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Chesapeake Energy Corp., which has dropped rigs and deferred most of its dry natural gas drilling for the year, said last week that stronger-than-anticipated output from the Marcellus Shale should lift gas output higher in 2013 than it was two years ago.
The state Superior Court judge hearing the ongoing class action lawsuit against Sempra Energy and its two utilities will convene a separate hearing Tuesday with attorneys trying to settle a lawsuit filed by California's Lt. Gov. Cruz Bustamante in the wake of the 2000-2001 western wholesale energy market meltdown.
Total demand for natural gas will average 64.9 Bcf/d in 2010 and 64.6 Bcf/d in 2011, about 0.5 Bcf/d higher than previously forecast, driven primarily by strong growth in the industrial and electric power sectors, according to a Short-Term Energy Outlook released by the Energy Information Administration (EIA) Tuesday.
A House Appropriations subcommittee last Thursday voted out a $27.5 billion spending bill that makes deep cuts in funding for the Interior Department and Environmental Protection Agency (EPA) in fiscal year (FY) 2012, but is favorable to oil and natural gas producers.
Cash prices overall added an average nearly 15 cents Wednesday as multi-dollar gains at New England points led the charge higher. Midcontinent points posted solid gains, but the East and California chalked up even higher ones. At the close of trading January futures had surged 16.1 cents to $3.700 and February had jumped 15.8 cents to $3.720. January crude oil fell 62 cents to $87.88/bbl.