The flood of new natural gas supplies from U.S. shale exploration combined with stagnant demand due to the current U.S. economic woes lead natural gas prices to decline across the country by 38-49% from the first six months of 2011 to the first six months of 2012, according to research done by the Energy Information Administration (EIA).
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Production Cuts: Marcellus Didn’t Get the Memo
Last year saw an increase in domestic gas production of 4.3 Bcf/d, or 7.5%, over 2010, marking the largest year-over-year production jump in the last 25 years, according to Bentek Energy LLC.
Leading Pennsylvania Marcellus Operators Join Collaborative
Object Reservoir Inc., a services company providing complex reservoir modeling in unconventional gas plays, is rapidly expanding its Collaborative Exploitation Project (CEP) for the Marcellus Shale in northeast Pennsylvania and is looking into starting up a similar effort in the southwestern part of the state.
Consensus Grows: CSU Sees ‘Very Active’ Hurricane Season Ahead
The Atlantic hurricane season, which officially began this week, will be “very active,” with 18 named storms, including 10 hurricanes, five of them intense (Category Three or greater), forming before the season ends Nov. 30, according to Colorado State University (CSU) forecasters.
Raymond James Forecasts ‘Ugly’ Gas Prices for Rest of Year
Despite Punxsutawney Phil’s prediction on Groundhog Day of a longer winter, the near-term outlook for natural gas is “very bearish,” and the second half of winter and the rest of 2008 “will be ugly for gas prices,” Raymond James & Associates Inc. said last week.
Raymond James Forecasts ‘Ugly’ Gas Prices for Rest of Year
Despite Punxsutawney Phil’s prediction on Groundhog Day of a longer winter, the near-term outlook for natural gas is “very bearish,” Raymond James analysts said Monday. The second half of winter and the rest of 2008, they said, “will be ugly for gas prices.”
CSU, Bastardi Warn of Hurricanes Making U.S. Landfall in 2007
Upping its earlier prediction, the Colorado State University (CSU) hurricane forecast team, led by Phil Klotzbach and William Gray, said last week the U.S. Atlantic basin will likely experience a very active hurricane season in 2007 with an increased probability of a major hurricane making U.S. landfall. The news surprised many within the energy industry who had expected that the team’s April forecast would simply be a rehash of its December 2006 outlook (see NGI, April 2).
CSU Team Ups Hurricane Forecast, Warns of High U.S. Landfall Probability
Upping its earlier prediction, the Colorado State University (CSU) hurricane forecast team, led by Phil Klotzbach and William Gray, said Tuesday the U.S. Atlantic basin will likely experience a very active hurricane season in 2007 with an increased probability of a major hurricane making U.S. landfall. The news surprised many within the energy industry who had expected that the team’s April forecast would simply be a rehash of its December 2006 outlook (see Daily GPI, March 29).
NOAA: El Niño Conditions Likely into 2007
Scientists with the Climate Prediction Center of the National Oceanic and Atmospheric Administration (NOAA) on Wednesday said ocean temperatures have “increased remarkably” in the equatorial Pacific in the last two weeks, and these El Niño conditions are likely to continue into early 2007.
Transocean Updates Rig Riser Separation; Details Explosion on Barge
Falling behind its initial downtime prediction, Transocean Inc. said last week that its deepwater drillship Discoverer Enterprise remains on location in the U.S. Gulf of Mexico at zero dayrate while continuing the investigation with respect to the riser separation which occurred on May 21.