Drove

Lower-than-normal pressures before pipeline anomaly remediation and temporary pipeline shutdowns during the remediation drove an 8% decrease in its earnings to $106.9 million in 3Q2009 compared with $116.1 in 3Q2008, Houston-based Boardwalk Pipeline Partners said last week.

U.S. natural gas discoveries reached a record level during 2008, as shale formations drove gas production and reserves markedly higher, the Energy Information Administration (EIA) said in a new report.

Lower-than-normal pressures before pipeline anomaly remediation and temporary pipeline shutdowns during the remediation drove an 8% decrease in its earnings to $106.9 million in 3Q2009 compared with $116.1 in 3Q2008, Houston-based Boardwalk Pipeline Partners said Monday.

Weak fundamentals and screen guidance drove virtually all points lower Thursday by greater amounts than Wednesday’s losses in nearly all cases, and it’s a virtual certainty that major softness will continue Friday — and very likely through next week.

Thanks to the Bakken Shale, North Dakota oil production set a record last year; however, the oil bounty also drove up the flaring of associated gas to a high of more than one-third of production last December, according to the state’s Department of Mineral Resources (DMR).

Thanks to the Bakken Shale, North Dakota oil production set a record last year; however, the oil bounty also drove up the flaring of associated gas to a high of more than one-third of production last December, according to the state’s Department of Mineral Resources (DMR).

A rebound in U.S. natural gas prices and drilling activity may be three or more years away, and energy analysts appear doubtful of a recovery this year.

December natural gas futures went off the board on Monday with a bang as the expectation of cold and last-day short-covering drove the contract 40.8 cents higher to expire at $6.888. January natural gas closed up 32.4 cents at $6.827.

Raymond James & Associates Inc. affirmed recent private and government forecasts that U.S. natural gas production is indeed on the rise, but the ever-bullish energy analyst said the growth’s long-term sustainability is “unlikely.”