Consecutive

For the second consecutive year the prospects for natural gas markets are very good heading into the winter months, according to the Winter 2007/2008 Energy Market Assessment issued last Thursday by FERC’s Office of Enforcement.

For the second consecutive year the prospects for natural gas markets are very good heading into the winter months, according to the Winter 2007/2008 Energy Market Assessment issued Thursday by FERC’s Office of Enforcement.

September natural gas futures spiraled lower for a third consecutive session Wednesday, creating new lows on its way to a close of $5.578, down 23.9 cents from Tuesday’s close. Since Hurricane Dean set firm sights on a more westerly Gulf of Mexico-sparing course over the weekend, the prompt-month contract has shed an astounding $1.432.

Hurricane Dean’s westerly Gulf of Mexico-sparing course continued to beat the natural gas futures market lower for a second consecutive session as traders appeared ready to resume the downtrend that was interrupted two weeks ago by storm hype. The September contract put in a $5.770 low Tuesday before closing at $5.817, down 22.3 cents on the day.

After September natural gas futures ventured north of $7 for the third consecutive session on the news that Gulf of Mexico oil and gas producers could be faced with a hurricane Thursday and another next week, the bulls were once again unable to sustain their gains as the contract dropped in the afternoon to close at $6.864, down 7.6 cents on the day.

Chesapeake Energy Corp.’s production set a record for the 24th consecutive quarter as 2Q2007 daily production increased 9% and 19% over production in 1Q2007 and 2Q2006, respectively. And that was enough to give CEO Aubrey McClendon something to crow about.

Chesapeake Energy Corp.’s production set a record for the 24th consecutive quarter as 2Q2007 daily production increased 9% and 19% over production in 1Q2007 and 2Q2006, respectively. And that was enough to give CEO Aubrey McClendon something to crow about.

Bringing the streak to six consecutive lower closes and a loss of nearly a dollar, July natural gas futures on Monday dipped below $7 to close at $6.940, down 19 cents from Friday’s close. With expiration around the corner on Wednesday, the prompt month has shed 97.8 cents since its June 15 close at $7.918.

For the fourth consecutive year, global natural gas production grew in 2006 above the 10-year average, according to the BP Statistical Review of World Energy 2007. BP, which reviewed oil and gas output and consumption data through the end of last year, documented a 26.3 billion-cubic-meter (Bcm) gas inventory build in the United States, the European Union and Russia alone.