Forced

After seeing June futures gain 35.2 cents during the previous two regular trading sessions, bullish natural gas traders were forced to cool their heels on Tuesday as the contract ended up dropping 11 cents to close at $3.615.

Tight credit markets and economy-driven demand destruction have forced U.S. exploration and production (E&P) companies to lay down natural gas rigs at a faster clip than in previous down cycles, and the gas rig count may drop 65% from last year, energy analysts said Monday. Even cutting rigs by more than half, however, may not be enough to balance the oversupplied gas market by the end of the year.

While heavy snows forced cancellation of workshops for another utility’s rate case, the three members of the Idaho Public Utilities Commission (PUC) huddled in Boise Tuesday and approved a 4.7% rate decrease for Spokane, WA-based Avista Utilities’ 72,000 retail natural gas customers in northern and north-central Idaho.

December natural gas futures scored big gains Wednesday as traders expected continued cold weather and holders of short positions were forced to minimize losses. December futures rose 22.7 cents to $6.743 and January added 21.1 cents to $6.813. December crude oil fell 77 cents to $53.62.

The financial crisis has slammed into the energy sector and forced the industry to reconsider some of its long-term goals and restructure some of its operations, a BP Canada Energy Co. executive told a Toronto audience Thursday.

The financial crisis has slammed into the energy sector and forced the industry to reconsider some of its long-term goals and restructure some of its operations, a BP Canada Energy Co. executive told a Toronto audience Thursday.

The financial market turmoil forced the hand of privately held producer Antero Resources last week, which agreed to accept less drilling acreage in the Marcellus Shale from Dominion but pay more money per acre.

The financial market turmoil has forced the hand of privately held producer Antero Resources, which agreed to accept less drilling acreage in the Marcellus Shale from Dominion but pay more money per acre.

House Republicans protested Tuesday when they were forced to begin debate on the Democrats’ broad energy bill only hours after getting their first glance at the 290-page measure. An up-or-down vote was expected late Tuesday on the measure that would lift the 26-year-old congressional moratorium on oil and natural gas drilling beyond 100 miles from coastlines.