Project Sponsors are Seeking Federal Approval to Export Domestic Natural Gas

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Liquefied natural gas (LNG) project sponsors have been applying to the U.S. Department of Energy (DOE) for authorization to export LNG produced from domestic natural gas and to the Federal Energy Regulatory Commission (FERC) for approval to build liquefaction facilities to serve export markets (see map below). A higher price for LNG in international markets is a major motivation for these applications (see chart below).

Source: U.S. Energy Information Administration

The United States currently only ships LNG overseas through re-exports of imported LNG from the Freeport terminal in Texas, and the Sabine Pass and Cameron terminals in Louisiana. In 2011, LNG re-exports totaled about 53 billion cubic feet (Bcf), up from about 33 Bcf in 2010. The Kenai LNG terminal in Alaska, the only terminal that exported LNG produced from domestic natural gas, has been inactive since December 2011.

Source: U.S. Energy Information Administration

For more details visit the EIA website

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Crude Oil Finishes Higher on Positive Market News

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Crude oil closed up $0.39 a barrel at $103.50 today. Prices closed near mid range again today. Bulls and bears are on a level near term technical playing field. The next near term upside price breakout objective for the crude oil bulls is producing a close above solid technical resistance at $106.00 a barrel.

Natural gas closed down 3.2 cents at $2.064 today. Prices closed near the session low today. Prices Friday hit a contract and 10 year low. The bears have the solid overall near term technical advantage. There are still no early clues to suggest a market low is close at hand.

Gold futures closed up $11.80 an ounce at $1,644.40 today. Prices closed near mid-range today and saw short covering and bargain hunting. The key “outside markets” were in a bullish posture for gold today as the U.S. dollar index was weaker and crude oil prices were firmer. Gold bears still have the overall near term technical advantage. Prices are still in a seven week old downtrend on the daily bar chart.

All trading June contracts now.

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PXP Announces Offering Of $500 Million Of Senior Notes

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Plains Exploration & Production Company (NYSE: PXP) announced today that it intends to offer, subject to market and other conditions, $500 million of Senior Notes due 2019 in an underwritten public offering. The offering will be made under PXP's shelf registration statement, which became effective immediately upon filing with the Securities and Exchange Commission on March 5, 2010.

Net proceeds from the offering are expected to be used to repay amounts outstanding under PXP's senior revolving credit facility and for general corporate purposes, including the redemption of all $76.9 million aggregate principal amount of PXP's Senior Notes due 2017 that remain outstanding.

This press release does not constitute a notice of redemption of the Senior Notes due 2017. Notice of redemption, if and when given, will be made separately in accordance with the terms of the Senior Notes due 2017.

An electronic copy of the preliminary prospectus supplement and accompanying base prospectus may also be obtained at no charge at the Securities and Exchange Commission's website at http://www.sec.gov.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Visit the Plains Exp. and Prod. investors Page for more info

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Iran Crude Supplies to China Fall for Fourth Month in March

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Iran’s oil shipments to China fell for a fourth month in March to the lowest in 22 months amid delays in signing term supply contracts. Imports by the biggest buyer of Iranian crude fell 6.2 percent to 1.08 million metric tons, or about 254,000 barrels a day, according to calculations by Bloomberg from data released via e-mail today by the Beijing based General Administration of Customs.

Supplies from the Persian Gulf nation averaged 557,413 barrels a day last year.
Purchases from Iran slid as China International United Petroleum & Chemical Co., the nation’s biggest oil trader, put off signing a 2012 term contract with National Iranian Oil Co. after a disagreement over payment terms.....Read the entire Bloomberg article.

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Shell to Announce First Quarter Results

On Thursday 26 April at 2 o'clock est Royal Dutch Shell plc will release its first quarter results and first quarter interim dividend announcement for 2012.

These announcements will be available on http://www.shell.com/investor.

Webcasts

Simon Henry, Chief Financial Officer, will host two live webcasts of the first quarter results and first quarter interim dividend announcement for 2012 on Thursday April 26, 2012.

