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Despite a major snowstorm that slammed the Plains and the Midwest Friday and was bearing down on the East, a number of natural gas futures traders took profits following a week of trading higher. January natural gas futures on Friday put in a low of $8.350 before closing at $8.422, down 42.2 cents on the day but 32.3 cents higher than the previous week's close on Wednesday (Nov. 22).

The final rules under the Dodd-Frank Act to be issued in the near future would make clear that only parties that "make markets for others on a routine basis," would be subject to rules governing swap dealers, Commodity Futures Trading Commission (CFTC) Chairman Gary Gensler told a congressional committee last Wednesday.

After its Main Pass Energy Hub (MPEH) proposed offshore liquefied natural gas project was denied by Louisiana Gov. Kathleen Blanco early last month, McMoRan Exploration Co. said Thursday it has amended its license application in order to obtain approval.

The U.S. natural gas supply situation remained bearish at the end of March, despite "historic lows" in Canadian imports and the dry gas Haynesville Shale continuing to lose popularity among exploration and production (E&P) players, according to a review by Societe Generale's Laurent Key and Stephanie Aymes.

After siting several independent underground natural gas storage facilities during the past decade, California's thirst for storage still has not been quenched, particularly in the northern half of the state. Thus, it is not surprising that a veteran associated with the earlier projects has a new one, but the proposed urban location is a bit eye-popping -- in the middle of the state capital's burgeoning population.