Recognize

The U.S. Energy Information Administration (EIA) said Tuesday the number of drilling rigs active in the Utica Shale during the last week of October had more than doubled compared with the same week in 2011, with an increase in rigs targeting oil more than offsetting the loss of natural gas rigs.

A group of 10 Republican and three Democratic members of Congress from Pennsylvania is calling on the National Economic Council (NEC) to recognize the economic value of the Marcellus Shale to their state and the potential value of shale gas to the nation — and to leave its regulation to state and local authorities.

Public concern over two 40-year-old butane storage tanks operated by a unit of a Houston-based company in San Pedro, CA, fails to recognize the facility’s spotless safety record, the operator maintains.

October futures managed a modest gain Monday as traders grapple with a sense of seasonality but are forced to recognize the ongoing trend lower. At the close October had risen 2.0 cents to $3.829 and November was higher by 1.0 cents to $3.932. October crude oil plunged $2.26 to $85.70/bbl as Euro-worried equity markets fell.

September natural gas meandered lower Tuesday as traders are being forced to recognize a cooler temperature environment, but technicians see the market holding critical support for the time being. September fell 9.2 cents to $3.932 and October slid 9.7 cents to $3.942. September crude oil dropped $1.23 to $86.65/bbl.

Sen. Lisa Murkowski, the outspoken Republican from Alaska, called on Congress to “recognize ‘use it or lose it’ [legislation] for what it is — it is an attempt to extract more money from the companies, not to extract more energy from the ground.”

Sen. Lisa Murkowski, the outspoken Republican from Alaska, called on Congress to “recognize ‘use it or lose it’ [legislation] for what it is — it is an attempt to extract more money from the companies, not to extract more energy from the ground.”

As the federal government moves to cut greenhouse gas emissions, FERC should recognize the critical role of natural gas to provide baseload generation and complement variable energy resources (VER), such as wind and solar energy, because of its ability to quickly and reliably ramp up to meet electric customers’ demand when wind or sun energy is disrupted, said the Natural Gas Supply Association (NGSA).

As the federal government moves to cut greenhouse gas emissions, FERC should recognize the critical role of natural gas to provide baseload generation and complement variable energy resources (VER), such as wind and solar energy, because of its ability to quickly and reliably ramp up to meet electric customers’ demand when wind or sun energy is disrupted, said the Natural Gas Supply Association (NGSA).