• Media webcast - 09:30 BST / 10:30 CEST / 04:30 EST - opens in new window
• Analyst webcast - 13:30 BST / 14:30 CEST / 08:30 EST - opens in new window

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EIA: Eagle Ford Oil and Natural Gas Well Starts Rose Sharply in First Quarter 2012

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New well starts in the Eagle Ford region in Texas increased 110% from January through March 2012 compared to the same period in 2011, according to reporting and analysis by BENTEK Energy LLC (Bentek).



Other key findings include:

Operators started drilling (spudded) 856 new wells in January through March 2012 compared to 407 in January through March 2011.

In early April 2012, the Eagle Ford active rig count set a new high of 217 units.

Increased drilling and rig deployment translated into higher crude oil and condensate production, which is projected to average over 500 thousand barrels per day (bbl/d) in April, up from 182 thousand bbl/d in April 2011.

Current Eagle Ford area natural gas production is about two billion cubic feet per day.

Horizontal wells accounted for nearly all of the new well starts so far in 2012.

Much of the drilling activity in the Eagle Ford is targeting both crude oil and wet natural gas resources.

Bentek estimates that in March 2012, Eagle Ford crude oil and lease condensate production was approaching crude oil production in the North Dakota part of the Bakken formation.

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Crude Oil Bounces Back After Two Days of Loses

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Crude oil [May contract] closed higher on Monday ending a two day decline off Wednesday's high but remains locked in March's down trending channel. The low range close sets the stage for a steady to lower opening on Tuesday.

Stochastics and the RSI remain neutral to bullish signaling that a low might be in or is near. Closes above last Tuesday's high crossing at 105.07 are needed to confirm that a short term low has been posted. If May renews the decline off March's high, the 38% retracement level of the October-March rally crossing at 97.84 is the next downside target.

First resistance is last Tuesday's high crossing near 105.07. Second resistance is the reaction high crossing at 105.49. First support is this month's low crossing at 100.68. Second support is the 38% retracement level of the October-March rally crossing at 97.84.

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New Video...Where are Commodities and the Markets Headed This Week

We just released a detailed video on what to expect today and this week for the dollar, gold, silver, crude oil and the SP500.

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ConocoPhillips Reports First Quarter Earnings

ConocoPhillips [NYSE:COP] today reported first quarter earnings of $2.9 billion, compared with first quarter 2011 earnings of $3.0 billion. Excluding $330 million of special items, first quarter 2012 adjusted earnings were $2.6 billion. Special items were primarily related to gains on asset dispositions, partially offset by impairments and repositioning costs.

“We operated according to plan during the first quarter of 2012, achieving production and refinery utilization targets,” said Jim Mulva, chairman and chief executive officer. “We continued to progress our asset divestment program and execution of our major projects and growth plans. We also accomplished several repositioning milestones, including obtaining a favorable IRS ruling and final board of directors’ approval. Beginning May 1, 2012, our company will become two leading, independent energy companies, ConocoPhillips and Phillips 66.”

Just click to read the entire earnings report 

Here is todays free trend analysis for COP

Crude Oil Trades Near Three Days Highs on U.S. Economic Outlook

Crude oil traded near the highest close in three days before reports that may show a strengthening of the economy in the U.S., the world’s biggest crude consumer. Futures were little changed in New York after rising 0.2 percent last week. Consumer purchases that account for about 70 percent of the U.S. economy probably climbed by the most since the end of 2010, according to a Bloomberg News survey before an April 27 Commerce Department report. Iraq halted crude exports from northern fields because of a technical fault at a pipeline network in neighboring Turkey, the Oil Ministry said.

Crude for June delivery was at $103.77 a barrel, down 11 cents, in electronic trading on the New York Mercantile Exchange at 9:40 a.m. Sydney time. The contract rose 1.1 percent to $103.88 on April 20, the highest close since April 17. Front month prices are 5 percent higher this year. Brent oil for June settlement was at $118.63 a barrel, down 13 cents, on the London based ICE Futures Europe exchange. The European benchmark contract’s front month premium to West Texas Intermediate was at $14.85, from $14.88 on April 20.

