The shale development frenzy of the last couple of years has cooled dramatically in recent months as natural gas prices, and more recently crude and natural gas liquids prices, have plummeted. Out of the 13 U.S. plays for which NGI’s Shale Daily tracks unconventional rig counts, nine are showing a lower level of drilling activity than one year ago, with most of them recording a drop of 30% or more.
Cooled
Articles from Cooled
Futures Drop 15 Cents, But Traders Say Bull’s Case ‘Still Intact’
Following the 55.7-cent rise in the November natural gas futures contract over the first two days of the week, traders on Wednesday cooled their heels a bit as the prompt month traded between $7.230 and $7.470 before finishing the regular session at $7.277, down 15 cents on the day.
Market Turmoil Not Delaying Southern Union MLP, Say Executives
Despite turmoil in the debt markets that has cooled interest in master limited partnerships (MLP) among some investors, Southern Union Co. remains “committed to an MLP transaction involving our midstream assets,” a company vice president told financial analysts recently.
Southern Union MLP Could Be Weeks Away, As Promised
Despite turmoil in the debt markets that has cooled interest in master limited partnerships (MLP) among some investors, Southern Union Co. remains “committed to an MLP transaction involving our midstream assets,” a company vice president told financial analysts last week.
Futures Slip on Modest Profit-Taking; Bulls Take Aim at $6.00
After posting a 25-cent rally Thursday, the natural gas futures market cooled its jets Friday as almost equal amounts of profit-taking and commercial buying entered the trading pit. At the close the sellers had exerted a little more influence, resulting in a 4.7-cent decline and $5.596 settlement in the prompt April contract.
Cautious Selling Squanders Bearish Opportunity; Futures Drop Only a Nickel
Following a four-day, 55-cent rally, the natural gas futures market cooled its jets Tuesday as traders considered the impact of what some suspect may be the largest storage injection in the nearly 10-year data history. However, after being given the green light by the lower opening, bears failed to capitalize on the opportunity, leaving only light profit-taking to push prices lower.
After the Fall, Traders Wait for Fresh Signals
After watching prices lose 9% of their value Monday, natural gastraders cooled their heels yesterday in a session in which neitherbull nor bear was able make its mark. As a result, the Marchcontract began its tenure as prompt month by inauspiciously sagging3.9 cents to close at $6.097.
As Expected, Futures Dip Back Below $5.00
Following a two-week, 65-cent price rally, natural gas bulls cooled their heels yesterday and took profits on a portion of their holdings. That, along with sell-stop loss orders that were tripped on the way down conspired to push October futures back below the psychologically important $5.00 level.
Futures Slip Lower in Quiet Session
After rebounding 5% during Friday’s short-covering rally, bullsat Nymex cooled their heels yesterday as traders pressured thecontract lower on moderating weather forecasts and a less bullishtechnical outlook. At the close, the prompt August contract was off3.4 cents at $4.228.
Technically-Induced Profit Taking Trims Recent Advances
Following a 4-day, 20-cent price rally, bulls in the natural gaspit cooled their heels yesterday as traders took profits amid ahost of negative short-term technical factors. After peaking forthe day shortly after 11:00 A.M. (CST) at $3.165, selling hit themarket in two distinct waves. It was the second thrust that pushedMay below key support at $3.10 to settle at $3.098, down 6 centsfor the session.