Scored

Canadian exporters scored an 18.7% revenue gain in the last natural gas contract year. But the period also ushered in a pronounced downturn in the volume of trade with the United States. Improved prices accounted for virtually all of the increase in the total value of Canadian gas exports in the 12 months that ended Oct. 31, show records kept by the National Energy Board (NEB).

December natural gas futures scored big gains Wednesday as traders expected continued cold weather and holders of short positions were forced to minimize losses. December futures rose 22.7 cents to $6.743 and January added 21.1 cents to $6.813. December crude oil fell 77 cents to $53.62.

Oil and natural gas producers scored a major victory last Thursday when the House defeated a Democratic measure that would have forced them to either use their existing leases or lose them. The House did pass two energy bills before leaving for the week-long Fourth of July recess, one which requires the Commodity Futures Trading Commission (CFTC) to be more aggressive in its oversight of energy futures markets and another that would provide mass transit agencies with new funds to deal with skyrocketing gasoline and fuel prices.

Oil and natural gas producers scored a major victory Thursday when the House defeated a Democratic measure that would have forced them to either use their existing leases or lose them. The House did pass two energy bills before leaving for the Fourth of July recess, which require the Commodity Futures Trading Commission (CFTC) to be more aggressive in its regulation of energy futures markets and would provide mass transit agencies with new funds to deal with skyrocketing gasoline and fuel prices.

FERC scored a crucial victory earlier this week when a federal appeals court in Louisiana said it would not review the agency’s enforcement action against Energy Transfer Partners LP (ETP) on the grounds that it lacked jurisdiction to intervene in an ongoing agency matter.

The U.S. Senate Thursday defeated efforts to include a $32 billion tax package in the underlying broad energy bill (HR 6), but Democrats scored a procedural victory to limit debate on the measure.

Oil and gas development scored a strikeout last week as the U.S. House Appropriations Committee knocked out a proposed amendment to narrow the offshore ban on natural gas drilling and development from 50 miles off the U.S. coasts to 25 miles; added language to bill’s accompanying report calling for an additional environmental study of Alaska’s Bristol Bay area before leasing; and recommended that holders of less restrictive 1998-1999 Gulf of Mexico leases renegotiate those leases or be prohibited from bidding on new leases.

Oil and gas development scored a strikeout Thursday as the U.S. House Appropriations Committee knocked out a proposed amendment to narrow the offshore ban on natural gas drilling and development from 50 miles off U.S. coasts to 25 miles; added language to the bill’s accompanying report calling for an additional environmental study of Alaska’s Bristol Bay area before leasing; and recommended that holders of less restrictive 1998-1999 Gulf of Mexico leases renegotiate those leases or be prohibited from bidding on new leases.

The long-stalled Islander East Pipeline project scored a major victory Thursday when an appeals court in New York ruled that a Connecticut agency’s denial of a water permit for the Connecticut-to-Long Island pipeline was both “arbitrary and capricious.” It remanded the case to the state agency to conduct a “complete and reasoned” review that complies with federal law.