Hoping

Pennsylvania lawmakers approached Halloween hoping to bring drilling impact fee legislation to the Senate floor before the end of October, but after failing to resolve major issues over the weekend they now hope to pass a bill before Thanksgiving.

Quicksilver Resources Inc. is hoping to turn some of its Barnett Shale assets into a cash breadbasket through the creation of a master limited partnership (MLP). Proceeds would be used to pay down Quicksilver debt.

Hoping to lead the nation in greater exploitation of domestic energy resources, Alaska Gov. Sean Parnell and state Natural Resources Commissioner Dan Sullivan Thursday touted a plan to tap the state’s oil reserves and refill the Trans Alaska Pipeline System (TAPS), with the hope of shipping 1 million b/d of oil on TAPS within a decade.

Hoping to more accurately address the cost of development on local communities, a Pennsylvania Senate committee made major changes to a proposed impact fee on Marcellus Shale wells last Tuesday.

Hoping to more accurately address the cost of development on local communities, a Pennsylvania Senate committee made major changes to a proposed impact fee on Marcellus Shale wells on Tuesday.

Gas producers know they have to spend money to make money, and Louisiana shale patch players are hoping their state’s lawmakers remember that maxim if a repeal of Louisiana’s horizontal well severance tax investment incentive comes up for their consideration.

Gas producers know they have to spend money to make money, and Louisiana shale patch players are hoping their state’s lawmakers remember that maxim if a repeal of Louisiana’s horizontal well severance tax investment incentive comes up for their consideration.

Market bulls were hoping for a repeat of last week’s market performance when a surprise 56 Bcf withdrawal figure from the Energy Information Administration (EIA) was about 10 Bcf greater than anticipated and April futures subsequently jumped 22 cents to close over $4 and begin the current trend higher. Bulls were not quite so lucky this week. The EIA reported a 6 Bcf withdrawal for the week ended March 18, which was right in line with traders’ expectations and prices slumped. At the close April futures were 9.1 cents lower at $4.244 and May dropped 8.5 cents to $4.327. May crude oil eased 15 cents to $105.60/bbl.

Bulls hoping for a home run storage withdrawal for the week ended Jan. 9 were sorely disappointed Thursday morning as the Energy Information Administration (EIA) reported that only 94 Bcf was withdrawn despite chilly temperatures last week. February natural gas futures, which Wednesday broke below $5 for the first time since Sept. 2006, spiraled even lower following the 10:30 a.m. EST report’s release. The contract ended up closing at $4.843, down 12.7 cents from Wednesday’s finish.