Commit

Shale gas is a doubled-edged sword for power generators in the Mid-Atlantic region, supplying them with abundant, low-cost gas while at the same time putting pressure on an already over-taxed pipeline infrastructure, generators said Thursday at the fifth and final FERC conference on gas-power coordination issues.

Physical natural gas prices for weekend and Monday delivery overall fell on average 4 cents as traders expressed a reluctance to commit to a three-day purchase when other alternatives were available. Northeast and California points were especially hard hit. Futures prices took a dive as traders factored in little potential market disruption from Tropical Storm Isaac. September tumbled 10.0 cents to $2.702 and October shed 10.5 cents to $2.734. October crude oil skidded 12 cents to $96.15/bbl.

Pennsylvania state Rep. Jesse White, a Democrat from the southwestern corner of the state, has introduced House Resolution 593 asking drillers to commit to a set of “Marcellus Shale Principles,” that include hiring local workers, protecting the environment and acting transparently in dealings with stakeholders. “Drilling for gas in the Marcellus Shale has created thousands of jobs, and has the potential to create thousands more at a critical time in our economy, and in areas that have historically suffered from high unemployment rates for many years…However, we can’t simply hand free reign over without any forethought to consequences and how our local communities could be affected for generations to come,” White said.

Quicksilver Resources Inc., which last month locked in a natural gas midstream partner, now is ready to commit to a joint venture (JV) to help fund upstream development of a 130,000 net acre leasehold in the Horn River Basin, executives said last week.

Quicksilver Resources Inc., which last month locked in a natural gas midstream partner, now is ready to commit to a joint venture (JV) to help fund upstream development of a 130,000 net acre leasehold in the Horn River Basin, executives said Thursday.

Kevin Cassidy, former CEO of Valhalla, NY-based brokerage firm Optionable Inc., has pleaded guilty to one count of conspiracy to commit wire fraud in connection with a 2003-2007 commodities trading scandal at Bank of Montreal (BMO). Cassidy was among the Optionable and BMO employees who were charged by federal and state authorities in 2008 for deceiving and defrauding the bank about the true value of its natural gas options book (see NGI, Nov. 24, 2008). A multi-count indictment charged Cassidy with criminal counts of wire fraud, making false statements to a bank, making false and misleading statements to the Securities and Exchange Commission and securities fraud. Under terms of the plea agreement, Cassidy would serve 30-37 months in prison. Cassidy also agreed to forfeit illegally obtained profit from the deal and could be fined. He is scheduled to be sentenced Dec. 15 in U.S. District Court for the Southern District of New York.

Kevin Cassidy, former CEO of Valhalla, NY-based brokerage firm Optionable Inc., pleaded guilty Monday to one count of conspiracy to commit wire fraud in connection with a 2003-2007 commodities trading scandal at Bank of Montreal (BMO).

New York Attorney General Eric Schneiderman plans to sue the federal government if it does not commit within 30 days to conduct a full environmental review of regulations proposed by the Delaware River Basin Commission (DRBC) that would allow natural gas development projects — with conditions — in affected areas of the Marcellus Shale.

New York Attorney General Eric Schneiderman plans to sue the federal government if it does not commit within 30 days to conduct a full environmental review of regulations proposed by the Delaware River Basin Commission (DRBC) that would allow natural gas development projects — with conditions — in affected areas of the Marcellus Shale.