ConocoPhillips expects to complete the spinoff its refining arm by the middle of next year, which would absorb the natural gas and oil pipelines as well as joint venture projects, CEO Jim Mulva said Wednesday.
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Surge of Storage Bullishness Firms Cash Quotes
Even with heat forecasts in most areas remaining on the seasonal to relatively mild side for the middle of one of the hottest months in the year, prices rose at nearly all locations Friday. Largely ignoring the usual weekend downturn of industrial demand, the cash market instead derived most of its strength from the previous day’s below-expectations storage injection report for the preceding week and the subsequent bullish reaction by futures traders.
Traders Await a ‘Double Whammy’ Thursday; June Gains
June natural gas futures gained ground as traders covered short positions prior to both the June contract expiration and the release of government inventory figures. At the closing bell June natural gas had risen 3.4 cents to $4.379 and July had gained 3.2 cents to $4.423. July crude oil jumped $1.73 to $101.32/bbl.
Obama Sees Huge Potential of NatGas; Calls It ‘New Source of Energy’
Surrounded by disruptions of the Middle East oil supply and nuclear devastation in Japan, President Obama finally recognized the virtues of home-grown natural gas last week, labeling it “first” among the options available to shore up U.S. energy policy.
All Eyes on North American LNG Export Plans
North American liquefied natural gas (LNG) export plans are on the table from coast-to-coast-to-coast, offering a tantalizing option for buyers in Europe and the Asia Pacific region that want secure and reliable energy supplies, a Wood Mackenzie Ltd. energy analyst told NGI last week.
Industry Brief
North American upstream companies affected by political upheaval in North Africa and the Middle East should be able to manage cash flow implications, Fitch Ratings said in a report. Higher crude price realizations, insurance recoveries and capital expenditure reductions should offset any cash flow issues, the report said. U.S.-based integrated companies with exposure are Chevron Corp., ConocoPhillips, ExxonMobil Corp. and Marathon Oil Corp. Independents include Anadarko Petroleum Corp., Apache Corp., Hess Corp., Occidental Petroleum Corp. and Pioneer Natural Resources Co. In addition, Canadian Natural Resources Ltd., Nexen Inc., Suncor Energy Inc. and Murphy Oil Corp. have operations in the region, Fitch said.
Eagle Ford Drilling Sparks Broadband Buildout
By the middle of this year most of the Eagle Ford Shale region in South Texas will be blanketed with high-speed terrestrial wireless broadband provided by ERF Wireless unit Energy Broadband Inc., the company said.
Northeast Sees a Few Spikes Amid Overall Dips
Despite some of the year’s coldest weather being on the way in several regions — outstripping even the often-severe conditions through the middle of last week — a large majority of the cash market recorded moderate losses Friday. The previous day’s prompt-month futures drop of 17.1 cents and the weekend decline of industrial load tended to offset the expected return of major heating demand.
Delaware Commission Delays Issuing Draft Drilling Rules
Proposed regulations that may determine how portions of the Marcellus Shale are developed by natural gas drillers have been delayed until the middle of October by the Delaware River Basin Commission (DRBC).
Coast Guard: Weaver’s Cove Mount Hope Terminal May be ‘Safe’
Weaver’s Cove Energy’s fall-back proposal to site a controversial liquefied natural gas (LNG) terminal in the middle of Mount Hope Bay off the coasts of Rhode Island and Massachusetts and transport the LNG onshore by pipeline may be doable without interfering with other commercial and recreational vessels, according to a report from the U.S. Coast Guard.