Continued

Relatively warm weather during winter’s final months and a halting economic upturn continued to keep a lid on natural gas sales during the first quarter of 2012, according to NGI’s 1Q2012 Top North American Gas Marketers Ranking, which found a majority of companies reporting sales declining or flat compared with 1Q2011.

Relatively warm weather during winter’s final months and a halting economic upturn continued to keep a lid on natural gas sales during the first quarter of 2012.read more

Relatively warm weather during winter’s final months and a halting economic upturn continued to keep a lid on natural gas sales during the first quarter of 2012, according to NGI’s 1Q2012 Top North American Gas Marketers Ranking, which found a majority of companies reporting sales declining or flat compared with 1Q2011.

The physical market answered Tuesday futures double-digit decline with an overall tumble on average of 9 cents Wednesday as the screen continued to drop and weather forecasts moderated. Northeast points were particularly hard hit as spot power prices plunged. At the close of futures trading July had shed 6.7 cents to $2.418 and August was down by 6.9 cents to $2.471. July crude oil suffered a $2.94 loss to $87.82/bbl.

North Dakota continued on a record-setting pace for oil and natural gas production at the end of the first quarter, but state Department of Mineral Resources Director Lynn Helms also raised caution in his most recent monthly “Director’s Cut” report released Friday.

The drip, drip, drip of discouraging news continued for Chesapeake Energy Corp. last week, beginning with a letter on Monday from the largest shareholder encouraging the board “to be open to any offers to acquire the whole company.” The week ended with a regulatory filing by the company that it may delay some of the $14 billion in planned asset sales this year because low natural gas prices could stretch its ability to comply with credit covenants.

Two years after the Macondo well blowout, the debate continued last week at the Offshore Technology Conference in Houston about whether oil and natural gas companies prioritize the the safety and risk management culture on drilling platforms or start-up dates for offshore drilling projects.

DCP Midstream LLC is promoting a number of Midcontinent-focused projects currently under way that combined represent an investment of $2 billion. Among them is infrastructure development to provide natural gas liquids (NGL) takeaway capacity to Mont Belvieu, TX.

Two years after the Macondo well blowout, the debate continued Monday at the Offshore Technology Conference in Houston over whether oil and natural gas companies prioritize the start-up dates for offshore drilling projects or the safety and risk management culture on drilling platforms.