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Twenty of the largest U.S. oil and natural gas companies collectively reported $17.4 billion of net income in 3Q2010, one-third (32%) more than in the same period of 2009 — but 41% below their third quarter average in 2005-2009, adjusting for inflation, according to the Energy Information Administration (EIA).

Twenty of the largest U.S. oil and natural gas companies collectively reported $17.4 billion of net income in 3Q2010, one-third (32%) more than in the same period of 2009 — but 41% below their third quarter average in 2005-2009, adjusting for inflation, according to the Energy Information Administration (EIA).

After dipping below $3.700 for a second straight day, natural gas futures showed a bit of a backbone Tuesday afternoon as the November contract rebounded a bit to close at $3.743, up 1.6 cents from Monday’s finish.

BP plc has removed the cap that was collecting some of the oil gushing from its busted Macondo well a mile below the surface of the Gulf of Mexico, the U.S. Coast Guard (USCG) said Wednesday.

The best hope for capturing oil flowing from a ruptured well 5,000 feet below the surface of the Gulf of Mexico (GOM) until a permanent fix is found was hanging about 200 feet above the sea floor Friday afternoon.

The best hope for capturing oil flowing from a ruptured well 5,000 feet below the surface of the Gulf of Mexico (GOM) until a permanent fix is found was hanging about 200 feet above the sea floor Friday afternoon.

The application of oil dispersants 5,000 feet below the surface of the Gulf of Mexico (GOM) was set to begin in a matter of hours Friday afternoon as responders continued to combat oil leaking from the deepwater well ruptured last week 42 miles from shore south of Venice, LA (see Daily GPI, April 27). An attempt to drill a relief well to stop the oil’s flow was to begin Saturday.

After dipping below $4 in anticipation of a bearish natural gas storage injection in Thursday morning’s report for the week ending March 19, confirmation that 11 Bcf was injected last week — two weeks earlier than normal — dropped April natural gas futures even lower before the contract closed at $3.981, down 12.4 cents from Wednesday’s close.

After dipping below $4 in anticipation of a bearish natural gas storage injection in Thursday morning’s report for the week ending March 19, confirmation that 11 Bcf was injected last week — two weeks earlier than normal — dropped April natural gas futures even lower before the contract closed at $3.981, down 12.4 cents from Wednesday’s close.