Mercantile

When Gov. Tom Corbett approved Act 13 last month, he gave county officials across the state 60 days to impose an annual fee on unconventional gas wells, or to opt-out. With five weeks until the April 14 deadline, almost all of the eligible counties are on the road toward imposing the fee, but the biggest potential hold-out also happens to be the most active county in the Marcellus Shale (see Shale Daily, Feb. 15).

Southwestern Energy Co. said it will spend slightly less next year in the Fayetteville Shale while it nearly doubles spending in the Marcellus Shale in Pennsylvania. Overall, Southwestern’s 2012 capital program is pegged at $2.3 billion, up from about $2.1 billion in 2011. Production is expected to climb about 15% from this year.

National Fuel Gas Co.’s Seneca Resources Corp. more than doubled fiscal fourth quarter production from its activities in Appalachia. This contributed to better Seneca results and for National Fuel overall during the quarter and fiscal year.

The New York Mercantile Exchange (Nymex) and the Commodity Exchange (Comex) maintained adequate audit trail, trade practice surveillance and disciplinary programs in 2009, but they need to hire more compliance staff, the Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight said in a new report.

The New York Mercantile Exchange (Nymex) and the Commodity Exchange (Comex) maintained adequate audit trail, trade practice surveillance and disciplinary programs in 2009, but they need to hire more compliance staff, the Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight said in a new report.

CME Group, operator of the New York Mercantile Exchange (Nymex), has fined hedge fund Goldfinch Capital Management LP for position limit violations in the natural gas futures market.

March natural gas futures fell in uninspired trading Tuesday on the New York Mercantile Exchange. Significant changes to the 11- to 15-day weather forecast prompted selling as weather models abruptly shifted to a warmer outlook at key eastern points. Cold Canadian air was predicted to exit much of the central U.S. during that period.

March natural gas futures inched higher in uninspired trading Friday on the New York Mercantile Exchange. Short-term traders see the market still vulnerable to continued price erosion, but those with a longer-term perspective see now-average supply levels keeping any further market deterioration in check.

EQT Corp. grew its proved natural gas reserves by 28% in 2010, ending the year with 5,220 Bcfe. The growth came due to drilling in the Marcellus Shale, continuing improvement in the estimated ultimate recovery of Marcellus wells, as well as an increase in the projected number of wells to be drilled in the Marcellus over the next five years, EQT said.