Average

Natural gas prices will be in a range of $4-8/MMBtu, and oil prices will average $60-80/bbl over the next five years, ConocoPhillips CEO Jim Mulva said last week.

ConocoPhillips is forecasting that natural gas prices will be in a range of $4-8/MMBtu, and oil prices will average $60-80/bbl over the next five years, CEO Jim Mulva said Wednesday.

Global trading exchange competitors Atlanta-based IntercontinentalExchange (ICE) and Chicago-based CME Group saw very different Novembers as ICE recorded a 8.9% average daily volume (ADV) increase from November 2007, while CME posted a 29% drop when comparing the same two months.

Global trading exchange competitors Atlanta-based IntercontinentalExchange (ICE) and Chicago-based CME Group saw very different Novembers as ICE recorded a 8.9% average daily volume (ADV) increase from November 2007, while CME posted a 29% drop when comparing the same two months.

Natural gas futures followed the Dow Jones Industrial Average lower for a second straight day Tuesday while crude recorded a rebound of sorts. November natural gas shaved another 6.7 cents to close at $6.768, further validating Monday’s penetration of long-holding support at $7.028.

Even with the recent sharp price declines, U.S. natural gas prices should average around $10/MMBtu this year, the International Energy Agency (IEA) stated in its third annual Natural Gas Market Review. The review, which assessed projected changes in the global gas economy over the next five to seven years, studied 40 gas markets worldwide and found that rising demand for gas will enable liquefied natural gas (LNG) to further link markets on a global scale.

Even with the recent sharp price declines, U.S. natural gas prices should average around $10/MMBtu this year, the International Energy Agency (IEA) stated in its third annual Natural Gas Market Review. The review, which assessed projected changes in the global gas economy over the next five to seven years, studied 40 gas markets worldwide and found that rising demand for gas will enable liquefied natural gas (LNG) to further link markets on a global scale.

Demand for natural gas and electricity could be high this winter if the predictions of the Farmers’ Almanac — which is calling for below-average temperatures across two-thirds of the country — prove to be accurate.

A pilot horizontal well drilled by Petrohawk Energy Corp. in the Haynesville Shale began flowing Sunday at an average rate of 16.8 MMcf/d, the Houston-based independent reported. On the news, Petrohawk’s share price jumped almost 8% in heavy trading.