Iraq’s crude exports stopped at 7:45 p.m. on April 21, the ministry said in a statement on the website of the official National Media Center yesterday. The nation normally exports 450,000 to 500,000 barrels a day from northern fields through Turkey. It ships most of its oil from the south on tankers sailing from the Persian Gulf.

U.S. consumer spending may have risen 2.3 percent last quarter, according to the Bloomberg survey. That would follow a 2.1 percent gain in the prior period. Gross domestic product rose at a 2.5 percent annual rate after advancing 3 percent in the previous three months, according to the median forecast in a separate Bloomberg survey before the Commerce Department’s April 27 release.

Posted courtesy of Bloomberg News

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Phil Flynn: Precautionary Demand

Crude oil prices were rising early Friday and there is better than expected data from Germany and Microsoft, yet in the big picture, there are those that are saying that oil prices have risen in recent months not due to speculation but what we should call “precautionary demand”. According to Dow Jones U.S. sanctions against Iran are hurting growth in that country and creating "precautionary demand" for oil, which is part of the reason oil prices remain at current high levels according to Caroline Freund, the World Bank's chief economist for the Middle East and North Africa.

In other words, countries have been hoarding oil in the event that oil supply might get cut. This has increased demand and prices have gone higher. It is a valid fundamental reason for oil prices to rise and has been a major factor in the pricing oil. The rise is not due to speculators, as the uninformed would have you believe, but the physical buying of extra barrels. As the Iran risk seems to be pushed back that buying has eased a bit.

Dow Jones reported overnight that European Union member states have agreed to postpone by one month the deadline for a review of the oil embargo on Iran. The EU agreed in January to implement a full oil embargo on Iranian crude oil exports by July 1 in response to its nuclear program. But as a concession, to Greece in particular, it agreed to hold by May 1 a review of the effect of a full embargo. That left next Monday's Foreign Affairs Ministers Summit as the last opportunity to agree any change to the embargo.....Read the entire article.

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Commodities Market Summary for Sunday April 22nd

Crude oil closed higher on Friday but remains locked in March's down trending channel. The low range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI remain neutral to bullish signaling that a low might be in or is near. Closes above Tuesday's high crossing at 105.07 are needed to confirm that a short term low has been posted. If May renews the decline off March's high, the 38% retracement level of the October-March rally crossing at 97.84 is the next downside target. 

Here's our pivot, resistance and support numbers to get the week started tonight!

Daily Pivot Points				Normal Range					Last Bar
Commodity	Chart	S3	S2	S1	PP	R1	R2	R3	H	L	C
Crude Oil		100.48	101.31	102.01	102.84	103.54	104.37	105.07	103.66	102.13	102.72
Natural Gas		1.813	1.858	1.882	1.927	1.951	1.996	2.020	1.971	1.902	1.907
Heating Oil		3.0771	3.0944	3.1098	3.1271	3.1425	3.1598	3.1752	3.1445	3.1118	3.1251
Gasoline RBOB		3.0244	3.0797	3.1169	3.1722	3.2094	3.2647	3.3019	3.2275	3.1350	3.1541
Gold		1606.4	1618.8	1630.1	1642.5	1653.8	1666.2	1677.5	1654.9	1631.2	1641.4
Silver		30.649	30.970	31.374	31.695	32.099	32.420	32.824	32.015	31.290	31.779
Copper		3.5408	3.5692	3.5983	3.6267	3.6558	3.6842	3.7133	3.6550	3.5975	3.6275
Platinum		1544.8	1559.4	1568.7	1583.3	1592.6	1607.2	1616.5	1597.9	1574.0	1578.0
			Extreme Range

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SandRidge Mississippian Trust II Announces Pricing of Initial Public Offering at The Top End of Price Range

SandRidge Mississippian Trust II (the Trust) announced today that it has priced its initial public offering of 26,000,000 common units at a price per common unit of $21.00, which represents the top end of the expected price range of $19.00 to $21.00. The 26,000,000 common units being sold in the offering represent a 52% beneficial interest in the Trust. The underwriters have 30 days to exercise an option to purchase an additional 3,900,000 common units from the Trust to cover over allotments, if any. 

