August natural gas made it four in a row and continued to march higher Wednesday, prompted by reports showing extended heat over the eastern two-thirds of the country. At the closing bell August had risen 7.0 cents to $4.403 and September had tacked on 7.5 cents to $4.387. August crude oil rose 62 cents to $98.05/bbl.
Prompted
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Futures Gain on Short Squeeze; Sellers Lie in Waiting
August natural gas futures advanced Thursday following the release of government inventory figures and on the basis of buy orders prompted by systematic and algorithmic traders. The Energy Information Administration (EIA) reported an increase in natural gas inventories of 78 Bcf, slightly lower than market estimates, and the market immediately jumped off session lows. At the close August had added 5.9 cents to $4.374 and September was up 5.9 cents as well to $4.393. August crude oil rose 65 cents to $95.42/bbl.
DCP Midstream Plan Targets Midcontinent-Gulf Arbitrage
Bulging natural gas liquids (NGL) supplies in the Midcontinent have prompted a plan to carry the bounty to more lucrative Gulf of Mexico region markets.
Plains All American to Build Eagle Ford Processing Plant
Growing production from the Eagle Ford Shale in South Texas has prompted Plains All American Pipeline LP (PAA) to agree to build a new 130-mile crude oil and condensate pipeline, a marine terminal facility and 1.5 million bbl of storage capacity, the Houston-based partnership said Tuesday.
Underground, LNG Storage Explored as Northwest Options
The prospect for increased development of natural gas-fired peaking generation plants to back up added wind generation in the Pacific Northwest has prompted the need for added gas storage. An analysis is under way to determine whether existing underground storage or newly developed above-ground liquefied natural gas (LNG) is the best option for assuring power system reliability in the region.
Analysts: Canadian Gas Industry Must Look Beyond U.S.
Faced with pricing uncertainty, anticipated decrease in U.S. demand and a shifting regulatory landscape, Canadian gas companies will need to look beyond the United States if they are to retain market share and remain competitive, according to Ernst & Young.
Bill Barrett Raises Production Outlook
Stronger prices for oil and natural gas liquids (NGL) have prompted Bill Barrett Corp. to increase its 2011 spending with a focus on its liquids-rich Gibson Gulch program, the company said. Production guidance has also been raised.
CERAWeek: Shale Plays Forcing Industry Innovation
Ironically, the oil and natural gas industry’s recent focus on shale plays, which was made possible by technological breakthroughs, has prompted more recent innovations, according to Jonathan Lewis, Halliburton senior vice president, drilling & evaluation.
West Virginia DEP Seeks to Cut Deficit Through $10,000 Permit Fee
Increased drilling activity in West Virginia’s Marcellus Shale area and a dramatic decline in revenues from natural gas drilling permits have prompted the Department of Environmental Protection (DEP) to seek a larger piece of the state’s budget pie, a larger staff to handle about 750 active wells and a dramatic increase of horizontal permitting fees.
West Virginia DEP Seeks to Cut Deficit Through $10,000 Permit Fee
Increased drilling activity in West Virginia’s Marcellus Shale area and a dramatic decline in revenues from natural gas drilling permits have prompted the Department of Environmental Protection (DEP) to seek a larger piece of the state’s budget pie, a larger staff to handle about 750 active wells and a dramatic increase of horizontal permitting fees.