Gain

The issue of sharing offshore revenues between coastal states and the federal government, which has failed to gain support in previous Congresses, is expected to have a better chance in the 113th Congress.

Physical gas prices continued to advance Wednesday, posting an average gain of 12 cents overall. Multi-dollar gains permeated eastern delivery points, and Midwest locations also were firm. At the close of trading February futures had slipped 2.0 cents to $3.435 and March was down 1.6 cents to $3.437. February crude oil added 96 cents to $94.24/bbl.

Imperial Oil Ltd., Canada’s second-largest integrated producer, on Wednesday said it would pay US$1.56 billion to gain a 50% interest in Celtic Exploration Ltd. after the unconventional operator is taken over by ExxonMobil Corp.

Engineering company Curtiss-Wright Corp. said Monday it would pay $135.1 million in cash to acquire Cimarron Energy Inc. to gain entry into the U.S. shale oil and natural gas market.

Cash prices overall staged a broad rally Monday with an average gain in the double digits. Northeast and West Coast points were notably strong as power generation was reported as lean and next-day loads were forecast to increase. Gulf and eastern locations were also strong. At the close of trading December futures had fallen 7.1 cents to $3.719 and January had lost 6.7 cents to $3.837. January crude oil vaulted $2.36 to $89.28/bbl.

North American shale gas, particularly in the United States, has proven an energy cost-saving miracle for consumers who otherwise would be staring at prices three or four times higher, according to reports released Thursday by Toronto-based TD Group, the holding company for TD Bank.

The overall cash market took a cue from the exuberant futures market and on average posted close to an 8-cent gain Thursday. The Midwest and California markets were strong as were some eastern points.

The cash market finished the last day of August bidweek Tuesday by posting an overall gain on average of nearly 9 cents. A forecast of warmer temperatures for New England locations helped lift eastern prices, and expected increases in demand for power in California gave physical gas prices there a boost. At the close of futures trading September had eased five-tenths of a cent to $3.209 and October had slipped 1 cent to $3.212. September crude oil plunged $1.72 to $88.06/bbl.

British Columbia (BC) Premier Christy Clark trekked north to see new gas processing and pipeline facilities start work in the resource-rich region where Canada’s western-most province meets the Yukon and Northwest Territories.