Breaking

After breaking above $12 on three separate occasions in recent trading but failing to hold on for the all-important $12-plus close, July natural gas futures on Tuesday completed the task, which could open the door for further advances. The prompt-month contract closed Tuesday’s regular session at $12.221, up 25.2 cents from Monday’s close.

Spurred along by record-breaking crude futures once again, the June natural gas futures contract on Friday carved out a new high for the move before closing at $11.537, up an astounding 27.4 cents from Thursday’s finish and 76 cents higher than the previous week’s close.

More aggressive bidding was just one of the themes that emerged during the record-breaking Minerals Management Service (MMS) Gulf of Mexico Lease Sale 206, according to consultant Wood Mackenzie.

More aggressive bidding was just one of the themes that emerged during the record-breaking Minerals Management Service (MMS) Gulf of Mexico Lease Sale 206, according to consultant Wood Mackenzie.

Denver-based Gasco Energy reported record-breaking production volumes for 2Q2007 of 1.1 Bcfe, which was 8% higher sequentially than in 1Q2007 and 30% above 2Q2006. However, with none of its production protected by hedging, the price differentials for Rocky Mountain natural gas played havoc with the company’s balance sheet and sent it to a loss for the quarter.

Denver-based Gasco Energy on Thursday reported record-breaking production volumes for 2Q2007 of 1.1 Bcfe, which was 8% higher sequentially than in 1Q2007 and 30% above 2Q2006. However, with none of its production protected by hedging, the price differentials for Rocky Mountain natural gas played havoc with the company’s balance sheet and sent it to a loss for the quarter.

With the Atlantic hurricane season officially begun and July natural gas closing at $7.878 on Friday, traders expected that another attempt at breaking above the $8 threshold could very well be in the cards in the near future. That future came earlier than expected on Monday as the prompt month punched above the psychological $8 resistance level to close at $8.191, up 31.3 cents on the day.

Breaking off another piece of its prized exploration and production (E&P) business, Dominion agreed last week to sell its Canadian properties to a combo of Calgary-based energy trusts, Paramount Energy Trust and Baytex Energy Trust, for US$583 million.

Breaking off another piece of its prized exploration and production (E&P) business, Dominion on Tuesday agreed to sell its Canadian properties to a combo of Calgary-based energy trusts, Paramount Energy Trust and Baytex Energy Trust, for US$583 million.