West Virginia is once again grappling with a budget shortfall as severance tax collections have so far missed the mark this fiscal year, which began in July, as natural gas prices stagnate and coal demand remains lackluster.
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The Pennsylvania Public Utility Commission (PUC) said Thursday that localities affected by oil and gas drilling in 2012 will collectively receive $102.7 million from impact fee revenue generated by Act 13, the state’s omnibus Marcellus Shale law.
Cash natural gas prices fell 6 cents Monday, led by multi-dollar declines at Northeast points. East points were soft as well, and California locations were mixed. At the close of futures trading, July had added 0.7 cent to $3.991 and August was higher by 0.6 cent to $4.009. July crude oil added $1.48 to $93.45/bbl.
Natural gas producers in Pennsylvania have paid most of the $202.7 million owed under the drilling impact fee enacted under Act 13, the state’s omnibus Marcellus Shale law.
Cash prices eased a penny on average Monday, with modest gains in the Midwest unable to offset declines in the Northeast and East. Major market centers were mixed. Futures prices were pounded lower by forecasts of warmer temperatures in the nation’s midsection, a stark contrast to last week’s outlooks calling for a cooler-than-normal regime. At the close May had fallen 14.1 cents to $4.267 and June was lower by 13.9 cents to $4.298. May crude oil expired at $88.76/bbl, down 75 cents.
Gas for delivery over the weekend and Monday rose on average 4 cents Friday. Double-digit declines at some Northeast points were easily overcome by broad regional strength, and only a handful of locations showed losses.
Following three straight years of production declines after the Macondo well blowout, this year likely will be the first for growth in the Gulf of Mexico (GOM) since 2009, but it certainly won’t be the last, according to Raymond James & Associates Inc.
Following three straight years of production declines after the Macondo well blowout, this year likely will be the first for growth in the Gulf of Mexico (GOM) since 2009, but it certainly won’t be the last, said Raymond James & Associates Inc.
Cash natural gas prices overall declined an average of 2 cents Monday, but if the sharp declines posted at a handful of Northeast points are excluded, the overall market would have shown an average rise of 6 cents.