Cash prices overall rose an average 8 cents Wednesday as traders had to reconcile volatile trading in the Northeast with a Southern California heat wave. South Texas quotes were also firm. Futures traders are expecting the Energy Information Administration’s (EIA) storage figure Thursday to come in well below historical averages. At the close of futures trading October had added another 7.1 cents to $3.063 and November had gained 8.7 cents to $3.191. October crude oil had fallen 16 cents to $97.01/bbl.
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The cash market added on average about 4 cents Tuesday for Wednesday and Thursday delivery as traders had to reconcile typical low holiday demand with higher weather-driven requirements as sections of the East and Midwest were expected to grapple with heat and humidity. The only points down on the day could be found in the Marcellus Shale production zone and a handful of spots in California and the West.
Legislators from both chambers of the Pennsylvania General Assembly face tough negotiations into December as they try to reconcile the differences between their two Marcellus Shale regulatory reform bills, which include an impact fee on oil and natural gas drilling.
The Senate Appropriations Commission Thursday voted out along partisan lines a spending bill that provides the Commodity Futures Trading Commission (CFTC) with an 18% hike in funding for fiscal 2012 to implement reforms under the Dodd-Frank Wall Street Reform Act.
Even though there is no gas drilling in the state, several New Jersey lawmakers are proceeding with a bill to ban hydraulic fracturing (hydrofracking) and plan to vote next week on a resolution urging neighboring states to enact fracking moratoriums to protect the water supply.
Stuck within the recent trading range of $7.500 to $8.500, natural gas futures traders appear unable to reconcile the current price level with record storage levels and forecasts for a warm winter. On Tuesday, December natural gas futures punched back up above $8 for a second consecutive session, but much like Monday, traders were unable to sustain the momentum as the contract fell in the afternoon to close at $7.949, down 1.2 cents on the day.
House and Senate leaders have given up on plans for a formal conference this fall to reconcile their vastly different energy bills (HR 6, HR 3221), which were passed earlier this year. Instead the leaders intend to work out the differences informally.
House and Senate leaders have given up on plans for a formal conference this fall to reconcile their vastly different energy bills (HR 6, HR 3221), which were passed earlier this year. Instead the leaders plan to work out the differences informally.
A bill to open up the eastern Gulf of Mexico to oil and natural gas leasing gained support in the Senate last week, but the next hurdle — to reconcile the chamber’s more narrow offshore measure with the House’s broader offshore bill — is likely to be more difficult to overcome. A cloture vote to cut off debate on the Senate bill has tentatively been scheduled for 5:30 p.m. (EST) Monday, and will be followed by a vote on passage of the measure.
The Senate last Tuesday passed a sweeping, bipartisan energy bill, bringing the Congress to the critical, do-or-die point of trying to reconcile the widely divergent House and Senate versions of the energy measure. Congress has failed at this task twice in recent years.