Withdrawn

Traders didn’t quite know how to handle the news Thursday morning that 86 Bcf was withdrawn from underground natural gas storage inventories for the week ending Jan. 22. Immediately following the 10:30 a.m. EST report, March natural gas futures — in its first regular session action as the front month — seesawed up and down before resuming its test of lower values.

Pending more study, the Wyoming Department of Environmental Quality (DEQ) has withdrawn a proposed rule that would have more stringently regulated the quality of production water discharges from coalbed methane (CBM) operations.

Pending more study, the Wyoming Department of Environmental Quality (DEQ) has withdrawn a proposed rule that would have more stringently regulated the quality of production water discharges from coalbed methane (CBM) operations.

April natural gas futures in its first regular session action as the front-month contract on Thursday digested the morning news that 101 Bcf was withdrawn from underground storage last week with little more than a blip on the charts. Prompt-month futures failed to drop below the psychological $4 price level and ended up closing at $4.077, up 4.8 cents from Wednesday’s close.

Natural gas futures bulls were dealt another blow Thursday morning as the Energy Information Administration (EIA) reported that only 159 Bcf was withdrawn for the week ended Feb. 6. Immediately following the report, the March natural gas contract scouted lower prices and ended up closing at $4.485, down 4.7 cents from Wednesday’s finish.

Shippers have withdrawn their complaint accusing Columbia Gas Transmission of unilaterally trying to implement a new and revised master list of interconnection (MLI) points, a move that shippers said would have seriously impaired their ability to schedule primary firm transportation on Columbia’s system.

Citing deteriorating market conditions, Plains All American Pipeline LP has withdrawn its initial public offering (IPO).

The Energy Information Administration (EIA) reported Thursday morning that an all-time record 274 Bcf was withdrawn from natural gas storage for the week ended Jan. 25. Despite the eye-popping number, traders appeared to have already factored in such a draw as March natural gas futures traded a tight range before closing out the day at $8.074, up 2.9 cents from Wednesday.

Traders who still happened to be in the office received a little surprise on Friday as the Energy Information Administration (EIA) reported that 165 Bcf was withdrawn from underground natural gas storage for the week ended Dec. 21. The larger-than-expected pull helped push February natural gas to a high of $7.410 before the contract closed at $7.386, up 18.6 cents from Thursday’s close and 9.4 cents higher than the previous week’s close.