Prompted

Prompted by the boom in the Marcellus Shale in Pennsylvania, a 136-year-old legal publishing firm on Monday has issued the first resource for the state’s oil and gas legal reference. Its publisher characterizes the book as a resource for landowners, lawyers, judges and producers alike.

Deliberations were scheduled to continue Thursday at the New Mexico Oil Conservation Commission (OCC) on proposed industry-prompted modifications to the state’s so-call pit rule for handling natural gas and oil drilling and production waste.

Prospects of prolonged natural gas gluts have prompted a recommendation for Canada’s National Energy Board (NEB) to start preparing for hearings on costs of shutting down an industry cornerstone: TransCanada Corp.’s Mainline from Alberta to Ontario, Quebec and border crossings into the U.S. Midwest and Northeast.

Prospects of prolonged natural gas gluts have prompted a recommendation for Canada’s National Energy Board (NEB) to start preparing for hearings on costs of shutting down an industry cornerstone: TransCanada Corp.’s Mainline from Alberta to Ontario, Quebec and border crossings into the U.S. Midwest and Northeast.

The physical market bounded sharply higher Tuesday, prompted by a strong screen and low inventories at some points. Nearly all points recorded double-digit gains. At the close of futures trading, October had added 18.0 cents to $2.992 and November had climbed 16.3 cents to $3.104. October crude oil gained 63 cents to $97.17/bbl.

Demand for heat exchangers to be used in liquefied natural gas (LNG) projects around the world has prompted Air Products to construct a second heat exchanger manufacturing facility at a new location in Manatee County, FL, the company said.

The physical market ticked higher in most regions of the country on Wednesday except for much of the Northeast, where forecasts of cooler temperatures prompted drops from a few pennies to more than 80 cents. Gulf and California locations were firm.

Prospects for lower prices for natural gas liquids (NGL) and natural gas production have contributed to deteriorating profitability at Fort Worth, TX-based Quicksilver Resources Inc. and prompted a corporate credit rating downgrade by Standard & Poor’s Ratings Services (S&P).

Both futures and cash markets fell as low demand and indications of a weakening economy prompted hefty declines.