Nat Gas News – January 27, 2017

Bloomberg reported: While President Donald Trump works to advance two controversial oil pipelines — Dakota Access and Keystone XL, a war’s being fought in Washington over a whole other set of lines: natural gas ones. Take Rover, a gas pipeline proposed by Energy Transfer Partners LP, the same company building Dakota Access. It’s been waiting for approval from the Federal Energy Regulatory Commission for two years. In fact, as Trump was declaring his support for the oil lines on Tuesday, a would-be shipper on Rover was asking the regulatory commission to expedite its decision on the gas project. For more visit bloomberg.com or click http://bloom.bg/2ja4SFc

Economic Calendar reports: Natural gas prices extended the recent winning streak to four sessions with today’s move to the upside. The contract for March settlement on the New York Mercantile Exchange ended today’s pit session $0.05 higher at $3.4/MMBtu. Today’s move to $3.498 for a high and subsequent sell-off resulted in a failed test of resistance at the January 17 high, which comes in at the same level. Another attempt at this high over the near term which results in a break above would leave the next target at the top of the gap created as a result of the weak open that took place at the start of the year. The top of this gap comes in at the $3.649 level. Today’s volatility in natural gas prices keeps with the trend of volatility that has characterized price action in recent weeks due to changing weather forecasts. At present, the forecast is for generally colder weather across the US. A relatively cold weather system will track across the East today, leaving much of the country much colder compared to recent weeks. For more on this story visit economiccalendar.com