Doldrums

Increased sales by BP plc and ConocoPhillips, along with a surge by J. Aron & Co., weren’t enough to overcome third quarter doldrums among companies selling natural gas, according to NGI’s 3Q2012 Top North American Gas Marketers Ranking. read more

Increased sales by BP plc and ConocoPhillips, along with a surge by J. Aron & Co., weren’t enough to overcome third quarter doldrums among companies selling natural gas, according to NGI’s 3Q2012 Top North American Gas Marketers Ranking.

The energy industry — thanks to advances in drilling and production techniques resulting in growing natural gas and oil supplies — can lift the U.S. economy out of its doldrums, but only if government regulation and permitting requirements don’t get in the way, speakers at a recent industry conference in Houston said.

The energy industry — thanks to advances in drilling and production techniques resulting in growing natural gas and oil supplies — can lift the U.S. economy out of its doldrums, but only if government regulation and permitting requirements don’t get in the way, speakers at a recent industry conference in Houston said.

“Summer doldrums” appeared to be an apt description of Thursday’s cash market as few points budged much from their previous-day positions and weather patterns weren’t showing a great deal of change either. A large majority of points were flat to slightly softer despite forecasts of hot temperatures continuing into next week for most of the eastern two-thirds of the U.S.

Summer doldrums appear to be settling into the cash market. Hot temperatures continued to pervade the national forecast Wednesday, keeping most points afloat with small gains. A short-lived heat spurt in the Northeast was already in retreat, resulting in some double-digit losses at regional citygates, and some Rockies/California points were slightly softer as well.

The ongoing oversupply of natural gas hasn’t deterred most independent exploration and production (E&P) companies from maintaining a robust drilling pace in the shale plays because of the shift by many to crude and natural gas liquids (NGL) for margin relief, Moody’s Investors Service said in a report.

Hints of an economic turnaround weren’t enough to pull natural gas marketing out of the doldrums during the first three months of this year, according to NGI’s 1Q2010 Top North American Gas Marketers Ranking, which found that the 22 reporting marketers that also participated in the 1Q2009 survey transacted 122.85 Bcf/d in 1Q2010, an increase of less than 1% compared with the 121.87 Bcf/d they reported in the year-ago period. Those same 22 marketers reported a less than 1% decrease in NGI’s 4Q2009 survey compared with the year-ago period.

Hints of an economic turnaround weren’t enough to pull natural gas marketing out of the doldrums during the first three months of this year, according to NGI’s 1Q2010 Top North American Gas Marketers Ranking, which found that the 22 reporting marketers that also participated in the 1Q2009 survey transacted 122.85 Bcf/d in 1Q2010, an increase of less than 1% compared with the 121.87 Bcf/d they reported in the year-ago period. Those same 22 marketers reported a less than 1% decrease in NGI’s 4Q2009 survey compared with the year-ago period.