Exasperated with being at the center of a pitched debate over the safety of hydraulic fracturing (fracking), elected officials in Dimock Township, PA, voted unanimously Monday evening to decline an offer by the city of Binghamton, NY about 30 miles away, to deliver potable water supplies to some of the town’s residents.
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December Futures Flounder at Expiration
Expiring December natural gas futures posted a double-digit loss as traders elected to focus on an incoherent weather outlook and adjust positions as the deadline for December trading approached. At the close December had fallen 17.8 cents to $3.364 and January had skidded 14.0 cents to $3.525. January crude oil gained a stout $1.44 to $98.21/bbl.
Bears ‘Loose in the Zoo;’ December Loses Again
December natural gas closed lower Tuesday as traders elected to join a bearish feeding frenzy and saw no bullish developments on the horizon that would preclude prices working another 20 cents lower. At the closing bell December had fallen 5.4 cents to $3.404 and January had retreated 5.8 cents to $3.542. December crude oil continued its march to the century mark and posted a gain of $1.23 to $99.37/bbl.
Pennsylvania Township to Voters: Oppose Drilling Ban
Elected officials from a wealthy Pittsburgh suburb are urging their constituents to vote against a controversial referendum on the Nov. 8 ballot that would ban hydraulic fracturing (fracking) over fears that its passage would put the suburb in the crosshairs for lawsuits and undermine its drilling ordinance.
Pennsylvania Township Urging Voters to Oppose Drilling Ban
Elected officials from a wealthy Pittsburgh suburb are urging their constituents to vote against a controversial referendum on the Nov. 8 ballot that would ban hydraulic fracturing (fracking) over fears that its passage would put the suburb in the crosshairs for lawsuits and undermine its drilling ordinance.
Traders Jockeying for Position; September Gains
September natural gas rose as traders suggested scale-down buying at lower levels, but said others elected to “front-run” the anticipated buying and establish early long positions. At the close September had risen 4.3 cents to $4.188 and October had advanced 3.3 cents to $4.190. September crude oil shed 81 cents to $94.89/bbl.
West Virginia County, Cities to Discuss Fracking Ordinance
Elected officials from Monongalia County, WV, will meet their counterparts from the cities of Morgantown and Westover for a work session Wednesday to discuss Morgantown’s proposed ban on hydraulic fracturing (hydrofracking).
Nervous Shorts, Rising Waters Help Lift Futures; June Up 7.2 Cents
June natural gas futures rose Monday as traders viewed rising floodwaters as a threat to supply, and those holding short positions elected not to fight the trend. At the close June had risen 7.2 cents to $4.318 and July was up 6.8 cents to $4.379. June crude oil skidded $2.28 to $97.37/bbl.
Industry Brief
Elected officials at all levels of government in Pennsylvania should implement regulations to block gas extraction in “pristine places and locations near where people live or work,” said the PennEnvironment Research and Policy Center. The group said it has documented well sites within two miles of more than 320 daycare facilities, 67 schools and nine hospitals in the state. PennEnvironment also called on lawmakers to strengthen clean water laws, “halt the use of toxic chemicals” in hydraulic fracturing and increase resources available to regulators. In addition, PennEnvironment called on the federal government to “end the special treatment for the gas industry and apply the nation’s core public health and environmental laws to gas extraction, just as it would regulate any potential threat to public health or the environment.”
Industry Brief
Local elected officials have approved plans for the development of a 640-acre energy park on ranch land in northern Weld County, CO. The developer of the proposed Niobrara Energy Park told Weld County commissioners that he envisions a hybrid energy park, mixing old and new energy resources. The project would include 200 acres of solar panels, geothermal production, a natural gas-fired electric generating plant and possibly a super data center along the lines of ones developed in the Pacific Northwest for Facebook and Google. Located about 35 miles north of Greeley, CO, the park has been given a list of up to 50 possible uses, but the developer, Loveland, CO-based Harrison Resource Corp., said it was still unclear if it would be developed as one comprehensive plan or a number of separate projects on parts of the designated park land.