Broader

Physical natural gas prices fell an average 3 cents overall in Monday’s trading, but that hid a much broader and deeper market decline. If multi-dollar advances on volatile Northeast pipelines are factored out, the market decline was just shy of 16 cents. Offsetting the Northeast strength were stout losses at California and Rocky Mountain points. After a weak open, May natural gas futures trimmed losses to nine-tenths of a cent to $4.015 and June eased five-tenths of a cent to $4.061. May crude oil fell 16 cents to $97.07/bbl.

An infrastructure to produce liquefied natural gas (LNG) may be one of the initiatives to emerge from a developing process in Wyoming to forge a deeper, broader energy-environmental foundation, according to Gov. Matt Mead’s policy director.

An infrastructure for producing liquefied natural gas (LNG) may be one of the new initiatives to emerge from a developing process in Wyoming to forge a deeper, broader energy-environmental foundation, according to Gov. Matt Mead’s policy director.

Soaring Northeast cash prices were unable to offset a broader overall market decline averaging 11 cents Friday. Gulf and eastern points were especially hard hit. December futures fell 14.5 cents to $3.554 and January tanked 13.8 cents to $3.680. December crude oil fell $2.23 to $84.86/bbl.

Intangible drilling costs (IDC) are “an ordinary and necessary business expense of the oil and gas industry,” and should only be modified as part of a broader tax reform package — and in combination with a lower, globally competitive corporate tax rate — according to Industrial Energy Consumers of America (IECA).

Intangible drilling costs (IDC) are “an ordinary and necessary business expense of the oil and gas industry,” and should only be modified as part of a broader tax reform package — and in combination with a lower, globally competitive corporate tax rate — according to Industrial Energy Consumers of America (IECA).

Chesapeake Energy Corp. shareholders were urged in a letter sent Thursday by the New York City comptroller to vote against the only two board members up for reelection in June. Meanwhile, the board on Friday adopted a compensation arrangement for outside directors that reduces compensation by 20% and eliminates personal travel on aircraft in which the company has a stake.

Wyoming regulators said Thursday a mechanical failure was the root cause of a natural gas well blowout late in April at a Chesapeake Energy Corp. drilling site, but operating errors also were contributing factors. The incident, in which no one was injured, lasted about three days (see Daily GPI, April 30).

Wyoming state investigators said Thursday a mechanical failure in the well was the main cause of a natural gas well blowout late in April at a Chesapeake Energy Corp. drilling site. However, operating errors also contributed. The incident lasted about three days; no one was injured (see Shale Daily, April 30).