Results from recent U.S. Geologic Survey (USGS) water quality testing in U.S. Environmental Protection Agency (EPA) monitoring wells in Pavillion, WY, “raise serious questions about the adequacy of EPA practices in drilling monitoring wells and testing water samples,” said Erik Milito, American Petroleum Institute (API) upstream director.
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Houston-based Chimera Energy Corp. announced on Tuesday that it had received drilling logs from Petroleos Mexicanos (Pemex), the Mexican state-owned petroleum company, and had “formulated a 90-day schedule for the first deployment” of its nonhydraulic shale oil extraction in Mexico’s Chicontepic Basin, even as concerns arose about the accuracy of many of the company’s statements.
The country may be suffering through one of its worst droughts in decades and record high temperatures are being recorded on a monthly basis, but portions of the eastern United States can expect above-normal snowfall during the 2012-2013 winter season, according to forecasters at AccuWeather.com.
The physical market ticked higher in most regions of the country on Wednesday except for much of the Northeast, where forecasts of cooler temperatures prompted drops from a few pennies to more than 80 cents. Gulf and California locations were firm.
U.S. shale gas plays continued to make a substantial contribution to the country’s natural gas production, the Energy Information Administration (EIA) said Tuesday in a report that cited supply gains last month. However, a declining rig count signals that production declines are on the way, the agency said.
Some of the top energy companies in the country are helping to move the U.S. economy, not through super-human feats but rather as investment heroes, using billions in business spending to create thousands of jobs, according to the Progressive Policy Institute (PPI).
The cash market fell on average by about 7 cents Monday as the weather outlook moderated for many parts of the country. Significant weakness was seen at Northeast points as well as the Eastern seaboard, while California locations managed to post gains. At the close of futures trading August had risen 10.7 cents to $2.883 and September added 9.0 cents to $2.876. August crude oil rose $1.54 to $85.99/bbl.
As much of the eastern half of the United States braces for its second dose of significant summer temperatures Thursday, cash prices for much of the country on Wednesday soared between a dime to more than a dollar, with the Northeast region continuing to come in on the high side of the day’s gains.
Federal officials have confirmed that two agencies studying the effects of hydraulic fracturing (fracking) are conducting their work in Washington County, PA, near a Marcellus Shale drilling and impoundment site that is the target of a lawsuit.
Physical gas prices eased about 3 cents overall Tuesday, and declines were within a relatively narrow range across the country. Eastern markets saw a strengthening in basis, but next-day prices eased with unsupportive weather being cited. Pipelines in Southern California were back in balance from an operational flow order earlier in the week and next-day prices eased. At the close of futures trading July had risen 1.4 cents to $2.232 and August was up by 2.4 cents to $2.287. July crude oil added 62 cents to $83.32/bbl.