Active

The 2011 Atlantic hurricane season, which officially begins in just two weeks, will be active but produce fewer tropical storms than previously expected, according to forecasters at MDA EarthSat Weather, who said warming waters in the Pacific Ocean will also keep a lid on summer temperatures.

Growing production from the Eagle Ford Shale in South Texas has prompted Plains All American Pipeline LP (PAA) to agree to build a new 130-mile crude oil and condensate pipeline, a marine terminal facility and 1.5 million bbl of storage capacity, the Houston-based partnership said Tuesday.

There is no doubt that shale gas will be a factor in future natural gas supply forecasts, but how big the role that turns out to be is still uncertain as a “huge learning curve” accelerates, a lead gas analyst at the California Energy Commission (CEC) told NGI last Friday.

May natural gas futures gained ground in active trading Wednesday as traders covered short positions in seeking to minimize exposure over the upcoming three-day weekend and not get caught on the wrong side of what could be a developing market trend. At the end of the day May had risen 4.8 cents to $4.310 and June gained 4.7 cents to $4.357. May crude oil vaulted higher $3.17 to $111.45/bbl.

May natural gas futures rose in active inventory report-driven trading Thursday. Government gas storage figures came in less than anticipated and prompted an immediate price advance.

The 2011 Atlantic hurricane season isn’t likely to produce as many tropical storms as 2010 but will still be “active,” and the storms it creates will probably cause more trouble for the U.S. coastline than last year, according to AccuWeather.com forecasters.

The tax break for high-cost natural gas wells in Texas — which is of particular importance to producers active in the state’s shale plays — continues to draw attention from lawmakers wrangling with a $27 billion budget shortfall.

The tax break for high-cost natural gas wells in Texas — which is of particular importance to producers active in the state’s shale plays — continues to draw attention from lawmakers wrangling with a $27 billion budget shortfall.

The 2011 Atlantic hurricane season isn’t likely to produce as many tropical storms as 2010 but will still be “active,” and the storms it creates will probably cause more trouble for the U.S. coastline than last year, according to AccuWeather.com forecasters.