After falling in the wake of the Organization of Petroleum Exporting Countries' June 3 decision to increase its oil production quotas, futures prices for crude and petroleum products fluctuated June 7-9 under the influence of other market factors.
A producer group June 8 said if US meteorologists' predictions about a warmer-than-normal summer materialize, natural gas prices that likely will rise, assuming the economy continues to strengthen and North American gas production stays flat.
Natural gas demand in the US and Canada has caught up not only with wellhead supply but also with existing storage capacity and transportation infrastructure, reported Merrill Lynch Global Securities Research & Economics Group.
Natural gas is "rapidly gaining in geopolitical importance," and is just as quickly emerging as the "fuel of choice" for a world population seeking energy resources that will minimize environmental impact.
The New York Mercantile Exchange, UK-based broker ICAP Energy LLC, and Goldman Sachs June 2 launched an electronic market for options pegged to weekly US Energy Information Administration gas storage numbers.
The commanding general of the US Marine Corps at Camp Pendleton, Calif., has notified US and state officials of his opposition to any proposed construction of an LNG terminal either at the military base or offshore from it.
The US Federal Energy Regulatory Commission last month said it wants public comment on a new technical report that outlines the safety modeling the agency will use when evaluating future LNG terminal applications.
World shipbuilding capacity has kept pace with new LNG vessel demand during the past decade, and shipyards now are being asked to find ways to deliver more ships each year because many more LNG projects are proposed.
Worldwide supply of propylene will increase to 80.3 million tonnes in 2010 from 57.6 million tonnes in 2003 (about 5%/year), according to Steve Zinger, global business director of heavy olefins and elastomers for Chemical Market Associates Inc. (CMAI).