A measure was reintroduced last week in the House with bipartisan support to allow ethanol produced from U.S. natural gas to be included under the Renewable Fuel Standard (RFS). Whether the bill finds traction, which one failed to do last year (HR 3773), remains open to question.
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Houston-based Carrizo Oil & Gas Inc. turned in first quarter results that included record production and revenue driven by record oil results.
The Ohio Department of Natural Resources (ODNR) wants lawmakers to restore several oil and gas rules that were included in the original version of the state’s biennial budget bill, but were stripped out by the state House of Representatives.
A flash fire Thursday evening at a pig receiving station in Tyler County, WV, injured three people and forced Eureka Hunter Pipeline to shut in a portion of its pipeline system in the area, according to parent Magnum Hunter Resources Corp.
Physical natural gas cash prices fell 3 cents on average Wednesday, but that included some hefty drops at northeastern points, as weather-related demand plummeted. If those are taken out of the mix, the overall market actually added a couple of pennies on average. Gulf points were particularly strong, and New England was particularly weak. Spot futures managed to settle well above $4 and posted an 18-month high. At settlement May was $4.068, up 7.7 cents and June added 7.7 cents as well to $4.108. May crude oil gained 24 cents to $96.58/bbl.
Japanese Prime Minister Shinzo Abe said his country wants to be included in the Trans-Pacific Partnership (TPP), which could hasten the export of liquefied U.S. gas to Japan. TPP currently encompasses 11 nations in Asia and the Americas. Randy Bhatia, an analyst with Capital One Southcoast, said Japan’s membership in TPP could boost efforts to export LNG to the country.
EOG Resources Inc. reported a net loss of $505.0 million (minus $1.88/share) during 4Q2012, compared with net income of $120.7 million (45 cents/share) for the preceding fourth quarter. The loss included a large write-down of $849.4 million for Canadian properties. It resulted in full-year 2012 net income of $570.3 million ($2.11/share), down considerably from $1.09 billion ($4.10/share) for the full-year 2011.
Over the last two years nearly 70% of the new power generation plants proposed for the 13-state PJM Interconnection electric grid, which centers on the Marcellus and Utica Shales, would be fired by natural gas.
Physical gas prices Wednesday gained on average by 11 cents overall, but if the volatile East is included, the rise was just under 18 cents. Gains were widespread with only a handful of points recording losses.