After a two-year investigation, a U.S. Senate subcommittee said Wednesday it is concerned about the involvement of three of the nation’s major bank holding companies in the commodities markets, claiming they engaged in risky activities and unfair trading advantages, and have inadequate safeguards in place to avert a financial disaster.
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Next-day gas prices were widely mixed in Thursday’s trading as gains in the Marcellus, Mid-Atlantic, and New England were unable to counter more pervasive weakness in the Gulf, Midwest, Midcontinent, Rockies, and California. The overall market change was unchanged.
December natural gas is set to open 18 cents higher Wednesday morning at $4.42 as overnight six- to 10 and 11- to 15-day forecasts turned colder mainly in the Midwest. Overnight oil markets rose.
Next-day natural gas overall inched lower in Wednesday’s trading as multi-dollar drops in New England were able to offset broad gains seen across a wide expanse encompassing the Marcellus, Midwest, Midcontinent, Gulf, and California.
Despite blizzard-like conditions in and around the Great Lakes region, natural gas for Wednesday delivery took back some of the 68-cent gain posted in Monday’s trading as hefty multi-dollar losses in New England and the Mid-Atlantic were able to overwhelm a pattern of albeit much more modest gains in the Marcellus, Gulf, Midwest, Midcontinent, and California.
December natural gas is expected to open 7cents lower Tuesday morning at $4.27as traders are faced with varying weather model interpretations in the more distant time frames. Overnight oil markets fell.
An affiliate of Boardwalk Pipeline Partners LP has filed an application with FERC requesting that it be permitted to abandon a natural gas storage cavern in Louisiana, citing weak demand for such capacity along the Gulf Coast that’s not expected to change in the near future.
December natural gas is set to open 12 cents higher Monday morning at $4.14 after weather forecasts over the weekend turned supportive in key market time frames. Overnight petroleum markets slumped.
Halliburton Co. (HAL) on Monday agreed to acquire Baker Hughes Inc. in a transaction worth an estimated $34.6 billion, bringing together the world’s No. 2 and No. 3 oilfield service (OFS) operators. On a pro-forma basis, the combined company had 2013 revenues of $51.8 billion, 136,000-plus employees and operations in more than 80 countries.
Physical gas for delivery Tuesday rocketed higher in Monday’s trading as temperature forecasts of as much as 20 degrees below normal gripped major East Coast population centers.