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Eight members of Congress have told President Obama that the United States’ national security interests are dependent on natural gas, and urged the president to support efforts to expand exploration, development and production, especially through hydraulic fracturing (fracking).

Government and industry sources have grossly overstated future natural gas supplies in the United States, basing their estimates on unrealistic growth in supplies from shale gas plays, according to a report released Thursday by the San Francisco-based Post Carbon Institute, a nonprofit organization that promotes sustainability.

Rep. Glenn “GT” Thompson (R-PA) said he supports exporting surplus Marcellus Shale gas to China and other countries that do not have free trade agreements with the U.S., and also backs the concept of exporting liquefied natural gas (LNG) from a port in Maryland.

Rep. Glenn “GT” Thompson (R-PA) said he supports exporting surplus Marcellus Shale gas to China and other countries that do not have free trade agreements with the U.S., and also backs the concept of exporting liquefied natural gas (LNG) from a port in Maryland.

With Thursday’s supportive storage build even failing to prop up the sagging natural gas futures market, the September contract on Friday was free to probe even lower price levels. September natural gas reached a low of $4.109 before closing the regular session at $4.117, down 5.4 cents from Thursday’s finish and 21.1 cents lower than the previous week’s close.

QEP Resources Inc. has completed its tax-free spin-off from Questar Corp., a transaction that was launched earlier this year (see Daily GPI, May 19). All of QEP Resources’ common stock was distributed through a pro rata dividend to Questar shareholders. Each Questar shareholder received one share of QEP Resources common stock for each share of Questar common stock (including fractional shares) held on the record date, June 18. Shares of QEP Resources are trading on the New York Stock Exchange under the “QEP” symbol.

Natural gas futures closed slightly higher Tuesday as traders were content to remain on the sidelines and avoid the free-falling petroleum and equity markets. June natural gas futures rose 1.3 cents to $4.013 and July added a meager 0.4 cents to $4.133. June crude oil tumbled $3.45 to $82.74, and the Dow Jones Industrial Average spiraled lower 225 points to 10,926 largely on debt concerns in Greece.

With Royal Dutch Shell’s earnings in free-fall during the last three months of 2009, the oil major is selling some refineries and shifting some spending to the upstream to prepare for a longer-term focus on natural gas, CEO Peter Voser said Thursday.

With Royal Dutch Shell’s earnings in free-fall during the last three months of 2009, the oil major is selling some refineries and shifting some spending to the upstream to prepare for a longer-term focus on natural gas, CEO Peter Voser said Thursday.