The reversal of fortune in U.S. natural gas and oil reserves has improved energy security and given the country more leverage around the world, President Obama’s National Security Advisor Tom Donilon said last week.
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NOV: Weak Demand for Pressure Pumping in North America
National Oilwell Varco Inc. (NOV) COO Clay Williams said Friday the company is facing “headwinds” in North America on weaker-than-expected demand for pressure pumping and equipment.
‘Energy Matters Profoundly’ to U.S. Security, Says Top Obama Aide
The reversal of fortune in U.S. natural gas and oil reserves has improved energy security and given the country more leverage around the world, President Obama’s National Security Advisor Tom Donilon said Wednesday.
Weak Gulf Paces Cash Quotes Lower; Futures Gain Ground
Natural gas cash prices on the national level slipped an average of 2 cents Tuesday as most points across the nation came off by a few pennies with the exception of those in the Rocky Mountains, which remained relatively flat. At the close of futures trading May had managed a gain of 2.3 cents to $4.160 and June added 2.0 cents to $4.188. May crude oil gained a penny to $88.72/bbl.
California Joins National Spotlight on Arkansas Oil Spill
With increasing national news media and regulatory attention and despite ExxonMobil’s assurances that everything is under control at a plugged oil spill near Little Rock, AR, hardened opposition and skeptical stakeholders in the high-stakes business of finding markets for Western Canada’s heavy tar sands-based crude oil are raising red flags, as evidenced in California this week.
Western Canada’s Unconventionals Seen Doubling Oil Output by 2025
Western Canada’s oil production should hit 5.7 million b/d by 2025, which is double the current output, boosted by unconventional growth from the oilsands and shale formations, according to ITG Investment Research (IR). Unconventional natural gas production also is seen lifting gas supplies by 3 Bcf/d from current numbers.
Poll Finds Strong Support for Fracking in North Carolina
A Harris Interactive poll found that 60% of North Carolina voters support the use of hydraulic fracturing (fracking) in their state, and 74% support the Tar Heel State moving forward with offshore oil and natural gas exploration and production.
Industry Brief
Gazprom Chairman Alexey Miller and China National Petroleum Corp. (CNPC) President Zhou Jiping signed a memorandum of understanding for the companies to cooperate on a project to send natural gas to China via an eastern route pipeline. “The signed document is of long-term strategic nature; it determines the parameters of Russian natural gas supplies to China via the eastern route and establishes the framework for a 30-year contract for gas supplies from Russia to China,” Miller said. CNPC is the largest state-owned petroleum company in China. Gazprom and CNPC signed an agreement of strategic cooperation in 2004 that covers consideration of supplying Russian gas to China. Opportunities are also being explored for joint gas processing and gas chemical projects in eastern Russia and in other countries, Gazprom said (see Daily GPI, March 15).
Firm Rockies Outpace Eastern Points; Futures Still Under $4
Cash gas prices overall for weekend and Monday delivery dropped an average of 6 cents, but if the distorting effects of Northeast pipelines are factored out, the national average comes in nearly unchanged. Eastern points followed soft power prices, but Rockies prices added about a nickel. The April contract shed 0.8 cent to $3.927 and May eased 0.9 cent to $3.952. May crude oil rose $1.26 to $93.71/bbl.
Shales Spark Significant Great Plains, Texas Population Growth
The domestic oil and natural gas development boom tied to the run on shale targets has led to some surprising results in the U.S. Census Bureau population estimates released on Thursday. According to the government agency, “numerous metropolitan statistical areas, micropolitan statistical areas and counties that were among the fastest-growing last year were located in, or at least near, the Great Plains and West Texas.”