Tag / Pits



Electronic Takeover: CME to Shutter Futures Floor Trading This Summer

Nine years after the New York Mercantile Exchange (Nymex) inked an agreement with CME Group’s Chicago Mercantile Exchange to offer side-by-side trading of its products on the open outcry floor and on CME’s Globex electronic exchange, CME Group, which ended up acquiring Nymex in 2008, said late Tuesday it will close most of its floor futures trading pits — including natural gas — in Chicago and New York by July 2.

February 5, 2015

Supreme Court of Ohio Will Hear Appeal of ‘Home Rule’ Case

The Supreme Court of Ohio has agreed to hear an appeal in a case involving local ordinances, or “home rule” laws, that pits a Utica Shale driller against a Summit County municipality that had tried to shut down the driller’s operations.

June 24, 2013

OSU, WVU Creating Shale Energy Research Partnership

Two colleges already playing a significant role in shaping the development of the Marcellus and Utica shales — Ohio State University (OSU) and West Virginia University (WVU) — have signed a memorandum of understanding (MOU) to create a joint program on shale energy research.

February 13, 2013

Industry Briefs

An explosion in Mexico City on Thursday at Mexico’s state-owned Petroleos Mexicanos, or Pemex, which killed at least 33 and injured 121 or more, may have been caused by an accident, authorities said. According to reports, the explosion occurred in the basement of the B2 Building, a seven-story structure that serves as an annex adjacent to Pemex’s executive tower. The blast destroyed most of the annex’s first and second floors but the building had not collapsed. Pemex reportedly said the explosion may have been caused by an electrical failure or a problem with a natural gas line.

February 4, 2013

Liner Disposal Workaround Sought in Colorado

The Colorado Petroleum Association (CPA) is changing its strategy to seek permission for operators to bury plastic liners used in wastewater pits at drilling sites.

April 8, 2011

Technical Rally Leaves Fundamental Traders Searching for Reason

In concert with gains in the nearby crude and heating oil pits, natural gas futures proceeded higher for the seventh straight session Friday as locals hunted for sell stops and funds covered shorts. Buying was concentrated in the winter months, which advanced an average of 22.7 cents during the session. By comparison, the 2004 summer strip languished near unchanged, down a half-cent for the day.

October 13, 2003

House Debate Pits U.S. Consumers Against Caribou, Polar Bears

Warning that “the impacts of the current energy crisis are just now beginning to be felt in places all across the country,” House Resources Committee Chairman James V. Hansen, R-UT, opened hearings Wednesday on energy legislation (H.R. 2436) that centers on tapping between five and ten billion barrels of oil from the Arctic Natural Wildlife Refuge (ANWR).

July 12, 2001

Futures Crash, Lack of Weather Bring Cash Down

A crash-and-burn Nymex session in both the natural gas and crudeoil pits depressed both September and October cash prices Thursday.Only western swing quotes managed to avoid declines that weregenerally around a dime or greater.

September 29, 2000

KS Case Pits State Law Against FERC’s

Filings before the FERC relating to refund of ad valorem taxesimproperly collected by Kansas gas producers during the 1980squestion whether FERC’s authority overrules that of the statelegislature.

June 15, 1998