October natural gas is expected to open a penny lower Friday morning at $4.03 as forecasters tweak their outlooks to the cooler side. Overnight oil markets rose.
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The Pennsylvania Supreme Court has reaffirmed the state’s 131-year history of mineral rights law, unanimously ruling in favor of a Susquehanna County couple that had filed a lawsuit over the rights to the natural gas under property in the Marcellus Shale.
The Pennsylvania Supreme Court reaffirmed the state’s 131-year history of mineral rights law on Wednesday, unanimously ruling in favor of a Susquehanna County couple that had filed suit over the rights to the Marcellus Shale gas under their property.
Physical gas prices overall were flat Wednesday with most price averages fluctuating within a couple of pennies. Even the typically volatile Northeast traded within 1-2 cents of Tuesday’s prices.
Physical natural gas prices on average for weekend and Monday delivery added a couple of pennies Friday as gains throughout a majority of the country overcame some losses in the Midwest, Great Lakes and Northeast. Seesawing weather conditions were expected to result in Monday temperatures slightly to much above normal in the Midwest.
A lawsuit filed by Range Resources Corp. against a Texas couple that accused the company of contaminating drinking water with drilling activity should be heard in state district court in Weatherford, TX, the Texas Second District Court of Appeals in Fort Worth ruled recently. Landowners Steven and Shyla Lipsky sued Range in 2011 after the U.S. Environmental Protection Agency (EPA) issued an order that said Range was responsible for the contamination. However, EPA ultimately backed down from its claim (see Shale Daily, April 2). Range counter-sued the Lipskys and environmental consultant, Alisa Rich of Wolf Eagle Environmental, claiming that they conspired to incriminate the company. The Lipsky’s lawsuit against Range was thrown out, but Range’s counter-suit was allowed to proceed (see Shale Daily, Aug. 29, 2012). The case could still be heard in appeals court but only if all parties, including the trial court judge, agree to it by April 11. Range is seeking $3 million in damages. A Range spokesman said the company was still considering the court question, but is confident that the original ruling is correct and that Range’s claims should proceed to trial.
Physical natural gas prices fell a couple of pennies on average Wednesday, but if constrained market points in the East on pipelines such as Algonquin, Iroquois, Transco, and Tennessee were held out of the mix, then the overall market loss would increase to about a nickel. Futures trading was light and traders suggest now might be a good time to sell irrespective of Thursday’s inventory report. At the close of futures trading April fell 5.9 cents to $3.470 and May dropped 5.6 cents to $3.519.
Physical natural gas prices Wednesday eased a couple of pennies in an overall broad decline. However, if volatile New England points on pipelines such as Iroquois, Algonquin, and portions of Tennessee are factored in, the decline is 27 cents. No more than a handful of locations were able to post gains. At the close of futures trading March had added 7.6 cents to $3.306 and April was up by 7.5 cents to $3.371. March crude oil slipped 50 cents to $97.01/bbl.
Internal test results, couple with those of other local operators, have bolstered Mancos Shale natural gas prospects for Rapid City, SD-based Black Hills Corp., according to CEO David Emery, who offered an optimistic outlook in reporting increased profits for 4Q2012 and all of last year for the diversified utility and exploration and production (E&P) company.