U.S. natural gas marketers were in the midst of a full tactical retreat in the second quarter, with only seven of 24 companies reporting higher numbers compared with the same quarter last year, resulting in an 11% (14.82 Bcf/d) overall decline in gas sales transactions in 2Q2013 compared with 2Q2012, according toNGI’s 2Q2013 Top North American Gas Marketers Ranking.
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The Natural Gas Supply Association (NGSA), which represents major natural gas producers and marketers, said Greg Vesey, president of Houston-based Chevron Natural Gas, was elected chairman of the association for a two-year term. Vesey is responsible for marketing natural gas to wholesale and large end-use customers throughout North America, as well as contributing to the growth of Chevron’s European gas business. NGSA’s other officers for the 2013-2014 period are Bill Green of Devon Energy, who has been elected vice chairman; and Frans Everts of Shell, who is serving as secretary/treasurer. R. Skip Horvath will continue as president and CEO of the NGSA.
Cash prices overall averaged a 20-cent drop Friday as weather forecasts called for moderation in the Northeast and marketers cited an abundance of available gas. Rockies, the Midwest and the Gulf Coast were all lower. At the close of trading, December futures had dropped 10.5 cents to $3.503 and January was off by 10.3 cents to $3.634. December crude oil gained 98 cents to $86.07/bbl.
Overall, the cash market averaged a 2-cent decline Tuesday, but the Northeast still managed to trade in volatile fashion as traders and marketers continued to adjust to restrictions on Algonquin Pipeline.
Amid forecasts that see no end to low gas prices across North America, overseas exports of liquefied natural gas (LNG) are being rated as a must for development of the Canadian version of shale supplies in northern British Columbia (BC).
Physical gas prices overall traded about 5 cents lower Thursday, but Rocky Mountain producers and marketers got hit with a double whammy of a force majeure on a major pipeline hauling gas to California and a plunge in hydro-derived electricity prices. Eastern and Gulf points endured nominal losses.