With such locations as Little Rock, AR, and Shreveport, LA, destined to reach the low to mid 100s during the weekend and most other portions of the South hitting the mid 90s or so, cash prices managed to eke out small increases again Friday. That broke a down-up-down-up pattern established in the cash market earlier in the week.
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Calypso U.S. Pipeline LLC has notified FERC that it has abandoned its undersea pipeline project, which was destined to deliver regasified liquefied natural gas (LNG) from a deepwater port offshore Florida to customers in the Sunshine State.
The South was destined to bake under highs from around 90 to a little more than 100 stretching as far west as Arizona, but most of the rest of the U.S. and Canada could expect temperatures ranging from merely warm to chilly. Combined with the previous day’s July futures dip of 17.3 cents, the decline of cooling demand resulted in double-digit price losses across the board Friday.
A Democratic bill (S. 940) to end $21 billion in oil and natural gas tax breaks for the five largest producers over the next decade was destined for defeat in the Senate late Tuesday.
The Fayetteville Shale in northern Arkansas not only appears destined for sustained significant growth well into the future but commands some of the highest shale pricing around. One of the chief signals of these optimistic expectations was the Dec. 1 start-up of service on Fayetteville Express Pipeline (FEP), providing a major addition to takeaway capacity for the shale’s producers.
Forecasts of peak temperatures remained on either side of 90 in the South, Northeast and Midwest, and they were even destined to reach the mid to upper 90s Tuesday in the Rockies. Cash traders shrugged their shoulders, however, and instead noted the previous Friday’s 6.3-cent drop by August futures and the weekend fade of any tropical storm threat to Gulf of Mexico output in sending prices slightly lower at most locations Monday.
It appeared that many North American residents were destined to experience a “White Christmas,” but likely many wouldn’t be very happy about it as blizzard-like conditions were expected to cause major transportation snarls. Despite the usual softness associated with an extended holiday weekend, prices were up strongly at virtually all points Thursday due to projections of widespread harsh winter weather.
With most areas destined to experience fairly pleasant Thanksgiving weekend weather, cash prices fell at a large majority of points Wednesday. It was a hodgepodge of overall softness, however, with Gulf Coast and Northeast locations tending to see mostly declines of a quarter or less, while triple-digit losses were common in the Midcontinent and West.
Senate Democratic Leader Harry Reid of Nevada, who appears destined to be the next majority leader, said Wednesday one of his priorities during the upcoming lame-duck session is to reach a deal to open up more of the Outer Continental Shelf (OCS) to oil and natural gas drilling.
Federal Reserve Chairman Alan Greenspan last Tuesday said he believes the wave of liquefied natural gas (LNG) imports destined for the United States will dampen gas prices, “possibly significantly,” in the years ahead.