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.
Articles from Pits
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.
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.
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.
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.
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).
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.