Royal Dutch Shell plc plans to lay off staff in its U.S. exploration and production (E&P) arm and cut upstream Americas spending by 20% this year to right its capital spending with cash flow.
Articles from Cash
Natural gas cash values pushed higher again Tuesday for Wednesday delivery, with gains in the East recording the largest increases as the return of summer heat after weeks of below-normal temperatures sparked gas demand. After exploring gains in morning trading with a high of $3.500, the September natural gas futures contract retreated in the afternoon to close at $3.444, down 1.9 cents from Monday’s regular session close.
Physical natural gas trading Friday for weekend and Monday delivery overall was flat in uninspired trading. With few exceptions, prices flip-flopped within a nickel of unchanged.
Growing natural gas production in the Permian Basin has prompted Atlas Pipeline Partners LP to announce plans for a new 200 MMcf/d cryogenic processing plant, which will be anchored by production from Pioneer Natural Resources Inc.
Consol Energy Inc. has opened a water treatment plant near Mannington, WV, that will be used to treat up to 3,500 gallons per minute of water from coal mines, some of which could be put to use in hydraulic fracturing (fracking) operations in the area.
Cash natural gas prices Friday for Monday delivery followed the lead of Thursday’s futures and fell 16 cents on average. Almost all points fell into the loss column, and only a few market points escaped double-digit losses.
Cash quotes overall fell 7 cents Tuesday as Northeast points reacted to an expected moderation in temperatures as well as weaker power prices and led the march lower. Eastern points weren’t too far behind, and gas for delivery Wednesday into the Great Lakes area slid about a nickel. July natural gas slid 9.2 cents to $3.647 and August dropped 9.0 cents to $3.670. August crude oil added 14 cents to $95.32/bbl.
Overall, cash prices fell 3 cents Friday in a broad retreat as only a handful of points made it to the positive side of the trading ledger. Offsetting the pervasive selling was the Northeast, which scored double-digit gains. Eastern locations were mixed, but the Rockies and major market trading points fell hard. At the close of futures trading, July had fallen 10.6 cents to $3.771 and August was down 10.6 cents as well to $3.793. August crude oil continued its losing ways, giving up $1.45 to $93.69/bbl.
The natural gas cash market on average slipped by a penny in Wednesday’s trading, with many points trading within just a few pennies of unchanged. Great Lakes locations were flat to a couple of pennies lower, and the Gulf mostly registered losses of 2-3 cents. California prices were squarely in the red. At the close of futures trading, July had added 5.3 cents to $3.777 and August was up by 5.4 cents to $3.797. July crude oil added a half buck to $95.88/bbl.
Natural gas cash market quotes were on average nearly 5 cents lower Tuesday for Wednesday delivery as near-term weather patterns showed moderation in key eastern energy-consuming regions. Northeast locations led the trend lower, but major market centers nationally were lower as well. At the close of trading, July futures had fallen 7.6 cents to $3.724, and August was off 7.8 cents to $3.743. July crude oil declined 39 cents to $95.38/bbl.