Banks that lend to U.S. energy companies are forecasting a “slight” increase in natural gas prices from 2024 into 2025, but mild weather and healthy storage levels have left the bears in charge in the near term, according to a survey by Haynes and Boone LLP. Lenders from the 25 banks that responded to the…
Banking
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Morgan Stanley Unit to Take Over Southern Star System
A unit of banking giant Morgan Stanley said Thursday it is taking full ownership in Southern Star Central Gas Pipeline, the primary natural gas transmission and natural gas storage facility provider for several of the biggest cities and power generation providers in Kansas, Missouri and Oklahoma.
With Asset Sale Complete, Norse Turns Focus to New York’s Marcellus, Utica
Banking on the possibility that New York will lift its moratorium on high-volume hydraulic fracturing (fracking) in the near future, Norse Energy Corp. ASA on Thursday completed a $37 million sale of operated production and other assets in the Empire State to EmKey Resources LLC (see Shale Daily, March 19), giving it cash to focus on core properties in the Marcellus and Utica shales in central New York.
Tax Panel: Dem Tax Proposal Could Shave Deficit by $352B
The Joint House-Senate supercommittee Tuesday was called on by a coalition of Senate and House Democrats to include a 0.03% tax on banking and financial firms’ nonconsumer transactions, including trading of derivative contracts, options, puts, forward contracts, swaps and other complex instruments, in their upcoming deficit-reduction legislation.
Societe Generale Builds North American Trading Arm
Societe Generale Corporate & Investment Banking last week agreed to purchase some of RBS Sempra Commodities’ North American natural gas and power assets and to hire 130 of its energy traders. Financial details were not disclosed.
Societe Generale Nabs North American Assets, Personnel From RBS Sempra
Societe Generale Corporate & Investment Banking agreed Tuesday to purchase some of RBS Sempra Commodities’ North American natural gas and power assets and to hire 130 of its energy traders. Financial details were not disclosed.
Energy Analysts Remain Pessimistic on Gas Prices
Natural gas prices are weak and will remain that way into 2011 because of abundant supplies and weak demand, Merrill Lynch, the investment banking arm of Bank of America Merrill Lynch (BAML), said Tuesday. Analysts slashed their forecast for U.S. prices in the final three months of 2010 by 16% and revised their outlook for gas prices for 2011 downward by 17%.
Chamber: Senate Financial Reform Takes ‘Three Steps Backwards’
The U.S. Chamber of Commerce said Tuesday it is disappointed by Senate Banking Committee Chairman Christopher J. Dodd’s (D-CT) proposal for a sweeping overhaul of the financial regulatory system, citing the measure’s failure to attract bipartisan support in the Senate.
Chamber: Senate Financial Reform Takes ‘Three Steps Backwards’
The U.S. Chamber of Commerce said Tuesday it is disappointed by Senate Banking Committee Chairman Christopher J. Dodd’s (D-CT) proposal for a sweeping overhaul of the financial regulatory system, citing the measure’s failure to attract bipartisan support in the Senate.
Royal Bank of Scotland Considers Divesting Sempra Joint Venture
With the continuing global shakeup in the banking industry, a highly profitable joint venture commodity trading business between the Royal Bank of Scotland (RBS) and San Diego-based Sempra Energy could eventually unravel, although Sempra moved Monday to put the situation in perspective for U.S. financial markets. Sempra CEO Donald Felsinger issued a statement in response to news reports that RBS may divest its interest in the RBS Sempra Commodities joint venture.