Archie W. Dunham, 73, the former chairman of ConocoPhillips, was tapped Thursday as Chesapeake Energy Corp.’s independent nonexecutive chairman. Dunham, who also was CEO of predecessor Conoco Inc., has had “no previous relationship” with the company, the board said.
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Cash Gains, But $2.85 July Futures In Sight, Trader Says
Overall cash prices added a dime Monday as weather forecasts, pipeline maintenance and a strong screen combined forces to send prices sharply higher. Northeast points led the charge higher, but Southern California locations were not far behind. At the close of futures trading July had jumped 16.8 cents to $2.635 and August had risen 15.4 cents to $2.565. July crude oil fell 76 cents to $83.27/bbl.
Eastern Cash Expected to Be Higher Friday As Cold Moves In
Cash market quotes nationally were mostly unchanged, but prices declined sharply at New England points and made gains at Midwest locations. A smaller-than-expected inventory draw of 78 Bcf prompted initial futures declines, but traders reconsidered and prices staged a modest advance on the day. At the close March had risen 2.9 cents to $2.477 and April had improved 3.8 cents to $2.636. March crude oil rose $1.13 to $99.84/bbl.
Bears Take a Hit After Thin Storage Report; December Gains
December natural gas rose Thursday as market bears had to endure the indignity of a government inventory report sharply lower than what was expected. In its 10:30 a.m. EST report the Energy Information Administration (EIA) said inventories rose by just 19 Bcf for the week ended Nov. 11, about 7 Bcf less than what traders were looking for. At the close December had risen 6.6 cents to $3.410 and January had gained 6.3 cents to $3.546. December crude oil plunged $3.77 to $98.82/bbl.
Internal Review Critical of Times’ Shale Reporting Tactics
A New York Times article last month, which slammed the shale gas industry using unnamed industry and government sources, was sharply criticized earlier this month by the newspaper’s public editor.
NYT Editor Criticizes Shale Gas Story
A New York Times article last month, which slammed the shale gas industry using unnamed industry and government sources, was sharply criticized over the weekend by the newspaper’s public editor.
U.S. Shale Reshaping Global Gas Market, Says BP
The United States in 2010 continued to lead the world in natural gas production, boosted by massive shale deposits, according to the latest statistical review by BP plc.
Technical Buying Lifts July to Double-Digit Gain
July natural gas futures rose sharply on a combination of technical buying ahead of the long weekend and algorithmic traders utilizing buy stop orders to limit losses. At the close July had advanced 15.8 cents to $4.518 and August had risen 15.2 cents to $4.557.
Bakken-Friendly Bills Advance in North Dakota Senate
The North Dakota Senate voted in March to support hydraulic fracturing and to extend oil tax breaks in the unlikely event that oil prices sharply decline, but turned down a proposal to reduce the top oil tax rate in exchange for higher production totals.
North Dakota Senate Approves Some Bakken-Friendly Energy Bills
Last week the North Dakota Senate voted to support hydraulic fracturing and to extend oil tax breaks in the unlikely event that oil prices sharply decline, but turned down a proposal to reduce the top oil tax rate in exchange for higher production totals.