Acknowledged

Prolific oil production from U.S. shales is weighing on the need for imports, OPEC acknowledged in its latest Monthly Oil Market Report (MOMR), and analysts at Barclays predicted that the Organization of the Petroleum Exporting Countries will see its influence over market balances decline over the next few years.

In a campaign speech in Cincinnati, OH, President Obama expressed full support for the development of natural gas and acknowledged that “a lot of folks” in the industry are engaging in hydraulic fracturing (fracking) in a safe manner. He dismissed claims that his administration — namely the Interior Department and Environmental Protection Agency — is blocking oil and natural gas development.

In a campaign speech in Cincinnati, OH, President Obama expressed full support for the development of natural gas and acknowledged that “a lot of folks” in the industry are engaging in hydraulic fracturing (fracking) in a safe manner. He dismissed claims that his administration — namely the Interior Department and Environmental Protection Agency — is blocking oil and natural gas development.

Ahead of a California Superior Court hearing last week, Pacific Gas and Electric Co. (PG&E) publicly acknowledged liability for the natural gas transmission pipeline explosion in San Bruno, CA, last year and said it would compensate all of the victims.

January natural gas futures posted a double-digit loss Monday as traders acknowledged a low volatility price environment and little incentive for end-users to step up to the plate and lock in prices. At the close January was down 12.3 cents to $3.461 and February also had shed 12.3 cents to $3.490.

Wyoming Gov. Matt Mead acknowledged Tuesday that there are some petroleum and other pipelines in the northern part of his state that have been identified by federal inspectors as being potentially at risk for failures at river and stream crossings that could have catastrophic effects on the state’s waterways. Mead is mindful of the incident in July with an ExxonMobil Corp. oil pipeline spill in the Yellowstone River in central Montana.

August natural gas retreated Thursday as traders acknowledged a robust increase in gas storage even as major energy markets were subjected to brutal heat. At the close August had fallen 10.5 cents to $4.395 and September had shed 10.7 cents to $4.362. August crude oil added 73 cents to $99.13/bbl.

In the midst of intense consumer and regulatory unrest, Pacific Gas and Electric Co. (PG&E) acknowledged Thursday that it will be replacing two of its key senior executives: COO John Keenan and Senior Vice President for Engineering and Operations Edward Salas.

Two big-ticket acquisitions in the Fayetteville Shale by BHP Billiton Petroleum and XTO Energy Inc. suggest that the pace of development in the play will be accelerating, acknowledged Steve Mueller, CEO of Fayetteville veteran Southwestern Energy Co. But his company can hold its own, having locked in some of its costs and beaten down drilling times, Mueller said.