President Obama’s fiscal 2013 budgets for the Environmental Protection Agency (EPA), Department of Energy (DOE) and Department of Interior (DOI) propose funding directed at assessing the impact of hydraulic fracturing (fracking) of shale.
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Traders Not Likely to Sell as They Square Books; December Gains
December natural gas rose Tuesday on extremely light volume as traders scrambled to determine positions and locate funds in the aftermath of the MF Global trading debacle. At the close December had risen 4.9 cents to $3.745 and January had gained 4.0 cents to $3.843. December crude oil added $1.28 to $96.80/bbl.
Bulls Circling the Wagons; December Falls
December natural gas fell Monday as pervasive forecasts of near-term warming prompted traders to follow the course of funds and managed accounts and market bulls were kept on the defensive. At the close December had fallen 8.7 cents to $3.696 and January had dropped 8.9 cents to $3.803. December crude oil gained $1.26 to $95.52/bbl.
LNG Could Be a Marcellus Market, Say Analysts
The current spread between U.S. and European/Asian natural gas prices supports export of liquefied domestic gas from the Lower 48, but it’s likely too uncertain to support the long-term, billion-dollar commitment needed to bring large-scale liquefaction to the U.S. Gulf Coast, according to an analysis by Pan EurAsian Enterprises Inc. released Monday.
Money Managers Looking South; September Grinds Lower
September natural gas slipped lower Monday in lackluster trading as natural gas failed to hitch its wagon to surging equity and oil prices and managed funds align on the short side of the market. At the close September had fallen 3.6 cents to $4.024 and October had eased 3.2 cents to $4.039. September crude oil jumped $2.50 to $87.88/bbl. and the Dow Jones Industrial Average gained 214 points to 11,483.
Traders Question Viability of Recent Advance; June Inches Lower
June natural gas futures showed little movement as traders see a market driven by short-covering by funds and managed accounts rather than any fundamental development that could provide a sustainable base for further gains. By the end of the day June had eased half of a penny to $4.693 and July had risen two-tenths of a penny to $4.763. June crude oil dropped 41 cents to $113.52/bbl.
Crestwood Buys Midstream Assets in Fayetteville, Granite Wash
Privately held Crestwood Midstream Partners LP has completed its acquisition of midstream assets in the Fayetteville Shale in northwest Arkansas and the Granite Wash play in the Texas Panhandle, the Houston-based company said. The deal was announced in February.
Legend Natural Gas Enters Barnett with Range Assets
Legend Natural Gas IV LP stepped forward Thursday as the buyer of Range Resources Corp. Barnett Shale assets. Legend said it had struck two deals totaling $1 billion, one of them with Range in the Barnett of North Texas.
Oneok Partners to Expand NGL System in Williston Basin
Oneok Partners LP on Monday launched plans to build $595-730 million of natural gas liquids (NGL) projects between now and 2013, with most of the funds directed to the Williston Basin of North Dakota.
BP Has Cash to Cope, Says Hayward
BP plc CEO Tony Hayward told employees Tuesday in an e-mail that the London energy giant has enough funds to cope with the costs related to the devastating oil spill in the Gulf of Mexico (GOM).