President Obama’s nearly $4 trillion budget for fiscal 2016 would eliminate tax credits for the oil and gas industry and force master limited partnerships (MLP) formed by fossil fuel entities to be taxed at a higher rate, while making major investments to combat climate change on several fronts.
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Physical gas for Wednesday delivery was mixed in Tuesday’s trading as eastern points remained under the influence of stout natural gas imports, prompting lower New England and eastern quotes by several dollars.
March natural gas is set to open 4 cents lower Monday morning at $2.65 as once again, near-term weather outlooks appear to be less supportive and risk managers consider abandoning the long side of the market. Overnight oil markets rose.
Natural gas forwards markets remained unimpressed last week with recent weather systems hitting the Midwest and Northeast, with the February package barely budging at most market hubs as it slid off the board, and March sluggishly took over the prompt month position.
Gas for delivery Tuesday suffered a pattern of broad declines across most market points in Monday’s trading with New England and the East taking on multi-dollar losses. Setbacks of a nickel to a dime were common in the Midwest and Gulf, but the Marcellus region managed to show some modest strength.
March natural gas is seen opening 5 cents lower Friday morning at $2.67as traders factor in a tempered weather outlook and analysts mull further price weakness. Overnight oil markets were mixed.
Worldwide energy demand is growing, but hitting required volume targets down the road will be more difficult because of industry spending cutbacks, Chevron Corp. CEO John Watson said Friday.
Natural gas for Sunday and Monday delivery added a dime in Friday’s trading, buoyed by forecasts of a fresh winter storm expected to rip through coastal New England and a major pipeline disruption bringing gas from the Rockies to the Midwest.
Many traders appeared to have gotten deals done before the Energy Information Administration (EIA) storage data on Thursday, which may have insulated the physical market from the free-falling futures following a withdrawal report of just 94 Bcf, about 20 Bcf less than market expectations.
March natural gas is set to open a penny higher Thursday morning at $2.85, holding above technical support as traders await government storage figures. Overnight oil markets rose.