Time

Working natural gas inventories remain at historically high levels for this time of year, the Energy Information Administration (EIA) said in its Short Term Energy Outlook for August. While it said inventory levels at the end of October will set a new record of 3,954 Bcf, that’s a small walk-back from the 4,000 Bcf EIA predicted last month.

Magnum Hunter Resources Corp. Wednesday said it plans to test for the first time the potential of the deep Pearsall Shale formation in South Texas after agreeing to pay $2.35 million to buy an additional 1,885 net mineral acres in Atascosa County.

Working natural gas inventories remain at historically high levels for this time of year, the Energy Information Administration (EIA) said in its Short Term Energy Outlook for August. While it said inventory levels at the end of October will set a new record of 3,954 Bcf, that’s a small walk-back from the 4,000 Bcf EIA predicted last month.

Oil and gas companies could be showing more interest in drilling wells targeting the Marcellus Shale in Wyoming County, PA, after having hired a seismic contractor to perform tests across nearly half of the county on their behalf.

As the Pine Ridge fire along the Western Slope in Colorado was put out Thursday and the more than 100 natural gas wells in the Piceance Basin brought back online, a new fire northwest of De Beque, CO, called the Third Water Spring fire, caused Encana Corp. to shut in some of its other gas wells in the area.

The well-worn paths for global natural gas, traditionally traced along the trade flows of liquefied natural gas (LNG) expansions, have been rerouted as unconventional gas — and especially shale — has washed out old bridges to the past, according to a report by the International Gas Union (IGU) and IHS Inc.

Even though the Pine Ridge fire in western Colorado near the Piceance Basin was deemed less aggressive and more than 25% contained over the weekend, natural gas operators indicated that they will keep their well operations shut for the foreseeable future and are working closely with local authorities and the federal Bureau of Land Management (BLM), which are overseeing the fire-fighting efforts.

Global oil production capacity increases, especially from unconventional U.S. oil, are accelerating so quickly that output could jump almost 20% by 2020, which could dramatically reduce and possibly collapse oil prices, according to an analysis by a Harvard Kennedy School researcher and former oil industry executive.

Chesapeake Energy Corp. on Tuesday announced that it would lay off 70 employees from its Barnett Shale workforce and transfer other staff members, leaving about 700 in its North Texas offices.