The policy landscape of shale gas development has been “dominated” by contradictory opinions, but there are “pathways” to a consensus, according to an analysis by Resources for the Future (RFF).
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Most Prices Up, But Northeast and Rockies Dive
Weekend prices showed almost a directly opposite pattern from deals done a day earlier. Whereas Northeast citygates had spiked Thursday while the rest of the market was softer, on Friday it was the Northeast (along with the Rockies) plunging while all other points were rising, based largely on the bullish Nymex response to Thursday morning’s storage withdrawal report.
All Points Fall as Fundamental Weakness Grows
The signs of growing cash market weakness that surfaced Tuesday were confirmed hugely Wednesday. Whereas only a moderate majority of points were slightly softer on the previous day, prices fell across the board Wednesday, with many of the losses reaching double digits.
Most Points Rally as Expected Ike Path Shifts Again
The vagaries of estimating a hurricane’s future path came into play in the spot market again Wednesday. Whereas prices fell across the board Tuesday in reaction to Hurricane Ike’s projected path shifting a bit to the south, a revision that brought the storm back slightly closer to the Gulf of Mexico (GOM) production area was sufficient to rally quotes at most points Wednesday.
Prices Continue to Drop, But at a Slower Rate
Prices continued to drift lower at nearly all points Thursday, but the rate of decline slowed. Whereas double-digit drops had ruled the market Wednesday, most of Thursday’s softening was by less than a dime. Minuscule losses of only 2-3 cents were scattered through several market areas, and Northwest’s domestic and Sumas points managed to stay flat and eke out a small gain respectively.