heat-Based Rally Falters as Most Points Drop
The modest Midwest warming trend that had helped boost most of the market slightly a day earlier proved to be short-lived, and so did the small rally as prices fell at a majority of locations Thursday.
Heat, Futures, Potential Storm Boost Prices at All Points
Prices were up by double-digit amounts at nearly all points Monday, getting strength from warming temperatures returning to several areas, a futures gain of 13.4 cents on the preceding Friday and news of a tropical system off the West African coast that had a good chance of becoming the Atlantic’s first named storm (Alex) of the season.
NOAA: Fading El Nino Could Intensify Hurricane Season
A “strong and mature” El Nino — the warming of sea surface temperatures in the central and eastern equatorial Pacific Ocean — persisted during January, but it is likely to fade this spring, increasing the chances for an active Atlantic hurricane season this year, according to the National Oceanic and Atmospheric Administration’s Climate Prediction Center (CPC).
NOAA: Fading El Nino Could Intensify Hurricane Season
A “strong and mature” El Nino — the warming of sea surface temperatures in the central and eastern equatorial Pacific Ocean — persisted during January, but it is likely to fade this spring, increasing the chances for an active Atlantic hurricane season this year, according to the National Oceanic and Atmospheric Administration’s Climate Prediction Center (CPC).
NOAA: Fading El Nino Could Intensify Hurricane Season
A “strong and mature” El Nino — the warming of sea surface temperatures in the central and eastern equatorial Pacific Ocean — persisted during January, but it is likely to fade this spring, increasing the chances for an active Atlantic hurricane season this year, according to the National Oceanic and Atmospheric Administration’s Climate Prediction Center (CPC).