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Natural gas bears roared back to life Monday and put to rest any doubt about who is in charge of the market. It took less than an hour for these sellers to rescind Friday’s 24-cent advance, but that was not enough. By the time the dust had settled and the last trade tabulated, the numbers for Monday’s trading session were impressive. With its $6.762 settle, the December contract had fallen 35.3 cents from Friday’s close and down nearly $2.80 from its late October peak.

Strong free cash flow, modest production growth and sustained higher prices could lead exploration and production (E&P) shares 20-25% higher in the next year, according to Lehman Brothers. Analysts raised their targets based on higher oil prices, but they also warned that natural gas prices are likely to remain weak until winter begins.

Strong free cash flow, modest production growth and sustained higher prices could lead exploration and production (E&P) shares 20-25% higher in the next year, according to Lehman Brothers. Analysts raised their targets based on higher oil prices, but they also warned that natural gas prices are likely to remain weak until winter begins.

Robust oil and natural gas prices continue to generate significant free cash flow and strong credit protection metrics for upstream companies, providing independent producers the opportunity to focus on long-term balance sheet improvement and potentially achieve ratings upgrades, according to a report issued on Tuesday by Fitch Ratings.

Former Enron Corp. Chairman Kenneth Lay will not receive his requested mid-September trial date. However, the Houston judge presiding over the case said he will likely decide by early October whether Lay will be tried with his alleged co-conspirators, ex-CEO Jeffrey Skilling and former chief accountant Richard Causey.

Robust oil and natural gas prices continue to generate significant free cash flow and strong credit protection metrics for upstream companies, providing independent producers the opportunity to focus on long-term balance sheet improvement and potentially achieve ratings upgrades, according to a report issued on Tuesday by Fitch Ratings.

Coming in below most industry estimates, the Energy Information Administration’s (EIA) bullish natural gas storage report Thursday morning kick-started the sputtering August natural gas futures contract. Sparked by the first bullish report in many weeks, the prompt month rallied to close at $6.152, up 22.1 cents on the day. The rally saw heavy volume as 103,180 contracts changed hands.

The June aftermarket was launched Friday with major uprisings in the West arrayed against a mixed but mostly moderately softer performance at eastern points. Because deals were being done for Tuesday-only flows due to the May-ending holiday weekend, the dropoff in industrial demand typically associated with a weekend was not a negative factor.

Murphy Oil Corp. is selling off some of its conventional oil and gas properties in western Canada to free up some cash for projects in growth areas outside of North America. The properties for sale have total proved reserves of about 40 MMboe and currently produce 20 Mboe/d. The announcement was light on details, but the El Dorado, AR-based producer holds an interest in more than two million acres in western Canada. Although it did not detail what it would sell, Murphy plans to keep its Hybernia and Terra Nova properties off of Canada’s East Cost. The company also plans to retain its 5% stake in Syncrude Canada Ltd., which is the world’s largest producer of oil from oil sands. A Murphy spokeswoman said the properties for sale have garnered attention, especially by Canadian-based royalty trusts. Following the sale, the company most likely would use the proceeds to invest in “higher growth areas,” including Malaysia, where it is a large lease holder. Earlier this year, Murphy announced a significant discovery in Malaysia, which could contain 100-300 million bbl. In November, Murphy dropped its third quarter earnings profit $4.4 million because of costs from an unsuccessful natural gas well in Alberta. The gas prospect lowered Murphy’s third quarter net income by 5 cents/share.