Eastern shale gas production growth has trumped Wyoming Powder River Basin (PRB) coalbed methane (CBM) as Calgary-based global energy processor Enerflex Ltd. said Thursday it is closing its Casper natural gas compression and processing plant, affecting 89 workers.
Trumped
Articles from Trumped
El Paso Snaps Up Flying J’s E&P Unit
In last-minute talks, El Paso Corp. on Tuesday trumped an investment group’s bid and snapped up the Rockies-based exploration and production (E&P) unit of Flying J Inc. for $103.5 million.
Eastern Cold Lifts Most Points; Penny Gas Turns Up Again in Rockies
Forecasts of freezing or near-freezing low temperatures across much of the eastern half of the U.S. trumped two previous trading days of major gas futures losses as prices made strong gains at nearly all points Tuesday. Only continued backtracking in the Rockies averted an across the board run of firmness.
Softness Continues for Most of Cash Market
A dearth of cooling load in the East trumped futures support from last Friday in causing most points to continue falling Monday. However, nearly all of the West, which is where the lion’s share of 90-degree-plus weather is currently in residence, was joined by a few eastern points in ranging from flat to about 35 cents higher.
Increased Cooling Load Fails to Rally Prices
The holiday weekend effect of higher demand loss than usual trumped a minuscule prior-day screen gain and moderately rising power generation load as temperatures began heating up in northern market areas. The result: prices continued to fall at nearly all points Friday.
Hurricanes Aside, Producers Reap Profits on High Commodity Prices
Record oil and natural gas prices trumped the serious damage inflicted to offshore Gulf of Mexico operations by hurricanes in the third quarter, with ExxonMobil Corp. reporting the highest-ever earnings in corporate history, up 75% from a year ago. Majors Royal Dutch Shell plc and ConocoPhillips, as well as super independents Burlington Resources Inc., Kerr-McGee Corp. and Marathon Oil Co., also were able to overcome extensive offshore hurricane damage to reap massive profits — but there were few production gains.
Alberta Regulators Evaluate Hazard & Risk in Allowing Sour Gas Production
Supply needs and confidence in engineering trumped public fear and environmental loathing in a landmark regulatory decision to let Alberta producers keep a major drilling target, “sour” gas laced with lethal hydrogen-sulphide.
Heat Unable to Prevent Softer Cash Prices
For the cash gas market, apparently the moderate screen weakness on Wednesday trumped a small increase in hot weather Thursday. Prices for Friday flow ranged from flat or slightly higher at some points in the West to down nearly 20 cents.
As the Screen Giveth (in Higher Cash), So Shall It Taketh
Wednesday’s screen spike obviously trumped somewhat bland weather fundamentals in pushing cash prices strongly higher Thursday. However, a combination of reversals in Nymex’s energy futures complex Thursday and the typical drop in weekend industrial load is a sure bet to spur market softness Friday, several sources agreed.