In a forecast with significant implications for the energy industry, the Farmers’ Almanac said it expects a “super-cold” winter for the eastern United States this year. Modern meteorology and a host of decidedly rural indicators – heavy fogs in August, an abundance of acorns, spiders spinning larger-than-normal webs – have Farmers’ Almanac Editor Peter Geiger anticipating a cold and snowy winter for the eastern two-thirds of the nation. The West will average warmer than normal, according to the forecast. In a long-range forecast issued last month, Weather Services International (WSI) Chief Meteorologist Todd Crawford said initial analysis suggested that “another cold winter may be favored this year, although there are still many other drivers of the winter pattern that will reveal themselves in the coming months” (see Daily GPI,July 21). Confidence in such an early winter forecast was “very low,” Crawford said. AccuWeather.com has said it expects a preview of winter to hit the Northeast in September in the form of yet another polar vortex (see Daily GPI,Aug. 6).
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TransCanada Pipe Project Would Claim More Marcellus/Utica Gas
Canadian imports of U.S. natural gas will keep on growing as horizontal drilling and hydraulic fracturing increase production in the eastern United States, according to TransCanada Corp.
TVA Approves NatGas-Fired Plant in Memphis
The Tennessee Valley Authority (TVA) board of directors has approved a plan to replace the three 55-year-old coal-fired units at its Allen Fossil Plant in Memphis, TN, with a combined-cycle natural gas-fired plant.
Gulf, Midwest Resilience Can’t Offset Wider Weakness; September Retreats a Nickel
Physical gas for weekend and Monday delivery fell in Friday’s trading as a few firm points in the Gulf Coast and Midwest failed to stem the tide of selling in the East, Great Lakes, Midcontinent, Rockies and California.
People
Brad Sylvester is joining Chesapeake Energy Corp. as vice president of investor relations and communications. He was the investor relations chief for Southwestern Energy Co. and had been employed by the Houston company since 1996. Sylvester previously was a portfolio manager at Greenwood & Associates Inc.
Bears Victorious In Snooze-Driven Weekly Trading
If last week’s national average price change of a 3-cent decline was uninspiring, the NGI Weekly National Spot Gas Average 6-cent decline to $3.60 for the week endingAugust 22 wasn’t much better.
Industry Briefs
ZaZa Energy Corp.and an affiliate of private equity firmQuantum Energy Partnershas struck an East Texas joint venture (JV) agreement that includes acreage in Walker, Grimes, Madison, Trinity and Houston counties. ZaZa is to receive about $17 million, consisting of cash and a right to receive Quantum’s interest in the next 15 East Texas JV wells. ZaZa is to assign to Quantum 6,000 net acres in undeveloped leases within its East Texas JV and is to retain its interest in all existing wells and the right to participate with respect to Quantum’s working interest in reserved wells. Following the assignment, ZaZa will have about 30,000 net acres in its East Texas JV and about 10,000 net acres in its East Texas focus area. Closing is subject to the approval of ZaZa’s existing East Texas JV partner. “ZaZa has been meeting with Quantum for more than a year to lay the groundwork for this new relationship,” said CEO Todd Brooks. “Our new partnership validates the progress ZaZa has made, and we look forward to working with Quantum as we move forward with our East Texas acquisition and development plans.”
Bears Growling After Release of Storage Data
Natural gas futures worked lower following the release of government storage figures that were somewhat greater than what the market was looking for.
Modest Cash Gains Outgunned by Stronger Futures; September Adds Nearly 7 Cents
Physical gas for Friday delivery inched higher in Thursday’s trading as buyers and sellers raced to get their deals done before the release of the Energy Information Administration (EIA) storage report.
Purdue Researchers Say Shale Boom Could Make Adopting Carbon Tax Easier
Two agricultural economists from Purdue University said the energy boom from shale development could help make a uniform carbon tax to reduce greenhouse gas emissions (GHG) more palatable, but annual economic growth and the windfall from shale would be impacted.