Following completion of the offering, SandRidge Energy, Inc. (NYSE: SD) as sponsor of the Trust, will own approximately 11.3 million common units, assuming no exercise of the underwriters' option, and approximately 12.4 million subordinated units convertible into common units, and the Trust will have a total of 49,725,000 trust units outstanding. The common units have been approved for listing on the New York Stock Exchange, and will trade under the symbol "SDR." The offering, which is subject to customary closing conditions, is expected to close on or about April 23, 2012.

The Trust will own royalty interests conveyed to it by SandRidge that will entitle the Trust to a percentage of the proceeds received by SandRidge from the production of hydrocarbons from currently producing wells and development wells to be drilled by SandRidge on approximately 53,000 net acres in the Mississippian formation in northern Oklahoma and southern Kansas.

Visit the SandRidge Investors page for a list of sponsors and more info.

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EXCO Resources to Release 1st Quarter 2012 Results

COT holding EXCO Resources [NYSE: XCO] will be releasing first quarter 2012 results on Tuesday, May 1, 2012, after market close. EXCO will host a conference call on Wednesday, May 2, 2012, at 10:00 a.m. (Dallas time) to discuss the contents of this release and respond to questions.

 Please call (800) 309-5788 if you wish to participate, and ask for the EXCO conference call ID# 70531704. The conference call will also be webcast on EXCO’s website at www.excoresources.com under the Investor Relations tab. Presentation materials related to this release will be posted on EXCO’s website on Tuesday, May 1, 2012, after market close.

 EXCO Resources, Inc. is an oil and natural gas exploration, exploitation, development and production company headquartered in Dallas, Texas with principal operations in East Texas, North Louisiana, Appalachia and West Texas.

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Chevron Announces Webcast on 1st Quarter Earnings

Chevron’s discussion of first quarter 2012 earnings with security analysts will take place on Friday, April 27, 2012, at 8:00 a.m. PST. A webcast of the meeting will be available in a listen only mode to individual investors, media, and other interested parties on Chevron’s website at www.chevron.com under the “Investors” section.

Additional financial and operating information will be contained in the Earnings Supplement that will be available under “Events & Presentations” in the “Investors” section on the website.

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Crude Oil Remains Locked in March's Down Trending Channel

Crude oil [May contract] closed lower on Thursday, as it remains locked in March's down trending channel. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI remain bullish signaling that a low might be in or is near. 


Closes above the 20 day moving average crossing at 103.83 are needed to confirm that a short term low has been posted. If May renews the decline off March's high, the 38% retracement level of the October-March rally crossing at 97.84 is the next downside target. 


First resistance is the 20 day moving average crossing near 103.83. Second resistance is the reaction high crossing at 105.49. First support is last Tuesday's low crossing at 100.68. Second support is the 38% retracement level of the October-March rally crossing at 97.84.

Schlumberger Declares Quarterly Dividend

The Board of Directors of Schlumberger Limited (NYSE:SLB) today declared a quarterly dividend of $0.275 per share of outstanding common stock. The dividend is payable on July 13, 2012 to stockholders of record at the close of business on June 1, 2012.

Webcast - Live Q1 2012 Schlumberger Earnings Conference Call 04/20/12 at 9:00 a.m. ET Click here for webcast

Halliburton 1st Quarter Earnings Soar by a Whopping 23%

Halliburton (HAL) announced today that income from continuing operations for the first quarter of 2012 was $826 million, or $0.89 per diluted share, excluding $300 million ($191 million, after-tax, or $0.20 per diluted share), for an estimated loss contingency related to the Macondo well incident. Income from continuing operations for the first quarter of 2011 was $558 million, or $0.61 per diluted share, excluding a charge of $46 million, aftertax, or $0.05 per diluted share, related primarily to reserving certain assets as a result of political sanctions in Libya.

