Debated

Noting that while there are “important questions” about the environment, it has been reported that the Marcellus Shale could provide enough gas to meet U.S. demand for decades, while creating thousands of jobs, and most important can be developed responsibly, according to John Felmy, chief economist with the American Petroleum Institute (API).

The American Gas Association (AGA) expects to take a prominent seat as climate change legislation is debated next year. The association is preparing a “full court press” for the discussions, according to incoming Chairman Bob Skaggs.

The American Gas Association (AGA) expects to take a prominent seat as climate change legislation is debated next year. The association is preparing a “full court press” for the discussions, according to incoming Chairman Bob Skaggs.

After dropping to a new low for the move at $3.448 during Tuesday’s regular session, May natural gas futures were a little more reserved on Wednesday as traders debated the market’s next move. The prompt-month contract finished Wednesday’s regular session at $3.532, up 2.1 cents from Tuesday’s close.

As Congress debated measures to rein in “excessive” energy futures market speculation last week, an Interagency Task Force on Commodity Markets, chaired by the Commodity Futures Trading Commission (CFTC), released an interim staff report that found fundamental supply and demand factors are largely the cause of escalating oil prices in the futures market.

Prompt-month natural gas futures shot exactly 18.1 cents higher for a second consecutive session Friday as traders and analysts debated without consensus the reasoning for the renewed bout of strength. After reaching a high of $7.985, the February natural gas contract — which expires Tuesday — closed out the day at $7.983, just a penny short of the previous Friday’s finish.

Sen. Carl Levin (D-MI) last Monday said he and several other senators are drafting legislation to be debated in the fall that would subject unregulated electronic energy trading platforms, such as Atlanta-based IntercontinentalExchange (ICE), to the oversight of the Commodity Futures Trading Commission (CFTC). The CFTC also announced that it will hold a September hearing to review its level of regulation in energy markets.

Sen. Carl Levin (D-MI) Monday said he and several other senators are drafting legislation to be debated in the fall that would subject all currently unregulated electronic energy trading platforms, such as Atlanta-based IntercontinentalExchange (ICE), to the oversight of the Commodity Futures Trading Commission (CFTC).

Sens. Byron Dorgan (D-ND) and Larry Craig (R-ID) plan to offer an amendment to the broad energy bill (HR 6) being debated in the Senate that would permit domestic producers to drill for oil and natural gas in U.S. and Cuban waters located as close as 45 miles from Florida.