U.S. pressure pumping capacity in natural gas plays is expected to plummet by 22%, or 1.1 million hydraulic hp (hhp), between 3Q2011 and 4Q2012, according to an analysis by PacWest Consulting Partners. In oil and liquids plays over the same period capacity is forecast to jump by 52%, or 3 million hhp.
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Natgas Fracking Capacity Seen Down Sharply
U.S. pressure pumping capacity in natural gas plays is expected to plummet by 22%, or 1.1 million hydraulic hp (hhp), between 3Q2011 and 4Q2012, according to a new analysis by PacWest Consulting Partners. In oil and liquids plays over the same period capacity is forecast to jump by 52%, or 3 million hhp.
Bulls Nowhere to Be Found as December Slides Further
Harnessing the momentum from Tuesday’s 15.3-cent plummet in December natural gas futures, traders continued to probe the downside Wednesday with mixed results. After starting the regular session with a low of $3.733, the prompt month contract reached a high of $3.800 just after 1 p.m. EDT before trimming lower to close at $3.749, down 3.2 cents from Tuesday’s regular session finish.
Technical Stops in Sight; April Crawls Higher
April natural gas managed a small gain Tuesday in volatile trading. Petroleum markets, however, continued to plummet as concerns mounted over the deepening crisis in Japan and a substantial hit to the world’s third largest economy. Natural gas prices managed to rise as traders noted the relative appeal of gas compared to deteriorating equity and other petroleum markets. At the close April natural gas had risen 2.7 cents to $3.941 and May closed 3.6 cents higher at $4.012. April crude oil plunged $4.01 to $97.18/bbl.
ExxonMobil’s Earnings Plummet; Shell to Cut 5,000 Workers
ExxonMobil Corp., the world’s largest publicly traded oil major, saw its quarterly profits plummet 68% from a year ago as commodity prices retreated. Meanwhile, Royal Dutch Shell plc sees “some indications” that energy demand and pricing are improving but the “outlook remains very uncertain and we are not expecting a quick recovery,” CEO Peter Voser said last week.
ExxonMobil’s Earnings Plummet; Shell to Cut 5,000 Workers
ExxonMobil Corp., the world’s largest publicly traded oil major, saw its quarterly profits plummet 68% from a year ago as commodity prices retreated. Meanwhile, Royal Dutch Shell plc sees “some indications” that energy demand and pricing are improving but the “outlook remains very uncertain and we are not expecting a quick recovery,” CEO Peter Voser said Thursday.
Nymex, CME Respond to DOJ Exchange Clearing Concerns
As they watched their respective share values plummet last Wednesday as a result of the Department of Justice’s (DOJ) findings that financial futures exchanges that also act as clearinghouses are barriers to competition, the New York Mercantile Exchange (Nymex) and the Chicago Mercantile Exchange (CME) — which are currently in talks for an $11 billion merger — fired back.
Nymex, CME Shares Partially Recover in Wake of DOJ Bombshell
As they watched their respective share values plummet Wednesday as a result of the Department of Justice’s (DOJ) findings that financial futures exchanges that also act as clearinghouses are barriers to competition, the New York Mercantile Exchange (Nymex) and the Chicago Mercantile Exchange (CME) — which are currently in talks for an $11 billion merger — fired back.
NatGas Futures Drop to Six-Month Low While Crude Reaches 11-Month High
The divide in energy markets continued to widen Monday as natural gas futures continued to plummet while crude futures remained firm, leaving some traders to tilt their heads even farther sideways in confusion. The August natural gas contract dropped to a low of $6.320 before inching higher to settle at $6.376, down 28.6 cents on the day.
Bentek Predicts Summer of Discontent for Rockies Producers
In an examination of the Rockies basis to Henry Hub blowout earlier this month — which saw Opal basis collapse to minus $6.71/MMBtu and Cheyenne Hub basis plummet to minus $7.23/MMBtu — Bentek Energy LLC finds “not much relief in sight” this summer for the region’s producers.