The cash market continued its broad, upward trajectory Monday, adding on average about 6 cents. Particularly strong were Northeast points and Southern California. Northeast gains were expected to subside Tuesday, but California pricing is following strong power generation demand. At the close of futures trading August had gained 3.6 cents to $3.117 and September had put on 3.5 cents to $3.111. September crude oil tumbled $3.69 to $88.14/ bbl.
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Most Points Record Strong Gains; Futures Make New Highs
Physical gas for weekend and Monday delivery staged a broad rally Friday with overall market gains on average of more than a nickel. Rockies and East Texas points were strong, but most Northeast and Eastern locations were solidly in the win column as well. Futures made it to new highs, giving new life to the bullish case. At the close of futures trading August had risen 8.2 cents to $3.081 and September was 9.5 cents higher at $3.076. August crude oil fell $1.22 to $91.44/bbl.
EPA Issues Draft Guidance on Diesel Use in Fracking
The Environmental Protection Agency (EPA) on Friday released a draft of its long-awaited guidance to oil and natural gas producers on the use of diesel fuel in hydraulic fracturing (fracking).
Chesapeake, 3M to Build Bigger, Less Costly CNG Tanks
Chesapeake Energy Corp. said Tuesday it will fund an effort by 3M to design, manufacture and market a “broad” portfolio of compressed natural gas (CNG) tanks for use in all sectors of the U.S. transportation market. According to the partners, the fuel tank on a CNG vehicle is the most expensive single component and less expensive tanks would enable CNG to be more widely adopted as an alternative vehicle fuel source.
Pennsylvania Lawmakers Go into Overtime on Impact Fee, Local Control
On the final evening of debate before state lawmakers recessed for the year, critics of a impact fee in Pennsylvania fought to increase the amount of revenue raised by the proposal.
API: Reject George Washington Forest Horizontal Drill Ban
The American Petroleum Institute (API) is urging the U.S. Forest Service (USFS) to reject proposals to ban horizontal drilling in the 1.1-million-acre George Washington National Forest (GWNF) in the Appalachian Mountains of Virginia, West Virginia and Kentucky. API said a ban would amount to “an arbitrary and unprecedented shift in national energy policy through the forest management planning process.”
Congressional Natural Gas Caucus Critical of EPA Actions
The Environmental Protection Agency (EPA) has overstepped its jurisdiction in Pennsylvania and should leave regulation of oil and gas to state officials, according to some members of Congress.
Industrial-Farm Coalition Opposes Subsidies for Gas Transportation
A broad coalition of industrial and agricultural natural gas users told House and Senate leaders last Monday that it would oppose any legislation that seeks to increase natural gas demand in the transportation and power sectors through the use of subsidies or mandates.
Industrial-Farm Coalition Opposes Subsidies for Gas Transportation
A broad coalition of industrial and agricultural natural gas users told House and Senate leaders Monday that they oppose any legislation that seeks to increase natural gas demand in the transportation and power sectors through the use of subsidies or mandates.
Broad-Based ‘Fuel Stations’ Could be Valero’s Future
Valero Energy Corp. is planning for the gasoline station of the future to transform into a broad-based multi-fuel station with natural gas, ethanol and perhaps even electricity fueling facilities, along with gasoline and diesel. Ethanol’s E85 fuel mixture is already being offered at several Valero stations and is planned to be offered in all new facilities.