January 17, 2012 |
Crank up the thermostat, or better yet, pocket the cash you're about to save. Natural-gas prices are approaching their lowest levels in a decade because of mild weather and enormous production. Natural-gas futures plunged 6.8 percent Tuesday as forecasts of warmer weather have eroded demand just as production is ramping up from new resources such as Pennsylvania's Marcellus Shale. The price for February delivery closed Tuesday at $2.49 per million British thermal units (about a thousand cubic feet)
July 8, 2012 |
Drilling in the Marcellus Shale region has slowed substantially this year because of the drop in natural-gas prices, and it is unlikely to resume at the same pace anytime soon. The number of drill rigs operating in the state is down 29 percent from its peak a year ago, according to Baker Hughes Inc., which tracks the industry nationwide. According to data from the Pennsylvania Department of Environmental Protection, the number of Marcellus Shale gas wells drilled in the first quarter declined 18 percent from the same period last year.
November 4, 2009 |
Natural-gas prices are rising just in time for the winter heating season. But local utility officials say their customers will still see lingering benefits from prices that hit seven-year lows in the summer. Peco Energy Co. said yesterday that it had completed filling storage facilities that it can draw upon on the coldest winter days, when the major interstate pipelines that supply the region are unable to fully meet demand. Peco spokesman Michael Wood said that the utility, which serves 485,000 gas customers in Philadelphia's suburbs, bought and stored gas at depressed summer prices, significantly lower than a year ago. The summer cost is significant because about half of Peco's winter price is based on gas purchased in the off-season, gas that is compressed and stored in underground caverns or liquefied at -260 degrees Fahrenheit and held in a huge tank in West Conshohocken that acts like a giant thermos.
January 23, 2012
Natural gas futures soared by 7.8 percent Monday after Chesapeake Energy Corp. announced it would dramatically reduce drilling in Pennsylvania's Marcellus Shale and in other gas-producing areas. The announcement came after natural gas prices have plummeted in the last month because of an oversupply, caused by warm weather and enormous shale-gas production. The share prices of natural gas producers also soared Monday on the prospect of greater profits from higher prices. Despite the increase, natural gas prices are still off 18 percent so far this year.
May 23, 1995 |
Lance Haver (right) and Patricia McNamara work the tables as the Consumers Education and Protective Association launches a petition drive yesterday outside City Hall to protest what it calls a "back door" gas rate increase by the Philadelphia Gas Works. CEPA charges the gas works collected an extra $22 million from falling natural gas prices over the past six months. Instead of passing on the savings to customers by reducing gas rates, CEPA says the utility kept the difference.
September 27, 1990 |
Oil prices fell more than $1 a barrel by midday today in London following President George Bush's decision to sell U.S. oil reserves. However, the drop took place during very light trading, brokers said. North Sea Brent Blend for November delivery was trading at $36.75 a barrel, down $1.20 from yesterday's close of $37.95 a barrel. Oil prices have doubled since Iraq's Aug. 2 invasion of Kuwait, threatening to disrupt supplies from that oil-rich region. Although Bush spoke of releasing only 5 million of America's 590 million barrels of strategic reserves, the announcement last night appeared to help calm the market, brokers said.
November 4, 2015 |
Weak realized natural-gas prices appear to be inhibiting production growth in the Marcellus Shale region, Fitch Ratings said Monday. The rating service said several key Marcellus producers are lowering 2016 production expectations because of low energy prices. Six Marcellus producers reported that production-weighted gas prices for the third quarter averaged $2.07 per thousand cubic feet, less than full-cycle costs estimated at $2.50 per unit. "Marcellus producers continue to pursue lower costs and improved efficiencies to remain competitive," Fitch said in a statement.
June 3, 2016 |
New Jersey natural-gas customers can expect a price break this winter, the latest reduction in energy costs that have cut one utility's bills by more than half since 2009. Public Service Electric & Gas Co. on Wednesday proposed to reduce residential gas bills by 7.4 percent, saving customers $64 per year. South Jersey Gas proposed reductions of 3.7 percent, or $4.39, to monthly residential gas bills. The proposed rate reductions, which would go into effect Oct. 1, were made in annual filings Wednesday with the New Jersey Board of Public Utilities, the state regulatory body.
December 17, 2003 |
Israel called off Saddam hit after five commandos died The revelation that Israel plotted to kill Saddam Hussein at the funeral of a relative infuriated military chiefs who worry that loose talk is harming Israel's security. "Operation Bramble Bush," the plot to assassinate Saddam with a missile attack, was shelved in 1992 after five commandos were killed training for the mission, which was undertaken after Saddam fired missiles at Israel during the 1991 Gulf War. Rumors had circulated for years that the training accident was linked to plans to kill Saddam, but military censors suppressed publication until yesterday.
November 7, 2005 |
THE DEBATE OVER the proposed liquefied natural gas (LNG) terminal in Port Richmond seems to be a surefire way to generate heat among critics and the press. What's needed is a little more light, too - especially at a time when natural-gas prices continue to skyrocket. In the year since Mayor Street first announced that the Philadelphia Gas Works was interested in developing an LNG import terminal at its existing LNG plant in Port Richmond, the project has been the subject of stories and commentaries warning of potential terrorist attacks on LNG tankers that could wreak havoc and destruction on the city.