Pennsylvania state Rep. Jesse White, a Democrat from the southwestern corner of the state, has introduced House Resolution 593 asking drillers to commit to a set of “Marcellus Shale Principles,” that include hiring local workers, protecting the environment and acting transparently in dealings with stakeholders. “Drilling for gas in the Marcellus Shale has created thousands of jobs, and has the potential to create thousands more at a critical time in our economy, and in areas that have historically suffered from high unemployment rates for many years…However, we can’t simply hand free reign over without any forethought to consequences and how our local communities could be affected for generations to come,” White said.
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The Gas Just Keeps On Coming; January Collapses
January natural gas plunged Wednesday as traders attempted to factor in an ever-increasing storage surplus and noted continued mild weather projections. At the close January had tumbled 14.3 cents to $3.136 and February had fallen 13.4 cents to $3.187. January crude oil imploded $5.19 to $94.95/bbl.
September Gains as Weather, Higher Storage Builds Fail to Deter Bulls
September natural gas rose Tuesday despite projections showing moderating temperatures and higher inventory injections. At the close September natural gas had risen 5.9 cents to $3.994 but failed to settle above important resistance at $4, and October had added 5.8 cents to $4.015. September crude oil plunged $2.01 to $79.30/bbl.
California Renewable Goals on Track; IOUs Avoid Penalties
Although it missed its long-sought 20% renewable portfolio standard (RPS) goal last year, California is on track to hit it this year if projections by the investor-owned utilities (IOU) turn out to be correct and by 2013 if other forecasts turn out to be more accurate. This was the essence of a quarterly report released last Monday by the California Public Utilities Commission (CPUC).
Caiman Completes West Virginia Processing Plant, Plans Another
Caiman Energy has completed a 120 MMcf/d cryogenic processing plant in the Marcellus Shale in Marshall County, WV, and, prompted by drilling projections from existing and potential customers, plans to open a 200 MMcf/d facility at the same location later this year, the Dallas-based company said Wednesday.
Barclays Raises 2010 Gas Price Forecast
Revised projections show less liquefied natural gas (LNG) coming to the United States than analysts at Barclays Capital previously thought. However, domestic production growth has been more robust than they expected. Gas will need to displace coal for power generation in order for the storage injection season to end with about 4 Tcf underground, the analysts said in a recent note.
Barclays Raises 2010 Price Estimate
Revised projections show less liquefied natural gas (LNG) coming to the United States than analysts at Barclays Capital previously thought. However, domestic production growth has been more robust than they expected. Gas will need to displace coal for power generation in order for the storage injection season to end with about 4 Tcf underground, the analysts said in a recent note.
Transportation Notes
Due to forecasts of mild Southeast weather, Southern Natural Gas cited projections of high storage injection requirements during the weekend in announcing that an OFO Type 6 for long imbalances would be in effect on its system Saturday until further notice. Tiered imbalance penalties will be assessed to shippers exceeding allocated deliveries by 2% or more (those with long imbalances of less than 2% or 200 Dth/d will not be penalized).
Strong Gas Prices Based on Projected Production Declines
There appears to be a sea change in the making for the natural gas market as the focus shifts from the current mild weather and almost full storage to projections of a rapid fall-off in production. Analysts now are warning of a gathering storm in the form of higher prices this winter and into 2010, particularly if the economic recovery puts more industrial demand back online.
Strong Gas Prices Based on Projected Production Declines
There appears to be a sea change in the making for the natural gas market as the focus shifts from the current mild weather and almost full storage to projections of a rapid fall-off in production. Analysts now are warning of a gathering storm in the form of higher prices this winter and into 2010, particularly if the economic recovery puts more industrial demand back online.