Least

The market proved Friday it had at least one more trick left up its sleeve, rebounding at a large majority of points despite The Weather Channel’s (TWC) calling for warmer-than-average weekend temperatures in nearly all regions except Western Canada and the upper reaches of the West. Cash prices did have a bit of support from prior-day futures, but it seemed that weekend declines of industrial load would have largely offset that.

Although a shale-produced natural gas surplus remains, it is at a lower level than many expected and thus a couple of drivers could send prices back into a period of volatility, according to Jim Duncan, chief analyst and commodity market strategist for ConocoPhillips in Houston.

Canada’s first northern deepwater exploration well is at least six years away, the national inquiry into Arctic offshore drilling safety has been told.

Canada’s first northern deepwater exploration well is at least six years away, the national inquiry into Arctic offshore drilling safety has been told.

Although temperatures are rising in much of the West, they were diminishing in sections of the South, and despite chilly conditions lingering for at least another day or so in the Midwest, the region is due to see a warming trend toward the weekend. The modestly bearish weather influences, which reversed marginal support for Tuesday’s cash market, combined with the 3.1-cent fall by October futures Tuesday to drive quotes lower at a large majority of points Wednesday.

At least one of the two still-active proposed liquefied natural gas (LNG) receiving terminal projects in Oregon is exploring the possibility of changing its plans to include an export facility. The backers of Jordan Cove LNG at Coos Bay, OR, also recently purchased a 200-acre site at its designated location along the state’s south-central Pacific Coast.

Even before the 2008 nationwide economic recession, natural gas sales in Oregon had begun a slide that continued for at least two years, according to energy statistics for 2010 that were released Friday by the state’s Public Utility Commission (PUC).

Quicksilver Resources Inc. is the latest company to disclose that it has been served by the Securities and Exchange Commission (SEC) with a subpoena seeking information on proved developed producing (PDP) shale gas wells and reserve estimates from Jan. 1, 2008.

For the time being at least, Marcellus Shale producers are paying the price for too much of a good thing. Concentrated development in the nation’s preeminent shale gas play has made for basis-inverting constraints on Tennessee Gas Pipeline. However, the industry has seen this sort of thing before (in the Rockies more than once, for instance), and the market will work it out, eventually, a Marcellus producer told NGI.