Largely

The cash market largely shrugged off a prior-day drops of 3 cents by futures and some continuing trends toward milder weather in rising at a modest majority of points Wednesday.

Kohlberg Kravis Roberts & Co. (KKR) has acquired certain oil and gas assets in southeast Texas in two related deals valued at a combined $40 million, the firm said. The assets are largely comprised of long-lived natural gas wells producing out of the Wilcox formation. The acquisitions are the first by KKR Natural Resources, KKR’s partnership with Premier Natural Resources, which was formed earlier this year to pursue oil and gas investments in North America.

Louisiana’s Lt. Gov. Scott Angelle Tuesday announced that he has switched his party affiliation to Republican from Democrat — a decision that was largely motivated by what he sees as the Democrats’ dislike of the oil and natural gas industry in general, and the imposition of the blanket moratorium on deepwater drilling in the Gulf of Mexico specifically.

With the shoulder season now in full swing and storm systems in the tropics remaining largely unorganized, the softness in natural gas futures last week spilled over into Monday’s action as the November contract recorded a low of $3.686 before closing out the regular session at $3.727, down 7 cents from Friday’s finish.

Largely in response to the explosion earlier this month on a Pacific Gas and Electric pipeline that killed at least four people, Department of Transportation (DOT) Secretary Ray LaHood sent legislation to Capitol Hill last Wednesday that seeks to increase oversight of the nation’s aging pipeline system.

The market appeared to be bowing a bit lower than before Friday in acknowledgment of the mostly moderate weather fundamentals that it had largely been defying in the previous two weeks. Even a 6.7-cent gain a day earlier by October futures in the face of an obviously bearish storage injection report failed to prevent a modest majority of points from seeing small declines for the weekend.

Largely in response to an explosion on a Pacific Gas and Electric pipeline that killed at least four people last Friday, Department of Transportation (DOT) Secretary Ray LaHood sent legislation to Capitol Hill Wednesday that seeks to increase oversight of the nation’s aging pipeline system.

Since April more than 20,000 Pennsylvanians, predominantly school children, have viewed the displays in an energy on wheels exhibit, underwritten largely by oil and gas companies and suppliers, staffed by volunteers and housed in a brightly colored, 42-foot trailer truck.

Since April more than 20,000 Pennsylvanians, predominantly school children, have viewed the displays in an energy on wheels exhibit, underwritten largely by oil and gas companies and suppliers, staffed by volunteers and housed in a brightly colored, 42-foot trailer truck.