EnCana Corp. last week reported second quarter results that were weighed down by weak natural gas prices but buoyed by commodity price hedges.
Articles from Buoyed
EnCana Corp. Thursday reported second quarter results that were weighed down by weak natural gas prices but buoyed by commodity price hedges.
Buoyed by some “monster” wells in East Texas, EnCana Corp. on Wednesday reported a 4% gain in North American natural gas production in the first three months of the year — even though it drilled almost a quarter fewer wells.
Buoyed by the Barnett Shale’s output, the Texas oil and natural gas economy rose for six years straight, but all of that came crashing down late in 2008, according to the Texas Alliance of Energy Producers.
Buoyed by the previous day’s 30.8-cent spike in July futures and to a lesser degree by continuing hot weather from the western end of the South through inland California, cash prices continued to rise at a large majority of points Tuesday. However, the fact that the latest gains were considerably smaller than Monday’s in most cases and were accompanied by a few fairly significant losses signified that the market was starting to take heed of generally light weather-based load.
Buoyed by forecasts for significant heat in the Southwest and the arrival of the first tropical storm of the 2008 Atlantic hurricane season, July natural gas futures pushed above $12 in Monday trade to record a high of $12.203. However, the momentum could not be sustained as the prompt-month contract dropped to close at $11.969 — still good for a 26.6-cent gain over Friday’s finish.
Buoyed by natural gas futures’ venture above $10 in Monday’s session, most cash market points across the country on Tuesday recorded modest gains, from a few pennies to just more than 30 cents. Gains were recorded at a vast majority of points across the country, with a few declines sprinkled through the Northeast and Midcontinent.