- Cabot Oil & Gas (COG +2.8%) rallies by as much as 4%, the most in four weeks, as natural gas pipelines that will move supplies from shale formations in the eastern U.S. progress toward development.
- TransCanada’s Leach and Rayne XPress gas pipeline projects won U.S. regulatory approval earlier today, which Drexel Hamilton analyst Robert Christensen says will alleviate discounts for natural gas in region “that have plagued the industry because of a lack of capacity... Every increment of exit capacity improves prices."
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Three weeks ago, FERC issued a final environmental impact statement for its Atlantic Sunrise project.
- Other key customers of Leach and Rayne Xpress include Range Resources (RRC +1.2%) and Noble Energy (NBL +1.6%).