Barometer

Texas oil and gas activity is looking up after months of declining rig counts and stagnant natural gas prices, nudging an industry barometer, the Texas Petro Index (TPI), up in March.

If the comments filed are a barometer, the controversy over the Commodity Futures Trading Commission’s (CFTC) proposal to curb excessive speculation in the derivatives market is far from over. Trade groups representing producers, municipal gas utilities, corn growers and other interests have called on the agency to make a number of changes to the proposed rule.

As a barometer of just how much wholesale natural gas prices have jumped in recent months, Questar Corp. distribution utility Questar Gas Co. Thursday filed for more than $405 million in separate natural gas cost recovery rate cases with both the Utah and Wyoming regulatory commissions, which will result in substantial retail rate hikes starting July 1.

The annual Central Gulf of Mexico lease sale, considered a leading barometer of the energy industry’s exploration and production efforts, drew a healthy response Wednesday in New Orleans, with the Minerals Management Service receiving bids totaling $505,468,501. The 547 blocks, located off the coasts of Louisiana, Mississippi and Alabama, drew bids from 90 companies – a 60% higher response than last year.

The annual Central Gulf of Mexico lease sale, considered aleading barometer of the energy industry’s exploration andproduction efforts, drew a healthy response Wednesday in NewOrleans, with the Minerals Management Service receiving bidstotaling $505,468,501. The 547 blocks, located off the coasts ofLouisiana, Mississippi and Alabama, drew bids from 90 companies – a60% higher response than last year.