Royal Dutch Shell and IBM Corp. announced a research collaboration that aims to extend the life of oil and natural gas fields. Shell said the project, which will explore advanced techniques for reconciling geophysical and reservoir engineering field data, has the potential to reduce the time and money required to model reservoirs. An enhanced mathematical optimization solution resulting from the collaboration would improve the cost-effectiveness of the data inversion process and would become part of Shell’s proprietary reservoir modeling tool kits for application in new oil and natural gas developments, as well as existing assets, Shell said. IBM and Shell research scientists will work in several laboratories in both the United States and The Netherlands.
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What Fundamentals? Futures Rally Still Intact
Recovering from Thursday’s 30-cent swoon and giving the recent rally a second lease on life, October natural gas futures pushed higher again during Friday’s regular session to close at $3.778, up 32 cents from Thursday’s finish and 81.8 cents higher than the previous week’s close.
Chu Earmarks $2.4B for Clean Coal
Breathing fresh life into the possibility of new coal-fired power plant development, U.S. Secretary of Energy Steven Chu late last week pledged that $2.4 billion from the American Recovery and Reinvestment Act will be used to expand and accelerate commercial deployment of carbon capture and storage (CCS) technology.
Quoddy Bay Ruling Reversed; Downeast Withdraws Permit Filing
A federal appeals court has breathed new life into a lawsuit brought by six members of the Pleasant Point Passamaquoddy Reservation who are seeking to derail the Quoddy Bay liquefied natural gas terminal (LNG) proposed for development on tribal land in Maine.
Quoddy Bay Ruling Reversed; Downeast Withdraws Permit Filing
A federal appeals court has breathed new life into a lawsuit brought by six members of the Pleasant Point Passamaquoddy Reservation who are seeking to derail the Quoddy Bay liquefied natural gas terminal (LNG) proposed for development on tribal land in Maine.
Wyoming Gov. Convenes Sage Grouse Summit
Taking concern for the life of the sage grouse to a new level, the governor of Wyoming is convening a Sage Grouse Summit on June 27 and 28 in Casper, WY, “to develop a plan to protect and restore core sage grouse habitat.”
Wyoming Gov. Convenes Sage Grouse Summit
Taking concern for the life of the sage grouse to a new level, the governor of Wyoming is convening a Sage Grouse Summit on June 27 and 28 in Casper, WY, “to develop a plan to protect and restore core sage grouse habitat.”
$8 Resistance Continues to Hold as Futures Creep Higher
Borrowing the premise from the 1993 movie Groundhog Day in which Bill Murray’s character is doomed to continually repeat the same day of his life forever, natural gas futures traders find themselves continuing to assault $8 psychological resistance in the December contract only to experience the same result each time — failure. On Monday the prompt month reached a high of $8 in afternoon trading before sinking to close at $7.894, up a dime from Friday’s close.
Significantly Colder Forecasts Spur Cash Spikes
What had seemed like an extremely weak cash market going into the weekend came roaring back to life Monday with huge price gains that often matched or exceeded the losses of the previous Friday. Dollar-plus increases were common in response to what one analyst said were forecasts for the rest of October and November that had turned much colder over the weekend.
Bulls Push Futures 36.1 Cents Higher to $7.007; Trend Change in Question
With the near-term weather outlook pumping some life into the bulls’ case in Sunday’s overnight Access session and again on Monday morning, April natural gas futures on Monday ended up recording a high of $7.090 before settling at $7.007, up 36.1 cents on the day. The day’s close marked the first time since Feb. 24 that a prompt-month settled north of $7.