Release

Maryland intends to sue Chesapeake Energy Corp. over an April 19 Marcellus Shale well blowout and the release of thousands of gallons of hydraulic fracturing (hydrofracking) fluid into a tributary of the Susquehanna River, according to the state’s attorney general, Douglas F. Gansler.

May natural gas futures continued on their downward spiral Thursday following the release of government inventory data that showed a withdrawal far less than what the industry was expecting.

As Japan struggled to prevent a catastrophic release of radiation from nuclear facilities destroyed by an earthquake and tsunami, Russia, Qatar and Indonesia all said they were willing and able to step in with supplies of liquefied natural gas (LNG) to take up the slack for lost power generating capacity.

April natural gas futures jumped higher Thursday following the release of government inventory data. The Energy Information Administration reported that for the week ended March 11, 56 Bcf was withdrawn from storage, above what the market was looking for. At the close April was up 22.0 cents to $4.158 and May advanced 22.4 cents to $4.234. April crude oil jumped $3.44 to $101.42/bbl.

The government of Quebec announced last Tuesday that hydraulic fracturing could continue in the province for exploration purposes only, after the release of a much anticipated report that urged further study of the practice.

The government of Quebec announced Tuesday that hydraulic fracturing could continue in the province for exploration purposes only, after the release of a much anticipated report that urged further study of the practice.

March natural gas futures treaded water Wednesday in anticipation of Thursday’s release of government figures showing a withdrawal that would place inventories below last year and five-year averages. At the closing bell March futures had risen four-tenths of a cent to $4.044 and April futures added 1.1 cents to $4.083. March crude oil fell 23 cents to $86.71/bbl.

March natural gas careened lower Thursday following the release of government inventory data showing usage somewhat below traders’ expectations.

For the second time in less than a month the Delaware River Basin Commission (DRBC) has delayed release of proposed regulations that may dictate how portions of the Marcellus Shale are developed. The proposed rules now aren’t expected until November or December.