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Natural gas futures plunged then rallied following the release of government storage figures showing an increase in inventories that was greater than what traders had been expecting.

Pressure is mounting inside and outside Washington, DC, for the Department of Transportation (DOT) to order the retrofit or phase-out DOT-111 tank cars that are used to transport crude oil and ethanol by rail. Proponents of the effort note that a number of the tank cars involved in the fiery crash of tanker cars carrying Bakken crude in Quebec earlier this month were DOT-111 cars.

According to the Railroad Commission of Texas (RRC), the state’s preliminary April crude oil production averaged 1.6 million b/d, up from nearly 1.2 million b/d in April 2012. The preliminary production figure for April is 48.2 million bbl, up from 35.9 million bbl in April 2012.

There appears to be no scarcity of global shale gas opportunities, but it may be two years — or longer — before drilling progresses to commercial success, according to Raymond James & Associates Inc.

A Harris Interactive poll found that 60% of North Carolina voters support the use of hydraulic fracturing (fracking) in their state, and 74% support the Tar Heel State moving forward with offshore oil and natural gas exploration and production.

Aiming to expand its international unconventional resource opportunities, Houston-based exploration and production independent ConocoPhillips said Wednesday it has entered into a set of agreements with PetroChina Co. Ltd., under which PetroChina will acquire an interest in two Western Australia exploration assets and establish a joint study agreement (JSA) for unconventional resource development in China’s Sichuan Basin.

Oil, the latest growth engine of the U.S. unconventional boom, is spurting up from the ground at an exceptional pace, which is leading many operators to rethink where — and how — they want to deliver their reserves for the best prices.

What explorers know about the Mississippian Lime formation could fill a book. What they don’t know about the Midcontinent play could fill a few more, industry experts said Wednesday.

Consol Energy Inc. said Monday that although it reported lower natural gas production for 3Q2012 compared to one year ago, the figure was misleading because of reporting adjustments and its decision in September to idle a southern Virginia coal mine that produced associated gas.