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Even though it has found no evidence of impropriety on its part, Royal Dutch Shell affiliate Coral Energy said it has implemented new procedures to shield itself from any misunderstandings or abuses that may occur when reporting prices on natural gas trades to energy trade publications.

The September gas futures contract found its footing on Tuesday after Monday’s 18-cent stumble, but struggled to gain much ground in a relatively quiet trading session. The near-month contract ended the day up 3.8 cents to $2.716 with a high of $2.745 and a low of $2.690. October rose 3.5 cents, and the winter strip inched up to $3.436.

Without a business partner for its faltering energy marketing and trading unit, Tulsa-based Williams Cos. may be forced to cut more jobs, according to Bill Hobbs, CEO of energy trading for the company. He told the Tulsa World in an interview this week that the cuts would impact jobs on the trading floor. Williams cut about 16% of its 800-member trading workforce last month in London and the United States, affecting about 130 employees (see Daily GPI, June 24).

Without a business partner for its faltering energy marketing and trading unit, Tulsa-based Williams Cos. may be forced to cut more jobs, according to Bill Hobbs, CEO of energy trading for the company. He told the Tulsa World in an interview this week that the cuts would impact jobs on the trading floor. Williams cut about 16% of its 800-member trading workforce last month in London and the United States, affecting about 130 employees (see Daily GPI, June 24).

The American Gas Association (AGA) has found a lot to like about revisions announced Thursday by the Environmental Protection Agency in its New Source Review (NSR) program. The changes, EPA said, are aimed at clarifying and improving the operation of the rules for curbing pollution from energy and other production plants that are a source of emissions.

A fundamental and technical analysis of energy stocks found that the current up-cycle is likely to last longer and go higher than previous up-cycles, according to Raymond James, which reported the analysis in its latest energy industry brief. Not only will the energy upturn benefit from higher, supply-driven gas prices, but it will also benefit from market consolidation and stronger balance sheets, said analysts.

An analysis of the top 50 U.S. companies found that reserve replacement costs were the second highest in five years, escalating 73% last year, reaching $8.20/boe, according to a new report by John S. Herold. Meanwhile, reserve replacement rates declined sharply, with the top producers replacing 162% of natural gas production, down 34% from a year earlier, and 141% of oil production, 40% lower than 2000.

Traders found a mixed bag in launching the March aftermarket Thursday. Although swing prices began the month handily above indexes, they were generally flat to end-of-February numbers, but with sizeable variations to both the downside and upside.

An environmental analysis by the Bureau of Land Management (BLM) has found that approving eight natural gas wells on existing federal leases north of the Missouri River within and adjacent to the Upper Missouri River Breaks National Monument in Montana would have little environmental impact. BLM has recommended approval of the wells, but said it will not make a final decision until after a public comment period ends in mid-February.