Combined

Led by spending in North America’s offshore and onshore, global upstream expenditures are set to reach a combined record of $1.23 trillion this year, according to the latest IHS Upstream Spending Report.

Marketed natural gas production of the top-five producing states — Texas, Louisiana, Wyoming, Oklahoma and Colorado — grew 7.5% last year, but their combined share of U.S. gas output fell slightly to about 65%, according to the Energy Information Administration (EIA).

Marketed natural gas production of the top-five producing states — Texas, Louisiana, Wyoming, Oklahoma and Colorado — grew 7.5% last year, but their combined share of U.S. gas output fell slightly to about 65%, according to the Energy Information Administration (EIA).

Marketed natural gas production of the top-five producing states — Texas, Louisiana, Wyoming, Oklahoma and Colorado — grew 7.5% last year, but their combined share of U.S. gas output fell slightly to about 65%, according to the Energy Information Administration (EIA).

Both the cash and futures marched lower Wednesday. The looming question of where the current storage surplus combined with robust production will find a home come October continues to pressure the market. Futures slipped below $2, establishing a new 10-year low. Most markets were off by about a nickel, and Northeast points hovered in the vicinity of unchanged.

Gas for Monday delivery fell about 8 cents nationwide in Friday trading as an overall shortage of demand combined with the need to make up ground traversed by the double-digit decline in the May futures on Thursday. Losses were greatest at eastern points as temperature forecasts called for seasonal readings for most of next week. At the close of futures trading May had lost 2.3 cents to $2.126 and June had given up 1.1 cents to $2.259. May crude oil added 24 cents to $102.02/bbl.

Further deteriorating power prices fueled by record low natural gas charges, combined with stiffer air quality rules, have put Edison International’s (EI) already shaky independent power business, Edison Mission Group (EMG), on the brink of sell-offs, divestitures or a restructuring, EI CEO Ted Craver told an earnings conference call Wednesday in which he reported heavy red ink at EMG.

Two members of the Ohio General Assembly announced Tuesday that they are drafting a bill that calls for raising the state’s severance tax on natural gas drilling and would create a fund for localities where drilling takes place.

Physical natural gas prices for weekend and Monday delivery fell about 9 cents Friday as typically weak weekend loads combined with moderating weather to pummel prices lower.