natural gas prices

Global oil prices will need to decline over the coming year for U.S. shale oil production to slow down, Goldman Sachs analysts said Monday in cutting forecasts for West Texas Intermediate (WTI) and Brent prices through 2015.

Carrizo Oil & Gas Inc. has grown its Eagle Ford Shale position by 6,820 net acres to more than 81,000 and added 93 net wells to its drilling inventory of more than 915 net locations in the play through a $243 million cash deal with Eagle Ford Minerals LLC, the Houston-based company said Monday.

Australia-based BHP Billiton Ltd. is putting its Fayetteville Shale assets on the sales block, leaving a multi-year misadventure in Arkansas behind it as the company’s petroleum business focuses on higher-value U.S. liquids production.

U.S. energy CEOs are optimistic about the industry and their growth for the next three years, with nearly two-thirds expecting their best profits in 2016 and 2017, a survey by KPMG LLP has found.

Charlotte, NC-based Piedmont Natural Gas has received approval from the North Carolina Utilities Commission (NCUC) for its affiliate agreements with the Atlantic Coast Pipeline (ACP). Since Piedmont is both a financial partner and a customer of the proposed natural gas pipeline (see Daily GPI,Sept. 2), Piedmont’s affiliate agreements with ACP are subject to NCUC approval. Ultimate approval of the project rests with the Federal Energy Regulatory Commission. The pipeline would carry gas from the Marcellus Shale and would be the second major interstate gas pipeline serving North Carolina. It is proposed to be in service by late 2018.

The warm weather switch got turned off for Tuesday and next-day gas prices rose as forecasts in major energy markets called for temperatures Tuesday as much as 15 degrees lower.

November natural gas is set to open 4cents lower Friday morning at $3.58 as traders note little change in mild weather forecasts and increased production is expected to make up for an expected storage deficit relative to last year. Overnight oil markets retreated.

Any environmental impacts of the proposed Constitution Pipeline and Wright Interconnect projects could be reduced “to less than significant levels” with the implementation of 43 mitigation measures, according to a final environmental impact statement (FEIS) issued Friday by FERC staff.

Oregon regulators on Tuesday increased retail natural gas rates due to higher commodity costs for the state’s three investor-owned gas distributors –NW Natural Gas,Avista UtilitiesandCascade Natural Gas– effective Saturday (Nov. 1). The largest increases approved by theOregon Public Utility Commissionwill be imposed on industrial customers, ranging up to 13.4% for Avista’s largest customers. The state’s largest gas distributor, NW Natural, will increase rates overall by $23 million, or 3.4% (10.4% for industrials); for Avista, the increase totals $7.73 million, or 8.3%; and Cascade will have a $543,000 increase, or 0.86% (3.7% for industrials). The state’s gas supplies come from suppliers in western Canada and the U.S. Rockies.