Wrest

A deal to restructure the Mackenzie Gas Project (MGP) to wrest control from a producer group appears to be close at hand, and TransCanada Corp. and the Aboriginal Pipeline Group (APG) are said to likely be the parties in charge of the project going forward.

Looking to wrest control from the bulls, natural gas futures bears received just the fundamental news they needed Thursday morning as the Energy Information Administration reported that 52 Bcf was injected into U.S. gas storage facilities for the week ended Aug. 12. While not overtly bearish, the number was above most industry estimates, including the ICAP-Nymex storage options auction’s projection of a 49.5 Bcf injection.

The sharp decline in the value of Dominion Resources’ proposedacquisition of Consolidated Natural Gas, prompted Columbia EnergyGroup to make public its intentions to break up the transactionwith a competing $6.7 billion bid over the weekend.