Drops

Forecasters finally are saying that Old Man Winter soon may be forced into retirement, and that news brought gas futures bears out of their caves on Monday. April futures staged a sharp reversal, opening 34.2 cents lower Monday morning and ending the day at $6.515, down 47.8 cents.

Gas futures continued to move down Thursday morning from an overnight Access high of $7.20 and shifted around in the low $6.90s before the EIA’s storage report of a 176 Bcf storage withdrawal provided even more selling pressure. April ended the session down 17.7 cents to $6.844, which makes four straight daily declines. Trading ranges remained very wide with a daily high for April on Thursday of $7.00 and a low of $6.690.

After spiking to a new, all-time high Tuesday, natural gas futures reversed lower Wednesday as spread- and options-related selling pressured March futures lower on their expiration day. March ended its tenure as prompt month at $9.133, down 44.4 cents for the session and $2.766 off its $11.899 high notched just 30 hours prior.

Brought lower due in part to a “major divestiture program” in its exploration and production portfolio, ConocoPhillips posted proved reserves of 7.8 billion boe at year-end 2002, down approximately 600 million boe from results at the end of 2001, which were 8.4 billion boe.

Brought lower due in part to a “major divestiture program” in its exploration and production portfolio, ConocoPhillips posted proved reserves of 7.8 billion boe at year-end 2002, down approximately 600 million boe from results at the end of 2001, which were 8.4 billion boe.

EOG Resources Inc. CEO Mark Papa warned last Tuesday that North American natural gas prices may well be “north of $5” this summer because supply is falling faster than the growing demand. Currently prices at the Henry Hub are hovering around $6 with prices in the Northeast at more than $7. Papa reiterated that internal company numbers indicate that North America is “in a considerable bind for summer refills and also going into next winter” — with no relief in 2004.

EOG Resources Inc. CEO Mark Papa warned Tuesday that North American natural gas prices may well be “north of $5” by this summer because supply is falling faster than the growing demand. Papa reiterated that internal company numbers indicate North America “in a considerable bind for summer refills and also going into next winter” — with no relief in 2004.

Several California parties, including state regulators and Attorney General Bill Lockyer, have decided not to pursue a subpoena for documents from El Paso Corp. after the two sides reached an agreement, according to a FERC judge.

Shell US Gas and Power announced it will no longer participate in a plan to build a $1.5 billion liquefied natural gas (LNG) terminal in Vallejo, CA citing problems with scheduling, expansion or cost. However, the Royal Dutch/Shell unit said it may consider building a terminal somewhere else in the state.