Counterpart

The Commodity Futures Trading Commission (CFTC) and its United Kingdom counterpart, the Financial Services Authority (FSA), have begun to work “to enhance cooperation and the exchange of information” to supervise cross-border clearinghouses. A memorandum of understanding (MOU) signed Monday by CFTC Chairman Gary Gensler and FSA CEO Hector Sants took effect immediately. According to the CFTC, the MOU “is an important step in ensuring the sound oversight of clearing houses providing services in both the United States and the United Kingdom and will help promote market integrity and appropriate customer protection in the global derivatives markets.”

The energy portion of the nearly $888 billion Senate economic stimulus package, like its House counterpart, focuses almost exclusively on tax credits and direct investments for renewable fuels and electric transmission facilities, but one tax credit has been carved out for traditional oil and natural gas producers. Producers would be eligible for a $10/ton tax credit if they can prove that the carbon dioxide (CO2) injected to enhance oil and gas recovery has been permanently sequestered in a field.

The energy portion of the nearly $888 billion Senate economic stimulus package, like its House counterpart, focuses almost exclusively on tax credits and direct investments for renewable fuels and electric transmission facilities, but one tax credit has been carved out for traditional oil and natural gas producers. Producers would be eligible for a $10/ton tax credit if they can prove that the carbon dioxide (CO2) injected to enhance oil and gas recovery has been permanently sequestered in a field.

Sempra Energy’s utility overhaul of the Southern California natural gas transmission pipeline and storage system with its new firm access rights (FAR) was implemented late last month. And while experts agree that it will take several months for the market to make a complete transition to the new system, trading liquidity and volume were promising at the delivery location, providing ample data for NGI to debut its new SoCal Citygate price index on Oct. 1.

Arctic natural gas has become an energy counterpart to the Northwest Territories diamonds marketed as Canadian Ice as a result of steeply hiked cost estimates for the proposed northern production and pipeline system.

Arctic natural gas has become an energy counterpart to the Northwest Territories diamonds marketed as Canadian Ice as a result of steeply hiked cost estimates for the proposed northern production and pipeline system.

Using photo-ops in the Big Apple as a backdrop, California Gov. Arnold Schwarzenegger and his New York counterpart, Gov. George Pataki announced Monday their states will work to link California’s future greenhouse gas (GHG) emissions credit market to a similar upcoming market in the Northeast/Mid-Atlantic states. Earlier in the day, Schwarzenegger rolled out an executive order in his state to implement new global warming laws. He’ll sign the order Tuesday upon his return.

Boosted higher in part due to the record day of its liquid counterpart, August natural gas futures on Wednesday climbed 5.9 cents to expire at $6.048, while September futures jumped 12 cents to close at $6.142.

Merchant natural gas storage operators have joined their counterpart power plant operators in the crosshair of the California Public Utilities Commission, based on remarks Monday at a Canadian energy conference by the CPUC’s president, Loretta Lynch. State regulators likely will be examining the market power and wholesale price manipulation issues related to gas storage next year, she told an industry gathering in Calgary, as part of a broader reregulation effort.