The oil and natural gas industry in New York State is “imperiled” and “in crisis” because of the ongoing delay over whether to allow hydraulic fracturing (fracking) in the state, according to a letter sent Monday to Gov. Andrew Cuomo by the Independent Oil & Gas Association of New York (IOGA).
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California Natural Gas Outlook Essentially Flat
The power generation and transportation fuel sectors may see substantial gains in natural gas use, but California’s overall natural gas demand is expected to stay essentially flat in the next two decades, according to two recent companion gas reports released by the California Energy Commission (CEC).
BP Chief’s Comments a ‘Disservice’ to Industry, Says Tillerson
ExxonMobil Corp.’s top gun on Wednesday took a shot at BP plc CEO Bob Dudley’s assertion that the Macondo well blowout in the Gulf of Mexico last April resulted from industry-wide safety lapses.
BP Chief’s Comments a ‘Disservice’ to Industry, Says Tillerson
ExxonMobil Corp.’s top gun on Wednesday took a shot at BP plc CEO Bob Dudley’s assertion that the Macondo well blowout in the Gulf of Mexico last April resulted from industry-wide safety lapses.
Amaranth to Appeal Decision on FERC’s Role in Gas Futures Market
Failed hedge fund Amaranth Advisors LLC says it plans to appeal later this week FERC’s recent decision upholding its assertion of jurisdiction in the natural gas futures market. At the same time, Amaranth and affiliates have asked the Federal Energy Regulatory Commission (FERC) to stay the enforcement proceedings at the agency pending the court’s review of the jurisdictional issue.
FERC, GAO ‘Generally Agree’ on LNG Fire Risk, Staffer Testifies
In testimony to a Congressional committee last Wednesday, a FERC staffer downplayed the assertion made in a recent General Accounting Office (GAO) report that there is disagreement among experts over the distance at which a fire from a liquefied natural gas (LNG) spill would pose a threat of burns.
FERC ‘Generally Agrees’ with GAO on LNG Fire Risk, Staffer Testifies
In testimony to a Congressional committee Wednesday, a FERC staffer downplayed the assertion made in a recent General Accounting Office (GAO) report that there is disagreement among experts over the distance at which a fire from a liquefied natural gas (LNG) spill would pose a threat of burns.
Documents Reveal Enron Pressured PaineWebber to Fire Broker
An assertion by a former UBS PaineWebber broker that he had been fired for advising clients to sell their Enron Corp. shares in August 2001 was verified Wednesday by Congressional investigators, who released a series of e-mail messages between the brokerage and the company. Broker Chung Wu, formerly in PaineWebber’s Houston office, said he suspected his dismissal followed pressure from Enron after he sent a message to clients early on Aug. 21 warning that Enron’s “financial situation is deteriorating” and that they should “take some money off the table.”
Lehman Sees Sharply Lower Demand, Cuts Price Forecast
Due to its assertion that natural gas demand has not rebounded with the arrival of lower prices and remains 8 Bcf/d less than year-ago levels, Lehman Brothers lowered its 2001 benchmark natural gas price forecast Tuesday for the second time in a month from $5.75 to $5.00/MMBtu.
As Cash Traders Wait, Futures Prices Abate
Despite one marketer’s assertion that not too much is happeningin the May bidweek market yet, activity was far from lacking at theNew York Mercantile Exchange Monday. The spot May contract lostanother 7.6 cents to $2.266 yesterday, as traders continue to getout of their May positions before the contract goes off the boardat 3:10 EDT this afternoon. An estimated 93,800 total contractschanged hands.