Natural Gas News – January 18, 2017

View today’s complete Natural Gas News report

In the News 

Aliso Canyon natural gas field could reopen after public hearings 
89.3 KPCC (Pasadena, CA) report: state oil and gas regulators say they completed a safety review of a Los Angeles gas storage facility where a blowout spewed methane for nearly four months. Based on that, they are setting some strict conditions for Southern California Gas Co. to reopen the underground field that blew a huge leak in 2015. The agency said Tuesday that it would hold public hearings in February before deciding whether to let Southern California Gas Co. resume storage of natural gas at its Aliso Canyon facility. The underground Aliso Canyon gas storage field near Porter Ranch has the capacity to hold 83 billion cubic feet, the statement said, but the amount of gas the company could put into the field available for delivery to customers would be limited to a maximum 29 billion cubic feet. For more visit scpr.org or click the following link http://bit.ly/2k2J3Yp

Natural gas prices stall

Economic Calendar report: natural gas prices came under pressure on Monday, with the contract for February settlement on the New York Mercantile Exchange closing at $3.41/MMBtu, down 0.3%. Today’s modest loss follows a gain in natural gas price last week of 4.8%. It appears that forecasts for warmer weather was the impetus behind today’s halt in the recent advance. According to natgasweather.com, temperatures this week will be much above normal, especially in regards to overnight lows. Wednesday night lows will be 10-40 degrees warmer than normal over much of the U.S., resulting in anemic natural gas demand. Open interest has not been supportive in the recent advance, as the number of outstanding natural gas futures contracts declined 3.6% from the December 9th closing low through last Friday’s close. Thus, it appears first support may be vulnerable to a break over the near term. For more on this story visit economiccalendar.com or click http://bit.ly/2jwSJJE

Market Condition Report - Disclaimer
The information contained herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Furthermore, no responsibility is assumed for use of this material and no express or implied warranties or guarantees are made. This material and any view or comment expressed herein are provided for informational purposes only and should not be construed in any way as an inducement or recommendation to buy or sell products, commodity futures or options contracts.

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