Side

In the end, last week’s Capitol Hill photo-op for the green side turned out to be a broad, nationwide public relations/lobbying effort to urge federal powers in Washington, DC, to frame a national response to global warming. Twelve states, 20 financial services firms, and a dozen each foundations and business leaders comprised 65 signatories to a “call to action” in the nation’s capital.

In the end, Monday’s Capitol Hill photo-op for the green side turned out to be a broad, nationwide public relations/lobbying effort to urge federal powers in Washington, DC, to frame a national response to global warming. Twelve states, 20 financial services firms and a dozen each of foundations and business leaders comprised 65 signatories to a “call to action” in the nation’s capital.

The Energy Information Administration (EIA) reported an 89 Bcf storage withdrawal for the week ended Jan. 12, which was on the high side of industry expectations, well above last year’s 42 Bcf pull, but well below the five-year average draw of 119 Bcf. Natural gas futures traders were not too concerned as the February contract traded in a 23-cent range before settling at $6.324, up 9 cents on the day.

The Supreme Court last Monday in a 7-0 decision came down on the side of the Interior Department’s Minerals Management Service in its nearly decade-long pursuit to recover royalties from BP America Production and another producer for coalbed methane production on federal leases in New Mexico’s San Juan Basin.

Coming in on the high side of most industry expectations, the 168 Bcf net storage withdrawal in the Energy Information Administration’s (EIA) storage report for the cold and blustery week that ended Dec. 8 resulted in a spike in January natural gas futures Thursday to a high of $7.910. However, a short jolt was all the report provided as the prompt month sunk lower for a majority of the session, recording a low of $7.530 before settling at $7.555, down 11.8 cents on the day.

The Supreme Court Monday in a 7-0 decision came down on the side of the Interior Department’s Minerals Management Service in its nearly decade-long pursuit to recover royalties from BP America Production and another producer for production from federal natural gas leases in New Mexico’s San Juan Basin.

Coming in on the high side of many expectations but well below historical comparisons, the 53 Bcf injection into storage last week reported by the Energy Information Administration (EIA) Thursday morning prompted a wide range of near-month prices in the minutes following the report. However, bulls took control in the afternoon, pushing November natural gas futures higher to close at $7.132, up 32.5 cents on the day.

BP America projected Friday that it could add 2,000 employees to its Houston-based operations on the city’s west side energy corridor, bringing its total number of employees in Houston to 8,000 in a major expansion planned for the next four years. The recent acquisition of more than 50 acres of land adjacent to BP’s Westlake campus solidified a three-phased growth plan, the company said.

BP America projected Friday that it could add 2,000 employees to its Houston-based operations on the city’s west side energy corridor, bringing its total number of employees in Houston to 8,000 in a major expansion planned for the next four years. The recent acquisition of more than 50 acres of land adjacent to BP’s Westlake campus solidified a three-phased growth plan, the company said.