NYMEX

Canada-Asia LNG Success Keyed to High Oil Price, Contracts

Canada-Asia LNG Success Keyed to High Oil Price, Contracts

Canadian hopes to export liquefied natural gas (LNG) rely on oil prices to stay high and overseas supply contracts to uphold value parity between the two energy commodities, an industry analyst said Thursday.

October 14, 2013

Industry Briefs

President Obamahas accused Republicans of being responsible for restricting oil and natural gas production on federal lands, rather than Democrats, during the government shutdown (seeNGI,Oct. 7). “You know, the Republicans say they’re very concerned about drilling,” the president said at a news briefing. “They say Obama’s been restricting oil [and gas] production, despite the fact that…production is at its highest levels it has been in years and is continuing to zoom up. They say, you know, the Democrats are holding back oil production in this country.”Senate Energy and Natural Resources CommitteeRepublicans quickly fired back. “Forgive us for thinking it slightly insincere of the president to suddenly claim concern about federal oil and natural gas permitting.” The shutdown, which went into effect on Oct. 1, has halted theInteriorDepartment’s processing of onshore permitting and slowed processing for offshore drilling. “So why would the Republicans say to the folks who are interested in drilling for oil, sorry, we can’t let those things be processed…That doesn’t make sense,” Obama said.

October 14, 2013

First Energy Analyst Sees ‘Much Improved’ Gas Prices

The stars are aligning for “much improved” natural gas prices next year and beyond, said First Energy Capital’s Martin King, vice president for institutional research, and it’s no time for complacent thinking.

October 14, 2013
Shales Make it Rain Severance Taxes in Texas

Shales Make it Rain Severance Taxes in Texas

The Lone Star State’s Rainy Day Fund purse has grown fat from oil and gas tax revenues, and that’s expected to continue as Texas drillers drive production to new heights, according to the Texas Taxpayers and Research Association (TTARA).

October 14, 2013

People

TheSenate Energy and Natural Resources Committeevoted out two nominations for high-ranking appointments to theDepartment of Interiorand theDepartment of Energy(DOE), clearingMichael L. Connor, currently commissioner of theBureau of Reclamation, to be the Deputy Secretary of Interior, succeedingDavid Hayes. Prior to becoming commissioner in 2009, Connor served as counsel to the Senate Energy and Natural Resources Committee, where he managed legislation for theBureau of ReclamationandU.S. Geological Survey.The committee also favorably reported the nomination ofElizabeth M. Robinsonto be the undersecretary of energy, filling one of the top positions under Energy SecretaryErnest Moniz. Prior to coming to DOE, Robinson was CFO atNASA, and a White House budget officer. The nominations aren’t likely to be voted on by the full Senate until Congress ends the stalemate over the federal government shutdown and the debt ceiling crisis.

October 14, 2013
EIA Bumps 2014 Henry Hub Estimate to $4.00/MMBtu

EIA Bumps 2014 Henry Hub Estimate to $4.00/MMBtu

The Henry Hub spot price for natural gas is expected to increase to $4.00/MMBtu next year, compared with an estimated $3.71/MMBtu this year and an average $2.75/MMBtu in 2012, according to the U.S. Energy Information Administration (EIA). Those projections are both higher than EIA had expected last month, when it estimated 2013 to be $3.68/MMBtu and 2014 to be $3.91/MMBtu (seeNGI,Sept. 16).

October 14, 2013

Chesapeake Tightens Belt, Lays Off 800

More than 800 Chesapeake Energy Corp. employees were laid off last week as CEO Doug Lawler continued to make over the company that Aubrey McClendon built (see related story).

October 14, 2013

Harrison County, OH, Leases Industrial Park Acres to CBM Producer

Officials in Harrison County, OH, have agreed to lease more than 300 acres of the county’s industrial park for Utica Shale oil and gas drilling.

October 14, 2013

EIA Bumps 2014 Henry Hub Estimate Up to $4.00/MMBtu

The Henry Hub spot price for natural gas is expected to increase to $4.00/MMBtu next year, compared with an estimated $3.71/MMBtu this year and an average $2.75/MMBtu in 2012, according to the U.S. Energy Information Administration (EIA). Those projections are both higher than EIA had expected last month, when it estimated 2013 to be $3.68/MMBtu and 2014 to be $3.91/MMBtu.

October 14, 2013

Foreign Nations Pin Hopes on U.S. Shale, LNG

The shale gas revolution and and planned liquefied natural gas (LNG) exports to foreign nations have elevated the United States’ position on the global energy stage, said European and Asian energy representatives last Thursday. They urged U.S. House lawmakers to seize the new energy tool for diplomatic purposes and to aid allies.

October 14, 2013