Antero Resources Corp. is laying off about half of its land broker workforce, spread across Ohio, western West Virginia, Oklahoma and Texas, to move more money to Appalachia development, a top executive said Tuesday.
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November Rebounds Marginally with 2.4-Cent Gain
November natural gas futures managed to carve out a modest gain Wednesday as traders were expecting a bounce from Tuesday’s losses and brokers were locking in Rocky Mountain basis and buying protective put options.
World Energy Solutions Buys Private Online Broker EnergyGateway
Online energy exchange World Energy Solutions Inc. said Thursday it will pay $5 million in cash and 5.375 million of its shares to buy privately held EnergyGateway LLC, which brokers natural gas and electricity online for commercial and industrial (C&I) consumers in the United States.
Taxing Canadian Trusts: It’s Not All Bad, Say Some
Stock brokers, money managers and wealthy coupon-clippers cried foul, but cooler heads predicted natural gas industry activity and supplies will emerge as winners from a surprise move to tax income trusts by the Canadian government.
Out of Hibernation, Bears Use Storage to Beat Back the Bulls
The bull trend in natural gas futures suffered what some analysts and brokers believe was a fatal blow Thursday as prices spiraled lower on yet another bearish storage report (156 Bcf withdrawal) by the Energy Information Administration. The prompt contract dropped 39 cents in five minutes following the 10:30 a.m. EST inventory update. By 11 a.m. EST, prices had bottomed out at $5.60, down 62 cents from the market’s pre-EIA level. A modest rebound was seen in the afternoon, and the February contract finished the session at $5.834, down 31.6 cents on the day.
August Futures Climb 15.5 Cents on ‘Technical Bounce’
A 15.5-cent pop higher in August gas futures Monday left some analysts and brokers considering the possibility that the market has found a summertime bottom due to recent higher temperatures, expectations of smaller storage injections and the likelihood of Atlantic hurricanes. But most observers said they aren’t willing to write off the downtrend just yet. The August contract ended the day at $5.381.
Nymex Launches Futures for Swaps, OTC Clearing Services
In an effort to step up the competition with brokers and EnronOnline, which some observers expect to suffer from Enron’s financial woes, the New York Mercantile Exchange (Nymex) started offering exchange of futures for swap (EFS) transactions last week as a first step in its plans to offer clearing services to the over-the-counter (OTC) natural gas market. In the first full day of EFS demand, 11,100 contracts changed hands and the exchange promptly lowered its fee for the deals to $2.50 per side from $10.
Brokers Don Bear Coats Ahead of Futures Expiry
Natural gas bulls were back on the defensive yesterday after anearly attempt to push prices to new highs above $3.175 fell short.Once initiated, the downward momentum continued throughout much ofthe trading session, as traders took profits and filled in a chartgap created by Monday’s higher open. May and June contractssuffered a uniform 2.7-cent setback to finish at $3.110 and $3.124respectively.
EOG Chief Expects Multi-Year Supply Crunch
Producers – and the lawyers, brokers and analysts they break bread with – last week received a second helping of what was for lunch eight months ago at Houston’s Petroleum Club: a bullish outlook for gas prices.
EOG Chief: Weak Supply Pushing Prices Up
Producers – and the lawyers, brokers and analysts they breakbread with – received a second helping of what was for lunch eightmonths ago at Houston’s Petroleum Club: a bullish outlook for gasprices.