Faced with declines in both heating and cooling load and having negative guidance from the previous day’s 12.6-cent retreat by May gas futures, cash prices fell at a large majority of points Wednesday.
Guidance
Articles from Guidance
Anadarko Boosts Capex, Ups Production Outlook
Higher commodity prices and improved operational performance have led Anadarko Petroleum Corp. to boost both its capital spending and production guidance this year. Some of the new capital will be directed to Anadarko’s emerging play in the Greater Natural Buttes area of northeastern Utah, where the producer has identified more natural gas resources.
Anadarko Increases Capital Spending, Boosts Production Outlook
Higher oil and natural gas prices and improved operational performance have led Anadarko Petroleum Corp. to increase both its capital spending and production guidance this year. In addition, Anadarko has identified more natural gas resources in its emerging play in the Greater Natural Buttes area of northeastern Utah.
Virtually All Points Fall; Northeast Heat Receding
Despite continuing high heat levels in several areas and neutral guidance from prior-day futures trading, cash prices fell at all points except one Wednesday.
Rockies Dives Lead Overall Declines; NE Rises
With cooling load remaining unseasonably light in most of the East and Thursday’s 13.6-cent futures slide providing negative guidance, prices dropped in most of the cash market Friday. Although far short of a heat wave, forecasts of weekend highs in the low 90s along with high humidity in the lower Northeast proved sufficient to generate moderate gains at regional citygates.
Most of Cash Market Sees Weekend Weakness
With most of a widespread heat wave not due to arrive until after the weekend and continued prior-day negative guidance from July futures, cash prices fell again Friday at nearly all points. The typical weekend loss of industrial load and California OFOs contributed to the overall bearishness.
Rockies Plunges Lead Overall Moderate Softness
Depressed by a dearth of weather-based demand and given negative guidance by two previous days of futures losses, the cash market continued to see mixed price movement Wednesday that nevertheless signaled growing weakness. The impressive Rockies spikes of Tuesday gave way to even larger losses in most cases Wednesday, while most other points recorded considerably more moderate declines.
XTO Projecting Significant Production Growth in 2007
XTO Energy Inc. issued guidance last week, predicting that its natural gas production could jump as much as 15% this year to 1.41 Bcf/d and its total gas equivalent production could rise nearly 12% to 1.76 Bcfe/d — those are the high ends of XTO’s projected ranges.
XTO Projecting Significant Production Growth in 2007
XTO Energy Inc. issued guidance Tuesday, predicting that its natural gas production could jump as much as 15% this year to 1.41 Bcf/d and its total gas equivalent production could rise nearly 12% to 1.76 Bcfe/d — those are the high ends of XTO’s projected ranges.
Some Points Resist Overall Cash Downturn
With futures guidance having turned neutral Tuesday, spreading cold weather not yet getting very severe, and something of a feeling that the cash market spikes of the previous two days might have been overly exuberant, prices fell at most points Wednesday.