Coming off the long holiday weekend, natural gas futures traders decided to give the upside a try on Tuesday. Gaining support from a host of factors including colder weather and strength in the crude futures arena, March natural gas soared to a high of $7.770 before settling at $7.731, up 54.9 cents on the day.
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Post Katrina: Production Improves but Infrastructure Questions Remain
The Gulf Coast oil and natural gas industry appeared to be gaining ground on Tuesday, with production output improving and several offshore rigs back in service. However, several key natural gas pipelines, as well as onshore natural gas processing units and compressor stations, may be idled until flood waters have receded, power is restored, and integrity tests are performed.
Speculative Traders Gaining More Control of Natural Gas Futures
Despite claims to the contrary, the influence of non-commercial trading in the gas futures market is growing rapidly and the industry will have to adapt, said Tom Lord, president of Volatility Managers LLC. The question of how it will adapt is not easy to answer, but the process is likely to be painful for most, and could include an exodus of industrial customers seeking shelter in countries with regulated markets.
Speculative Traders Gaining More Control of Natural Gas Futures
Despite claims to the contrary, the influence of non-commercial trading in the gas futures market is growing rapidly and the industry will have to adapt, said Tom Lord, president of Volatility Managers LLC. The question of how it will adapt is not easy to answer, but the process is likely to be painful for most, and could include an exodus of industrial customers seeking shelter in countries with regulated markets.
RBC: Oil Service Sector Rally Expected to Continue in 2004
The oil service sector ended the year on a strong note, with stocks gaining more than 10% in December, and the rally is expected to continue “along a bumpy path” for the first half of 2004, according to a new report by RBC Capital Markets analysts.
RBC: Oil Service Sector Rally Expected to Continue in 2004
The oil service sector ended the year on a strong note, with stocks gaining more than 10% in December, and the rally is expected to continue “along a bumpy path” for the first half of 2004, according to a new report by RBC Capital Markets analysts.
Futures Tumble Despite Bullish Storage Data; Bears Gaining Control
Despite a bullish storage report (111 Bcf withdrawal) and a corresponding price spike at mid-morning, the natural gas futures market dropped lower for the third session in a row Thursday. While bulls still have plenty of ammunition left at their disposal, Thursday’s price action was a strong endorsement for the bears and traders look for modest softness ahead of the weekend.
Piedmont Receives SEC Approval on Progress Energy Subsidiary Acquisitions
Gaining the final regulatory approval necessary, Piedmont Natural Gas said the Securities and Exchange Commission (SEC) approved its requested exemption under the Public Utility Holding Company Act in connection with the pending purchase of North Carolina Natural Gas Corp. (NCNG) and 50% of Eastern North Carolina Natural Gas (ENCNG) from Progress Energy, Inc.
Texas Petroleum Index Shows State’s Gas Production Gaining on Oil
In the first-ever Texas Petroleum Index, which covers oil and natural gas production, drilling, rig counts and employment numbers for the state, economists found signs of solid improvement, but also signs of transformation. The state’s energy sector is once again moving up, but moving away from oil production and toward natural gas, buoyed by sustained higher gas prices.
Futures Move Convincingly Higher Ahead of Storage Data Release
Like a locomotive slowly gaining momentum, the natural gas futures market chugged higher Wednesday as traders lifted the market off early lows in anticipation of a bullish reaction to Thursday’s gas storage report. Although it missed matching Monday’s $5.25 high by a few ticks, the May contract impressed traders with its 8.7-cent advance and $5.195 close.