Canada

Relatively moderate heat levels in the Mid-South and Northeast, along with mild to cool forecasts for Canada, the Pacific Northwest and sections of the Midwest, failed to prevent a large majority of locations from realizing small price gains Tuesday. However, inland California was beginning to join much of the desert Southwest in anticipating highs ranging from the mid 90s to more than 110, and the Rockies — while still fairly moderate — had predicted peak temperatures start to climb into the low 80s.

The South was destined to bake under highs from around 90 to a little more than 100 stretching as far west as Arizona, but most of the rest of the U.S. and Canada could expect temperatures ranging from merely warm to chilly. Combined with the previous day’s July futures dip of 17.3 cents, the decline of cooling demand resulted in double-digit price losses across the board Friday.

Triangle Petroleum Corp. said it has acquired about 42,000 net acres prospective for the Bakken and Three Forks formations in the Williston Basin, bringing its total net acreage position in the Williston Basin to 72,000 net acres and bring its net operated acres to 51,000.

Enterprise Products Partners LP (EPD) earned record profits in the first quarter as rig counts grew in liquids-rich shales and low natural gas prices spurred petrochemical demand. The company continues to see opportunities “to serve our customers, both producers and consumers,” COO Jim Teague said during a conference call Tuesday.

Mild softness dominated the cash market Tuesday. There was still a little bit of both heating load in Canada and the northern U.S. and cooling load in the southern tier of states, but neither demand source was strong enough to support spot prices. The previous day’s decline of 2.3 cents by May futures, which will expire Wednesday, was another slightly bearish influence for the physical market.

It’s not yet “forget about it” time for proposals to carry Alaska’s North Slope natural gas to Canada and Lower 48 markets, but hopes have dimmed for two competing pipeline projects.

It’s not yet “forget about it” time for proposals to carry Alaska’s North Slope natural gas to Canada and Lower 48 markets, but hopes have dimmed noticeably for two competing pipeline projects.

EOG Resources Inc. has taken its Marcellus Shale leasehold off the market because it’s a “core holding” and big plans are on the table to develop it once natural gas prices recover, CEO Mark Papa said Tuesday.

National Fuel Gas (NFG) continues to bet more chips on the Marcellus Shale.