Lift

Incremental acquisitions in the Gulf of Mexico (GOM) weren’t enough to lift McMoRan Exploration Co.’s earnings or production in 2010, but there are signs of a turnaround in 2011, the New Orleans-based operator said Tuesday.

It used to be that rising natural gas prices in the Northeast would lift those at the Henry Hub. Now, not so much. The traditional end-of-the-pipe markets in the Northeast have been connecting with new supply sources, which has diminished their influence on Henry prices, according to NGI’s analysis.

It used to be that rising natural gas prices in the Northeast would lift those at the Henry Hub. Now, not so much. The traditional end-of-the-pipe markets in the Northeast have been connecting with new supply sources, which has diminished their influence on Henry prices, according to NGI’s analysis.

Colder weekend temperatures whose forecast appeared to lift prices earlier in the week were actually beginning to arrive Friday, but prices continued to drop across the board by fairly large amounts. A prior-day futures drop of 11.9 cents and record-high storage levels appeared to be the major depressants on the cash market. Of course, the usual weekend decline of industrial demand was another minor bearish factor.

After lifting an OFO Action Alert in downstream Zones 5 and 6 a day earlier, Tennessee proceeded to lift it Tuesday in all remaining zones in which the OFO had still been in effect (0, L, 1, 2, 3 and 4). However, an imbalance warning that was declared Oct. 2 remains in effect, the pipeline said.

Sen. Mary Landrieu’s (D-LA) pledge to continue her hold on the nomination of Jack Lew to be director of the Office of Management and Budget, despite the administration’s decision to lift the moratorium on deepwater drilling in the Gulf of Mexico, came under further attack from the White House Tuesday (see Daily GPI, Sept. 24).

Royal Dutch Shell plc on Thursday posted a solid 15% increase in quarterly profits from a year ago, and growth from new natural gas projects helped to lift overall output by 5%.

In the April 27 issue the story “EIA’s Production Estimates Get a Face-Lift” (see Daily GPI, April 27), the first paragraph should read: “The latest natural gas production data due out April 29 from the Energy Information Administration (EIA)…” correcting the date. Also in the fifth paragraph the date of the announcement should be April 29.

In the April 27 issue the story “EIA’s Production Estimates Get a Face-Lift” (see Daily GPI, April 27), the first paragraph should read: “The latest natural gas production data due out April 29 from the Energy Information Administration (EIA)…” correcting the date. Also in the fifth paragraph the date of the announcement should be April 29.