Higher

October natural gas retreated Tuesday as not all traders are on board with historical seasonal weakness leading to higher prices and the funds and managed accounts being unwilling to push the market lower from present price levels. October lost 3.1 cents to $3.798 and November shed 4.7 cents to $3.885. October crude oil rose $1.19 to $86.89/bbl.

October natural gas surged higher Tuesday, and although analysts weren’t quite ready to say the seasonal low is in, they noted that those holding short positions may be ready to throw in the towel. At the close October had risen 9.5 cents to $3.980 and November had advanced 8.8 cents to $4.054. October crude oil jumped $2.02 to $90.21/bbl.

The need for higher standards in emerging shale plays could push some companies out of the business, a Talisman Energy Inc. executive told a Philadelphia audience Thursday.

Prices shot higher by double-digit amounts nearly across the board Thursday as a palpable threat to Gulf of Mexico (GOM) production grew more intense, cash numbers had substantial support from the previous day’s 14.5-cent futures rise, and some regions such as the Midwest were heating up, although their contribution to cooling load was likely to be brief.

Among those midstream players scurrying to put assets on the ground is Enterprise Products Partners LP, which posted record earnings for the second quarter. During an earnings conference call COO Jim Teague enthused about growth in the Eagle Ford and Haynesville shales, as well as plans to move liquids out of the Marcellus.

While unemployment has improved, it is still higher than the national average, so the Nevada economy continues to limp along and likely will do so through next year, the CEO of NV Energy Inc. told financial analysts Monday on a second quarter conference call in which he reported greatly reduced profits quarter over quarter.

ExxonMobil Corp.’s oil and gas production volumes had languished before 2010, often in the single digits as the oil major failed to build a resource base to equal its profits. However, that changed last year with the purchase of U.S. shale king XTO Energy Inc. and was proved Thursday when ExxonMobil said its quarterly volumes were up 10% from a year ago.

National Oilwell Varco Inc. (NOV), the largest U.S. oilfield equipment manufacturer, on Tuesday posted higher than expected quarterly profits, in part on rig technology orders, which jumped 26% in the period.

Calgary-based Ensign Energy Services Inc. is boosting its services in the U.S. onshore through an agreement to acquire Rowan Cos. Inc.’s land drilling division for US$510 million in cash.