Reported income from continuing operations for the first quarter of 2012 was $635 million, or $0.69 per diluted share, compared to $512 million, or $0.56 per diluted share, for the first quarter of 2011. Reported net income attributable to company for the first quarter of 2012 was $627 million, or $0.68 per diluted share, compared to $511 million, or $0.56 per diluted share for the first quarter of 2011.....Read the entire First Quarter Earnings Announcement.

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Crude Oil Closes Lower on Unexpected Inventory Build

Crude oil [May contract] closed lower on Wednesday following today's stocks report that showed crude oil supplies increased more than expected. The low range close sets the stage for a steady to lower opening on Thursday.

Stochastics and the RSI remain bullish signaling that a low might be in or is near. Closes above the 20 day moving average crossing at 104.07 are needed to confirm that a short term low has been posted. If May renews the decline off March's high, the 38% retracement level of the October-March rally crossing at 97.84 is the next downside target.

First resistance is the 20 day moving average crossing near 104.07. Second resistance is the reaction high crossing at 105.49. First support is last Tuesday's low crossing at 100.68. Second support is the 38% retracement level of the October-March rally crossing at 97.84.

Just click here for your FREE trend analysis of crude oil ETF USO

Natural gas [May contract] closed lower on Wednesday as it extended the multi year decline. The low range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term.

If May extends the multi year decline, monthly support crossing at 1.620 is the next downside target. Closes above the 20 day moving average crossing at 2.147 are needed to confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 2.023. Second resistance is the 20 day moving average crossing at 2.147. First support is today's low crossing at 1.940. Second support is monthly support crossing at 1.620.

Just click here for your FREE trend analysis of UNG, the Natural Gas ETF

Gold closed lower [June contract] on Wednesday extending the decline off last week's high. The low range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are bearish signaling sideways to lower prices are possible near term.

If June extends the decline off February's high, the 75% retracement level of the December-February rally crossing at 1595.00 is the next downside target. Closes above the reaction high crossing at 1685.40 are needed to confirm that a short term low has been posted.

First resistance is the reaction high crossing at 1685.40. Second resistance is the reaction high crossing at 1699.60. First support is this month's low crossing at 1613.00. Second support is the 75% retracement level of the December-February rally crossing at 1595.00.

Just click here for your FREE trend analysis of gold ETF GLD

Williston Basin Crude Oil Production and Takeaway Capacity are Increasing

Crude oil production from the Williston Basin (primarily the Bakken formation) recently increased to more than 600 thousand barrels per day (bbl/d), according to Bentek Energy, LLC (Bentek), testing the ability of the transportation system, oil pipelines, truck deliveries, and rail to move crude oil out of the area (see chart below). The current price gap between Bakken crude oil and West Texas Intermediate (WTI) shows the effects of this constraint. Bentek projects more transportation capacity coming online in 2012, potentially alleviating this constraint.




 Due to pipeline capacity constraints, Williston Basin producers rely on rail and trucks to move additional crude oil out of the region. Because of these transportation constraints, Bakken crude oil currently sells at a discount of $7.50 per barrel to WTI. This discount was as much as $28 per barrel in February 2012 and is expected to continue as long as transportation constraints persist.

Currently, North Dakota has only one refinery, which processes about 58 thousand bbl/d of crude oil. Crude oil is delivered to other markets using a combination of pipeline, rail, and truck. Delivery capability as of April 2012 was: 450 thousand bbl/d by oil pipeline; 150 thousand bbl/d by rail; and small volumes by truck. However, in 2012, incremental additions to rail and oil pipeline capacity for the Williston Basin could total 350 thousand bbl/d.

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