JPMorgan Chase & Co. said Friday it is planning to exit the physical commodities business, including its remaining holdings of commodities assets and its physical trading operations.
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Senators Delve Into Speculators’ Control of Commodity Assets
Members of a panel testifying at a hearing of a Senate Banking, Housing and Urban Affairs subcommittee last week warned that allowing global conglomerates to own multiple pieces of the production and marketing chain for any commodity, including oil and natural gas, while simultaneously also speculating on the price of those commodities, opens the door to potential manipulation of prices.
Spot Prices in 2013 Return to ’09-’11 Levels, Says EIA
Spot prices for U.S. natural gas at most major trading points increased on average 40-60% in the first half of 2013 (1H2013) from a year earlier as demand eclipsed supply, the U.S. Energy Information Administration (EIA) reported last week.
Chesapeake’s New Boss An Anadarko Veteran
Robert Douglas Lawler, 46, one of Anadarko Petroleum Corp.’s top exploration and production (E&P) executives, last week was tapped to be CEO and president of Chesapeake Energy Corp.
EQT Achieves 1 Bcfe/d in Appalachian Output
Hours ahead of EQT Corp.’s second quarter conference call on Thursday, the company tied into sales its first Utica Shale well, the CEO said.
Chesapeake Gets Ratings Boost from S&P
Standard & Poor’s Ratings Services (S&P) on Friday revised its outlook for Chesapeake Energy Corp. to “stable” from “negative,” citing the new CEO as part of the reason. Former Anadarko Petroleum Corp. executive Doug Lawler took over in June (see NGI, May 27).
Louisiana Lawsuit Targets Pipelines for Coastal Damage
A lawsuit filed last week against pipeline companies in Louisiana by the Southeast Louisiana Flood Protection Authority-East (SLFPA-E) is an example of a state agency and its lawyers looking for a big payout, the head of the Louisiana Oil and Gas Association (LOGA) told NGI Wednesday. A lawyer for the plaintiff, however, said his client only wants the pipelines to do their share of the work in restoring protections for the state’s coast.
Marcellus/Utica De-Bottlenecking on Horizon, Barclays Says
The opening of the Mariner West I ethane pipeline and new processing plants should provide some relief to current wet gas constraints in the Marcellus and Utica shales, and the plays should be largely de-bottlenecked by the end of next year, according to analysts at Barclays.
George P. Mitchell: A Quintessential American Story
George Phydias Mitchell, 94, who is credited with pioneering unconventional drilling techniques that have opened up North America’s natural gas and oil potential, died Friday at his home in Galveston, TX.
Consol JV Cracks Upper Devonian Code
Consol Energy has drilled its first Upper Devonian Shale well, in Greene County, PA, with results that bode well for the 300,000 acres it controls with commercial Upper Devonian potential.