Reduced

Standard & Poor’s Ratings Services (S&P) on Tuesday downgraded the corporate credit rating of Chesapeake Energy Corp. to “BB-” from “BB” and said the outlook was “negative.” The ratings on related entities Chesapeake Midstream Partners LP and Chesapeake Oilfield Operating LLC also were cut because the units are so closely tied to the parent, S&P noted.

The 2012 Atlantic hurricane season, which officially begins June 1, will have “reduced activity” compared with 1981-2010 averages, according to forecasters at Colorado State University (CSU).

The 2012 Atlantic hurricane season, which officially begins June 1, will have “reduced activity” compared with 1981-2010 averages, according to forecasters at Colorado State University (CSU). A quiet hurricane season could provide some solace to the nation’s energy interests, which saw relatively warm weather crush demand and prices last winter.

Physical prices for the long weekend and Monday tumbled in Thursday trading as buyers were reluctant to make purchases ahead of anticipated reduced industrial load. Midwest points showed relative strength, but Northeast locations recorded healthy drops as weather conditions were expected to remain at seasonal levels.

Trends toward milder temperatures prompted price declines at a large majority of points Friday. The bearish weekend impact of reduced industrial load was heightened by the Christmas holiday being taken off Monday.

Dow Chemical Co. on Thursday launched an ambitious plan to increase ethylene and propylene production, as well as integrate U.S. operations into feedstock “opportunities” by using the prolific shale gas resources of the Marcellus and Eagle Ford shales.

ANR said it began unplanned engine repairs Monday at Bridgman Compressor Station along its Michigan Leg South, which reduced total St. John W-E (west to east) capacity by 265 MMcf/d (leaving 1,030 MMcf/d available) until further notice. Based on current nominations, ANR anticipates that the reduction may result in the curtailment of IT and Firm Secondary nominations.

Canadian natural gas exports to the United States are stabilizing at reduced levels after four lean years of decline, show trade records of the National Energy Board (NEB).

Canadian natural gas exports to the United States are stabilizing at reduced levels after four lean years of decline, show trade records of the National Energy Board (NEB).