Trump names energy industry adviser to chair FERC
Washington Examiner reports: President Trump has nominated industry adviser and lawyer Kevin McIntyre to lead the nation’s top energy watchdog, the Federal Energy Regulatory Commission. The White House announced its intention to nominate McIntyre Thursday evening, even as a number of Trump’s other nominees await votes on the Senate floor to be confirmed. Two of Trump’s Republican commissioners, Neil Chatterjee and Robert Powelson, are awaiting to be voted on by the Senate. They were passed out of the energy committee early last month. Trump also nominated Richard Glick to replace Democratic Commissioner Colette Honorable, who stepped down on June 30. Glick hasn’t had a hearing yet in Energy and Natural Resources Committee, the first step toward confirmation. The FERC approves and regulates the interstate transmission of electricity, natural gas, and oil.
EIA Reports Natural Gas Inventories Rise 57 Bcf, Prices Edge Higher
Economic Calendar reports: The latest Energy Information Administration (EIA) natural gas storage data recorded a build of 57 Billion Cubic feet (Bcf) for the week ending July 7th. The increase was below the 72 Bcf recorded last week and slightly below consensus forecasts of a build near 60 Bcf. Prices edged higher after the storage data with gains to just below the $3.00 per mBtu from $2.97 with further selling interest above the $3.00 level. There were further significant increases in stocks in the East and Midwest for the week with other regions showing a small increase as overall demand in the South remained strong.