Chesapeake Energy Corp. has agreed to allow the Environmental Protection Agency (EPA) conduct extensive tests at one of its drilling sites as part of the federal agency’s ongoing investigation into the safety of hydraulic fracturing (fracking). Range Resources Corp. also may allow EPA to work at one of its drilling sites.
Articles from Finish
The cash market advanced nearly 8 cents on average Wednesday, buoyed by an exuberant screen and a strong finish by the expiring October contract. The gains were widespread with some regions posting a double-digit advance. The Great Lakes, East and California all vaulted higher. At the close of futures trading October had zoomed 9.9 cents to end at $3.023 and November added 11.0 cents to $3.215. November crude oil shed 56 cents to $91.37/bbl.
Rebounding from a weak finish to the previous week, a majority of physical natural gas points around the country on Monday moved higher from a nickel to nearly 15 cents. The cash market might be able to keep the upward momentum rolling for another day if traders are swayed by the futures action Monday, which saw September gas climb 5.7 cents to close the regular session at $2.776.
U.S. household expenditures for natural gas this winter are on track to be the lowest in nine years, while consumption is poised to finish the 2011-2012 heating season at a 10-year low, according to the Energy Information Administration (EIA).
Cabot Oil & Gas Corp. says it is “disappointed” and “concerned” over a decision by the U.S. Environmental Protection Agency (EPA) to conduct water sampling in Dimock Township, PA, saying the action duplicates a state investigation, causes regulatory uncertainty and conflicts with Obama administration policy.
Houston-based Cabot Oil & Gas Corp. burst through the finish line in 2011, averaging 600 MMcf/d from the Marcellus Shale at the end of the year, including one day where it produced a record 606 MMcf. The independent also earned the distinction of being the best-performing stock on the Standard & Poor’s 500 in 2011.
The New York Assembly has overwhelmingly approved legislation to limit hydraulic fracturing (fracking) in the state’s portion of the Marcellus Shale, but whether the latest attempt to limit drilling will be approved in the state Senate remained a question on Tuesday.
Moving their $8 billion stock-for-stock merger deal another step closer to the finish line, Exelon Corp. and Constellation Energy late last week filed an application for approval by FERC, which contained a list of divestitures aimed at eliminating any market power concerns held by regulators.
Subfreezing lows will be left in the wake of an icy coastal storm moving out to sea, but Northeast residents will no doubt welcome the chance to finish cleaning up in relatively dry conditions after the devastating blizzards in the middle of last week. Thus Northeast citygates took nearly all of Tuesday’s price hits ranging from about 40 cents to the $1.50 area (the Florida citygate chipped in with a loss of about a nickel).