September natural gas rose Tuesday despite projections showing moderating temperatures and higher inventory injections. At the close September natural gas had risen 5.9 cents to $3.994 but failed to settle above important resistance at $4, and October had added 5.8 cents to $4.015. September crude oil plunged $2.01 to $79.30/bbl.
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Mixed Price Moves Include Some Eastern Softness
There was a new tropical storm in town Tuesday, but it failed to impact the gas market. Prices again were flat to slightly higher in most cases as forecasts remained hot in many areas but were easing downward in such key consuming regions as the Northeast and Midwest. The previous day’s 4.3-cent futures gain helped keep a floor under much of the market.
With XTO as ‘Enabler,’ ExxonMobil’s U.S. Reserves Soar
ExxonMobil Corp.’s oil and gas production volumes had languished before 2010, often in the single digits, as the oil major failed to build a resource base to equal its massive profits. However, that changed last year with the purchase of U.S. shale king XTO Energy Inc. and was proved Thursday when ExxonMobil said its quarterly volumes were up 10% from a year ago.
With XTO as ‘Enabler,’ ExxonMobil’s U.S. Reserves Soar
ExxonMobil Corp.’s oil and gas production volumes had languished before 2010, often in the single digits as the oil major failed to build a resource base to equal its profits. However, that changed last year with the purchase of U.S. shale king XTO Energy Inc. and was proved Thursday when ExxonMobil said its quarterly volumes were up 10% from a year ago.
New York Voters Closely Divided on Hydrofracking
Voters are nearly evenly split about the New York Department of Conservation’s (DEC) proposed recommendations to allow hydraulic fracturing (hydrofracking) in a portion of the state’s Marcellus Shale, with 45% in support of drilling and 43% opposed, according to a poll of registered voters released on Thursday by the Siena College Research Institute.
EIA, Experts Question Why NYT Cherry-Picked Shale Information
The Energy Information Administration (EIA), academia, industry and analysts on Tuesday continued to question why the New York Times (NYT) relied on misleading, outdated information — and failed to contact key resources — before publishing damning articles about the U.S. shale gas industry.
Pennsylvania Lawmakers Pressing Shale Fee
Despite the promise of a veto from Republican Gov. Tom Corbett, Pennsylvania lawmakers are pushing to get a tax or fee on Marcellus Shale development included in the state’s fiscal 2012 budget, which is due at the end of June.
Upward Momentum Ends; June Drifts Lower
June futures made an initial attempt to rally Tuesday, but market technicians observed that the market failed to breach important resistance areas and prices settled slightly lower. At the close of trading June had eased 0.1 cent to $4.345 and July had shed 0.2 cent to $4.391. July crude oil surged $1.89 to $99.59/bbl.
Maryland Lawmakers Seek Regulatory Review
On the heels of a legislative session that failed to pass any Marcellus Shale development measures, two Maryland lawmakers are seeking an independent review of their state’s regulatory framework.
Natural Gas for Transportation Bill to Be Reintroduced
U.S. Rep. John Larson (D-CT) Monday said he would reintroduce the New Alternative Transportation to Give Americans Solutions Act (NAT GAS Act). Last year the measure failed to make it to a vote in the House of Representatives despite having wide support in the energy industry.