Break

November futures managed to break the string of four losing sessions in a row on Tuesday in what was characterized as bargain hunting and not indicative of any significant fundamental or technical shift in the market. At the close, November had risen 2.1 cents to $3.638 and December had managed to add 1.6 cents to $3.944. November crude oil made it three losses in a row with a drop of $1.94 to $75.67/bbl.

Houston’s ConocoPhillips, one of the biggest integrated oil and gas producers in the world, has launched a break-up plan that would create the largest upstream independent producer in North America.

House Republicans fought back a Democratic drive last Thursday to repeal a major tax break for oil and natural gas producers. The issue now moves to the Senate, where its fate is uncertain.

Exporters that aim to enter Asian liquefied natural gas (LNG) markets have to break modern North American habits and relearn an old business culture: strict secrecy, Canada’s National Energy Board (NEB) is being told.

A trio of Alaska state senators recently introduced legislation that would extend a corporate income tax break to the operator of a natural gas-to-liquids (GTL) plant, should one be built, to liquefy North Slope gas production for shipment to Lower 48 and/or overseas markets. GTLs could be shipped on the Trans-Alaska Pipeline in combination with crude or separately. The bill (SB 109) recently had its first reading in the senate’s Resources Committee. Sen. Lesil McGuire (R-Anchorage) introduced the legislation; Sens. Tom Wagoner (R-Kenai) and Bill Wielechowski (D-Anchorage) are co-sponsors.

West Virginia Gov. Earl Ray Tomblin, joined by leaders in the natural gas and chemical industries, announced Tuesday the formation of the Marcellus to Manufacturing Task Force, intended to harness the business opportunities surrounding the development of the Marcellus Shale.

Offshore oil and natural gas producers scored a break in the stopgap funding measure signed by President Obama late Tuesday — it excludes a provision that would have extended the federal review period of new offshore drilling plans to 90 days from 30 days.

After a wild week of ups and downs as January futures traded between $4.328 and $4.637, traders on Friday took a bit of a break as the prompt-month contract traded in a tighter range and ended up closing the regular session at $4.417, down 1.8 cents from Thursday’s finish but 6.8 cents higher than the previous week’s close.

Natural gas futures took a break from the downside Wednesday as near-term weather forecasts got even chillier for a number of heavy gas-usage regions in the East. January natural gas futures recorded a high of $4.324 before closing out the regular session at $4.269, up 8.9 cents from Tuesday’s finish.