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Fitch Gives Gas, Oil Industry ‘Stable’ Credit Outlook

FitchRatings gave the entire North American gas and oil industry a “stable” credit outlook Tuesday based on expected average (lower) crude oil prices in 2004 and moderating (but still robust) gas prices.

December 17, 2003

Cash Prices Flat to Up or Down Few Cents in Light Weekend Trading

Cash prices inched a few cents higher across most of the country Friday in response to the rebound of gas futures above $5 on Thursday and slightly higher daily power prices. However, western spot points eased a few cents, and current western cash came more in line with forward prices, possibly allowing western storage injections to pick up steam.

July 21, 2003

Long-Term PIRA Sees Natural Gas at $3.40-$3.60

Over the next dozen years natural gas prices will average $3.50-60, given $22-$28/bbl oil, according to a base case scenario developed by the New York-based PIRA Energy Group as part of its just-released, in-depth study of the global oil and regional natural gas markets.

May 5, 2003

Long-Term PIRA Sees Natural Gas at $3.40-$3.60

Over the next dozen years natural gas prices will average $3.50-60, given $22-$28/bbl oil, according to a base case scenario developed by the New York-based PIRA Energy Group as part of its just-released, in-depth study of the global oil and regional natural gas markets.

May 5, 2003

Consol Locks in Prices for Bulk of Gas Production for 2003-05

Not one to pass up a good price, Consol Energy said it has sold 83-86% of its expected 2003 natural gas production, or about 44.8 Bcf out of an expected 52-54 Bcf of gas, at an average fixed price of $3.99/MMBtu. The company also noted it sold 7.4 Bcf of gas to be produced in 2004 at a price of $4.16/MMBtu, and 7.4 Bcf of gas to be produced in 2005 at $3.97/MMBtu.

November 8, 2002

EnCana Official Sees Storage Falling to Average Levels, Prices Spiking to $4 This Winter

An official with North America’s largest independent gas production company, EnCana Corp., predicted last week that the current gas storage surplus would be depleted before the end of the winter and that gas prices would rise above $4/MMBtu from $3.25 currently (Henry Hub cash) but would not soar to the levels seen two winters ago.

September 16, 2002

EnCana Official Sees Storage at Average Levels, $4/MMBtu Prices This Winter

An official with North America’s largest independent gas production company, EnCana Corp., predicted Tuesday that the current gas storage surplus would be depleted before the end of the winter and that gas prices would rise above $4/MMBtu from $3.25 currently (Henry Hub cash).

September 11, 2002

S&P: Ratings Trend for U.S. Power Firms ‘Decidedly Negative’

The ratings trend for U.S. investor-owned electric and gas and electric utilities remains “decidedly negative,” with the average rating now at BBB+, Standard & Poor’s (S&P) ratings services said last week in a report card on U.S. utilities.

August 12, 2002

Technical Buying Spurs Futures Through Key Levels

Change was in the air right from the outset of natural gas futures trading Wednesday. After opening higher in three out of the last four sessions, gas futures gapped lower at the opening bell Wednesday amid a concert of fund and local selling. However, when it became apparent that last week’s lows in the mid $2.70s were unobtainable, the market reversed its direction and climbed through several key levels of resistance in the last hour of trading. The August contract gained 15.3 cents to close at $3.042, its highest daily settle since July 3. At 151,295, volume was extremely heavy.

July 25, 2002

Technical Buying Spurs Futures Through Key Levels

Change was in the air right from the outset of natural gas futures trading Wednesday. After opening higher in three out of the last four sessions, gas futures gapped lower at the opening bell Wednesday amid a concert of fund and local selling. However, when it became apparent that last week’s lows in the mid $2.70s were unobtainable, the market reversed its direction and climbed through several key levels of resistance in the last hour of trading. The August contract gained 15.3 cents to close at $3.042, its highest daily settle since July 3. At 151,295, volume was extremely heavy.

July 25, 2002