Late Friday Anadarko Petroleum Corp. — a 25% partner with BP plc in the disastrous Macondo well in the Gulf of Mexico (GOM) — pointed the finger directly at its London-based partner and assigned blame for the Deepwater Horizon catastrophe. BP fired back that it intends to continue doing its part, but noted that its partners also have “obligations.”
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Pennsylvania, Environmental Leaders to Form Marcellus Policy
Pennsylvania Department of Environmental Protection Sec. John Hanger pointed to the cleanup problems the state continues to deal with concerning another abundant natural resource as a situation no one wants to face again. He believes drilling for natural gas in the huge Marcellus Shale reserve doesn’t occur without potential problems.
Calpine Buys 4,490 MW Conectiv Fleet
In what its CEO pointed to as a model in reorganizing its predominantly natural gas-fired generation fleet, Calpine Corp. announced last Wednesday it has agreed to buy Pepco Holdings Inc.’s 4,490 MW independent Conectiv Energy power plant fleet for $1.65 billion in a deal that will make one of the nation’s largest independent power producers considerably larger and broader in market reach. At the same time, Calpine will increase its status as one of the nation’s largest wholesale gas consumers.
Gensler: Wall Street Cool to OTC Regulatory Reform
The head of the Commodity Futures Trading Commission (CFTC) Thursday pointed a finger at Wall Street for its lackluster support for regulation of the over-the-counter (OTC) derivatives market as proposed in the sweeping financial reform package that is pending in Congress.
Gensler: Wall Street Cool to OTC Regulatory Reform
The head of the Commodity Futures Trading Commission (CFTC) Thursday pointed a finger at Wall Street for its lackluster support for regulation of the over-the-counter (OTC) derivatives market as proposed in the sweeping financial reform package that is pending in Congress.
Gustav Damage Appears Minimal; Production Slowly Returns
Shut-ins continued at most offshore natural gas and oil production platforms in the Gulf of Mexico (GOM) Wednesday, but initial assessments by onshore and offshore operators pointed to minimal damage from Hurricane Gustav. The biggest problem onshore appeared to be a lack of electricity at refineries and gas processing plants.
Uptick in Gas Drilling by Midyear Forecast to Carry into 2008
Several indicators in January pointed to a pullback in 2007 natural gas drilling levels, which drove some prognosticators to reduce their drilling activity forecast and lower their expectations. However, the late arrival of cold weather has since driven gas prices higher, and rig permits have begun to rebound, leading Raymond James & Associates to conclude there will be an uptick in drilling activity by midyear that will carry well into 2008.
Uptick in Gas Drilling by Midyear Forecast to Carry into 2008
Several indicators in January pointed to a pullback in 2007 natural gas drilling levels, which drove some prognosticators to reduce their drilling activity forecast and lower their expectations. However, the late arrival of cold weather has since driven gas prices higher, and rig permits have begun to rebound, leading Raymond James & Associates to conclude there will be an uptick in drilling activity by midyear that will carry well into 2008.
Extended Temperature ‘Dark Blues’ Spur Futures Well Above $7
February natural gas futures hit the ground running Monday following a weekend forecast for some extended cold throughout the eastern half of the United States. After gapping higher to open Monday’s trading well above psychological resistance at $7, the prompt month put in a high of $7.340 before settling at $7.319, up 43.3 cents from Friday’s close.
Price Hikes Get Smaller; Tropical Storm Forms
Tropical Storm Chris, which was pointed straight at the southern end of Florida (and potentially the Gulf of Mexico production area beyond), and widespread heat kept cash quotes moving higher Tuesday at all points except a flat Iroquois Zone 2. However, the gains were diminishing in size from Monday’s spikes, and a screen dive of 63.7 cents Tuesday will put negative pressure on the market Wednesday.