November futures managed to break the string of four losing sessions in a row on Tuesday in what was characterized as bargain hunting and not indicative of any significant fundamental or technical shift in the market. At the close, November had risen 2.1 cents to $3.638 and December had managed to add 1.6 cents to $3.944. November crude oil made it three losses in a row with a drop of $1.94 to $75.67/bbl.
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Playing by the Rules No Longer Enough, Says Range Exec
Exploration and production companies have heeded the call to improve transparency and institute better practices, but there’s more to do to address the concerns of stakeholders in the shale plays, a Range Resources Corp. executive said last week.
Bakken, Niobrara: ‘Bright Spots’ in Otherwise Grim Rockies Leasing Data
As the federal fiscal year comes to a close Friday, oil and gas leasing activity in the Rockies states declined markedly, according to the Denver-based Western Energy Alliance (WEA), a trade association for more than 400 exploration and production (E&P) companies. With the exception of North Dakota, all Rockies states leasing activity has declined since 2008, WEA said.
Cash Prices Drop Significantly on Weak Futures, Strong Supply
After climbing a couple of cents each day for the first four days of the week, cash point averages across the board gave all of the premium back and then some as a vast majority of prices dropped by more than 20 cents on Friday.
Marketers 2Q2011: Big Names Report Declining Sales
Three of the top four natural gas marketers reported volume declines compared with the year-ago period, and 24 leading companies had total sales transactions of 123.44 Bcf/d in 2Q2011, a 3.50 Bcf/d (3%) decrease from the 126.94 Bcf/d they transacted in 2Q2010, according to NGI’s 2Q2011 Top North American Gas Marketers Ranking.
Cove Point Seeks to Export Homegrown Gas
Dominion Cove Point LNG Inc. (DCP) is seeking long-term, multi-contract authorization from the Department of Energy (DOE) to export domestically produced liquefied natural gas (LNG) from its import terminal in Lusby, MD, south of Baltimore. Export approval would boost activity at DCP’s terminal, ease constraints on northeastern pipelines and give Marcellus Shale gas producers an additional outlet for their supply, according to the company.
Marketers 2Q2011: Big Names Report Declining Sales
Three of the top four natural gas marketers reported volume declines compared with the year-ago period, and 24 leading companies had total sales transactions of 123.44 Bcf/d in 2Q2011, a 3.50 Bcf/d (3%) decrease from the 126.94 Bcf/d they transacted in 2Q2010, according to NGI’s 2Q2011 Top North American Gas Marketers Ranking.
Industry Brief
NextEra Energy Resources LLC (NER), a subsidiary of NextEra Energy Inc., said one of its subsidiaries has agreed to sell its interest in four natural gas power plants to an LS Power affiliate for $1.05 billion. The facilities are the 507 MW Blythe Energy Center in Blythe, CA; the 668 MW Calhoun Energy Center in Eastaboga, AL; the 98 MW Cherokee Energy Center in Gaffney, SC; and the 879 MW Doswell Energy Center in Ashland, VA. An NER affiliate will initially continue to operate the facilities through service contracts. Closing is expected during 4Q2011, pending approval from regulators and third parties.
Amaranth’s Case Against JPMorgan Dismissed
A lawsuit filed by Amaranth Advisors LLC four years ago that claimed JPMorgan Chase & Co. executives helped to cause the natural gas hedge fund to collapse may not proceed, a New York Supreme Court judge ruled on Friday.
Shell’s Long-Delayed Beaufort Drilling Plan Moves Forward
Royal Dutch Shell plc on Thursday was awarded conditional approval by the Department of Interior to drill up to four exploratory wells over two years in northern Alaska’s Beaufort Sea, where it has invested more than $3.5 billion in leases and predevelopment.