Driven mostly by North America, the world market for oilfield specialty chemicals climbed to almost $16 billion in 2010, with the United States and Canada accounting for more than half (52%), according to a global market study by IHS Chemical.
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Smaller Overall Gains Hint that Rally Is Nearing End
Most of the market continued to rise Wednesday, but nearly all of the increases were smaller than Tuesday. Predictions of warmer temperatures approaching, particularly in the Midwest and South and to a lesser extent in the Rockies, create a moderately bearish price outlook through the end of the week.
Technicians See Limited Downside Risk; November Gains Ground
November natural gas rose Thursday after a government report showed a smaller injection into gas storage than what analysts were expecting. The 10:30 a.m. EDT report by the Energy Information Administration showed a build of 103 Bcf, about 5 Bcf less than what was anticipated. At the close November had added 4.4 cents to $3.630 and December gained 2.1 cents to $3.834. November crude oil fell 81 cents to $85.30/bbl.
Supportive EIA Data Sends Bears Packing; September Up by Double Digits
September natural gas advanced Thursday following the release of government inventory data showing a significantly smaller increase than what the market was expecting. The Energy Information Administration (EIA) reported a build of just 25 Bcf, about 11 Bcf less than industry estimates. September futures rose 10.5 cents to $4.108 and October gained 10.3 cents to $4.127. September crude oil jumped $2.83 to $85.72/bbl.
Baker Institute: U.S. Shale Erodes Foreign ‘Petro-Power’
North America’s abundant natural gas resources have begun to weaken Russia’s influence on Europe’s energy supplies and could counter Iran’s influence as an energy supplier, according to research by the Baker Institute Energy Forum at Rice University.
Gains Shrink; TS Arlene Born, But No Production Threat
This week’s price run-up appeared to be faltering Wednesday as increases got much smaller and a bit more softness crept into the market. There was still plenty of heat to go around for Thursday, but the modest psychological boost of a tropical storm off the Mexican coast apparently was wearing off quickly and some anticipation of the weak-demand holiday weekend may have had quite a few traders backing off purchases in preparation for avoiding positive imbalance penalties.
Most Points Record Small Price Declines
Tuesday’s smaller price gains than those a day earlier proved indicative of the market direction, as most points saw small losses Wednesday. Forecasts of modest retreats in peak temperatures in the South, and to a lesser extent in the Northeast, tended to squelch some of the extra cooling load from earlier in the week, and Tuesday’s 0.1-cent decline by June futures was neutral regarding cash market guidance.
Prices Still Rising, But by Much Smaller Amounts
Quotes moved higher at nearly all points Tuesday, but the increases were considerably smaller than those that began the trading week. The cash market got a boost from hot weather that has set up camp in the South recently and from a further advance by prompt-month futures the day before.
Most Points Fall Slightly as Weather Load Diminishes
It was no mirage that the smaller gains and growth of larger losses in Wednesday’s pricing signaled weakening of this week’s rebound (see Daily GPI, April 14). Only a few scattered instances of flat numbers were left out of an overall downturn in the spot market Thursday. The chillier weather that had sparked a rally at most points from Monday through Wednesday had faded enough to lose its price-boosting ability, and the southern third of the U.S. is not yet hot enough to create compensating power generation demand.
Quebec to Enact New Royalty Regime for Shale Gas
Quebec said Thursday a new royalty regime for shale gas will take effect in the province once it concludes a two-year strategic environmental assessment of the industry.