Traders looked past the arrival of below-average temperatures this week and focused on strong production and expectations for mild mid-February weather, sending Natural gas futures lower on Monday. At A Glance: Weather front delivers cold shots February forecast tilts warmer Production continues to hold strong The March Nymex gas futures contract, in its first regular…
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FERC on Friday issued a favorable environmental assessment (EA) of Tallgrass Interstate Gas Transmission’s proposal to convert the Pony Express Pipeline to meet the increasing demand for crude oil transportation service out of the Bakken formation.
Houston-based independent Sanchez Energy Corp. grew its production by more than 350% from a year ago as of the end of the third quarter, said the company, which has a 95,000 net acre position targeting the liquids-rich Eagle Ford Shale, Pearsall Shale, Austin Chalk and Buda Limestone.
Wyoming’s state oil/gas supervisor found himself Wednesday cross ways with Gov. Matt Mead regarding the continuing multi-governmental scrutiny of the federal Environmental Protection Agency’s (EPA) two test water wells in natural gas fields near Pavillion, WY. EPA initially identified a possible link between hydraulic fracturing (fracking) and local drinking water contamination.
Chesapeake Energy Corp. is scheduled to report quarterly earnings late Tuesday, followed by a 9 a.m. ET conference call the following day that may draw a legion eager to hear from CEO Aubrey McClendon about what is taking place at undoubtedly the most tumultuous period in the corporation’s history.
The tax break for high-cost natural gas wells in Texas — which is of particular importance to producers active in the state’s shale plays — continues to draw attention from lawmakers wrangling with a $27 billion budget shortfall.
It was difficult for traders to draw any useful conclusions about market direction Tuesday as the April contract expired. For the moment an atmosphere of caution permeates the bullish camp as traders look for Monday’s highs to be breached before making additional buys. At the end of the day April had shed 13.4 cents to $4.240 and May lost 18.5 cents to $4.263. April crude oil rose 81 cents to $104.79/bbl.
With dry gas prices continuing to disappoint, the oil and liquids-rich Eagle Ford Shale in South Texas is continuing to draw numerous investors and billions of dollars from near and far, including most recently China’s CNOOC Ltd. (China National Offshore Oil Corp.) in a deal valued at more than $2 billion.
Harnessing momentum from Thursday’s lackluster 111 Bcf storage draw report, natural gas futures traders on Friday continued to put pressure on the downside of the market, resulting in the April contract closing at $4.400, down 4 cents from Thursday’s regular session finish and 19.3 cents lower than the previous week’s close.