Range Resources is bumping up its capital spending by 18% from 2007 to $1.065 billion, and it plans to use most of the funds to develop its Texas, Midcontinent and Appalachian properties.
Bumping
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Traders Push Futures Another Quarter Lower, Await Fresh Storage News
Continuing the week’s trend lower, December natural gas futures on Wednesday travelled as low as $11.49, before bumping slightly higher to settle at $11.604, down 25.6 cents on the day. Traders now await Thursday morning’s natural gas storage report for the week ended Oct. 28, which technically marks the end of the injection season, as the next indicator on the market’s price level.
Futures Traders Factor in Hurricane Rita’s ‘Worst Case Scenario’
Bumping Hurricane Rita to a Category Four hurricane on Wednesday morning and then to a Category Five Wednesday afternoon proved that there is still plenty of room to the upside for natural gas futures to explore. After setting a new all-time record high of $13.24 in the overnight Access trading session, October natural gas futures on Wednesday ended up settling at $12.594, up 10.2 cents from Tuesday, but 6.9 cents lower than the all-time high prompt-month settle of $12.663, which was set on Monday.
Natural Gas Futures Head Lower with Crude as Temperatures Begin to Look Up
After bumping their head on the $7.34 level twice during the session, April natural gas futures on Tuesday ultimately appeared to be intimidated by the significant weakness displayed by big brother crude.