Active

Both cash and futures worked their way lower in active trading Tuesday with futures traders almost of the mind that $1-plus futures prices are just around the corner. The physical market saw broad weakness east of the Continental Divide, but cooler weather on the West Coast and additional loads at Northeast points provided notable strong points and quotes finished solidly in the black. At the close of futures trading May had shed 7.6 cents to $2.031 to reach a new set of 10-year low prices and June had dropped 7.1 cents to $2.152. May crude oil tumbled $1.44 to $101.02/bbl.

Houston-based NorTex Gas Storage Co. has changed its name to NorTex Midstream Partners LLC to reflect its new midstream energy market focus and asset acquisition strategy. “NorTex is in an active acquisition mode, committed to securing a full range of midstream assets and creating an unrivaled set of commercial solutions,” said CEO Robert Foss. NorTex owns and operates Worsham-Steed Gas Storage and Hill-Lake Gas Storage, high-deliverability, multi-cycle facilities serving the greater Dallas-Fort Worth market. These assets are in the Barnett Shale region and have multiple interconnections with several major pipelines serving energy markets from the Permian Basin at Waha to East Texas at Carthage, TX.

As part of one of the four active state proceedings dealing with the aftermath of the San Bruno natural gas pipeline explosion, Pacific Gas and Electric Co. (PG&E) now faces an additional $3 million fine based on a settlement agreement that has been recommended by an administrative law judge (ALJ) at the California Public Utilities Commission (CPUC).

Walter H. Helmerich III, chairman of Tulsa-based Helmerich & Payne Inc., the largest active provider of land drilling rigs in the United States, died Tuesday. Helmerich joined the company that his father co-founded in 1950 and became president in 1960. He led the company as CEO for 22 years until 1989 when his son Hans was named CEO. Helmerich is survived by his wife, Peggy, his five sons and 12 grandchildren. Services are to be held Friday at Boston Avenue United Methodist Church in Tulsa.

Producers active in Louisiana — where they enjoy an exemption from state severance taxes on horizontal well production — are increasingly eschewing conventional drilling to take advantage of the tax break, and that’s showing up in state revenue figures, according to a recent forecast from the state’s Legislative Fiscal Office. However, industry advocates advise: look at all the other taxes producers are paying.

February natural gas trekked below $3 again in active trading Thursday as traders factored in government storage data that showed a continued widening in the storage surplus. At the close February had given up 11.6 cents to$2.980 and March had retreated 11.0 cents to$3.017. February crude oil slipped $1.41 to $101.81/bbl.

Calling them a model for other states, the Colorado Oil and Gas Conservation Commission (COGCC) on Tuesday unanimously approved new rules for the disclosure of chemicals used in hydraulic fracturing (fracking), including trade secret protections sought by the oil and gas industry. The Colorado Oil and Gas Association (COGA) said the state “now has the strongest hydraulic fracturing rule in the country,” and environmental groups praised the action.

U.S. Interior Secretary Ken Salazar on Friday reiterated the importance of natural gas to the Obama administration’s energy and job-creation programs. Salazar said his department is very active in efforts to boost gas development both on and offshore in the United States.

U.S. Interior Secretary Ken Salazar on Friday reiterated the importance of natural gas to the Obama administration’s energy and job-creation programs. Salazar said his department is very active in efforts to boost gas development both on and offshore in the United States.