Natural gas futures fell the most in almost two years after a government report howed a bigger-than- forecast increase in U.S. inventories, as the recession cut demand for the industrial fuel.
Stockpiles rose 103 billion cubic feet last week to 2.116 trillion cubic feet, the Energy Department said. Analysts expected a gain of 95 billion. Supplies were 22 percent higher than the five-year average as factories and power plants trimmed purchases during the worst economic slowdown in a half century.
This LNG terminal may have nothing but time, spider webs...
A liquefied natural gas industry expert from Houston says the new Canaport LNG terminal in Saint John may not be as busy as anticipated when the project began.
Construction is nearly finished at Canaport LNG's onshore facilities in Saint John, and Repsol Energy Canada is expecting its first commissioning tanker to arrive by the end of next month.
Barbara Shook, the Houston bureau chief for the Energy Intelligence Group, a research organization that covers the oil and gas industry, said recent large-scale discoveries of shale natural gas deposits in Canada and the United States have lessened the need for imported liquefied natural gas.
Shook said that could affect the number of LNG tankers coming to Saint John.
"They couldn't be operating at a worse time. Instead of being short natural gas, North America is in another glut," Shook said.
China is hosting its first shale gas conference; US-based Harding Shelton co-hosts...
Harding Shelton Group (HSG), a team of U.S. experts in shale gas development based in Dallas, TX and Oklahoma City, OK, co-hosted with Yangtze University an unprecedented sharing of technology in a two-day symposium organized by PetroChina and the Chinese Petroleum Society. Culminating the conference was the signing of documents that set up the structure through which PetroChina, HSG and the university will evaluate the shale gas potential in China.
"The opportunity to produce shale gas in China is similar to what has taken
place in the United States in highly productive areas like the Barnett Shale.
Collaborative efforts with China can address the challenge of demand for new
energy sources through this technology exchange," said John Shelton, HSG
HSG, through Harding Shelton Energy Consulting (Beijing) Limited, signed a Memorandum of Understanding with PetroChina's Research Institute for Petroleum Exploration and Development in Langfang (RIPED-Langfang)
for evaluating shale gas as a new energy resource for the coal-dependent
country. The collaborative effort will also include studying drilling
technologies that would be unique to the various basins of China. HSG and PetroChina will be working with the energy laboratories at Yangtze.
And in a small side-distraction, the town of Hunginton, NY, has recently announced it will fuel its fleet of garbage trucks with CNG. Bravo, guys!
The board approved a resolution authorizing Supervisor Frank P. Petrone to apply for $260,000 in federal stimulus funds administered by the Long Island
Clean Cities Coalition to help purchase two new compressed natural gas
garbage trucks and to retrofit two existing trucks to run on compressed natural gas. The total cost of the project is $574,000; the application is for the maximum reimbursable amount.
The town already has 18 hybrid vehicles and one alternate fuel vehicle, the car assigned to Petrone. The town hopes to have the first of the trucks in service
by the end of the year.