A former Bank of Montreal natural gas trader will pay a $500,000 fine as part of an agreement settling charges that he mismarked and misvalued the bank’s gas options book and deceived the bank, the US Commodity Futures Trading Commission said.
Energy prices dropped Nov. 5 with crude dipping below $80/bbl, even though the equity market “jumped out of its pants” with the Dow Jones Industrial Average up more than 200 points, said analysts in the Houston office of Raymond James & Associates Inc.
The US Environmental Protection Agency has ordered Texaco Inc., which Chevron Corp. acquired in 2001, to assess soil and ground water contamination and evaluate additional cleanup options for the Pacific Coast Pipeline Superfund site in Fillmore, Calif.
The Independent Petroleum Association of America will work to ensure that an upcoming study on hydraulic fracturing is scientific, based on facts, and includes input from the oil and gas industry as well as state regulators.
Four US House Republicans urged US Interior Secretary Ken Salazar to improve, instead of jettison, categorical exclusions in response to a recent Government Accountability Office report.
Responding to “a continuously increasing focus on the possibilities for oil and gas production in Greenland,” seven operators have formed a trade association anticipating industry development in the country.
Brazil’s state-owned oil and gas company Petroleo Brasileiro SA (Petrobras) has signed the final agreements with China Development Bank Corp. (CDB) for a $10 billion loan, which has been under negotiation since May.
The US Senate Environment and Public Works Committee approved a global climate change bill by an 11-1 vote despite a boycott by Republican members.
Oil prices continued a 3-day rally Nov. 4 with crude closing above $80/bbl in the New York market following bigger-than-expected drops in US inventories of crude and gasoline and a weaker dollar after the Federal Reserve said it would maintain its current interest rate policy for an extended period.
Tudor Pickering Holt & Co. (TPH) foresees a fairly dramatic recovery in natural gas prices next year, a spokesman told an Oct. 29 energy finance summit at Rice University’s Jess H. Jones Graduate School of Business.
The potential of natural gas to reshape energy markets should exert parallel influence on corporate strategies, speakers said at the RMI Oilfield Breakfast Forum in Houston.
Comprehensive regulation of financial derivatives will also need to be a critical component of a well-functioning domestic emissions trading market, US Commodity Futures Trading Commission Chairman Gary G. Gensler said on Nov. 3.
After daily swings in recent trading sessions, energy prices racked up a second day of increases Nov. 3, spurred by a record-breaking rush for gold in the commodities market.
As other Republicans boycotted the US Senate Environment and Public Works Committee’s markup of global climate-change legislation on Nov. 3, George V. Voinovich (Ohio) showed up to work with what he said was still incomplete information.
Origin Energy Ltd., Sydney, has acquired 51.55% interest in the Otway gas project in western Victoria from joint venture partner Woodside Petroleum Ltd., Perth, for $712.5 million (Aus.).
The price of crude continued its recent seesaw pattern, rising again Nov. 2 on a weaker dollar, better than expected Chinese manufacturing data, and improved economic indicators in the US.
Dominion has appointed Andrew Cochran as chief executive officer.
Prices for crude and petroleum products fell Oct. 30, wiping out gains for the previous day’s rally in the New York market, as the dollar strengthened against most currencies and US consumer spending fell amid doubts the economy is improving.
Two former officials of an Alaskan oil field engineering and construction company were sentenced on Oct. 28 for their roles in a scheme that paid $395,000 in bribes to state officials, the US Department of Justice said.
Production potential from tight shales and other unconventional resources has significantly altered the world’s natural gas outlook, experts said Oct. 28 at a seminar on the evolution of global gas markets at the Center for Strategic and International Studies in Washington, DC.
