Historical

The latest natural gas production data due out April 30 from the Energy Information Administration (EIA) will use an entirely new methodology based on more recent historical data designed to better capture the current market. EIA’s announcement of February 2010 production estimates will include recalculations for all of 2009 using the new methodology, which the agency published Monday.

The latest natural gas production data due out April 30 from the Energy Information Administration (EIA) will use an entirely new methodology based on more recent historical data designed to better capture the current market. EIA’s announcement of February 2010 production estimates will include recalculations for all of 2009 using the new methodology, which the agency published Monday.

While Thursday’s news of a 52 Bcf addition to natural gas storage inventories for the week ending Aug. 14 was bullish compared to most expectations and historical comparisons for the week, prompt-month natural gas futures, in response to the report, dipped below $3 for the first time in seven years before closing out the day at $2.945, down 17.4 cents from Wednesday’s finish.

A close review of the historical relationship between energy prices and U.S. production and consumption of energy-intensive goods suggests that energy-intensive manufacturers are likely to face only modest competitiveness impacts under a cap-and-trade proposal to reduce greenhouse gas emissions, according to a study released by the Pew Center on global climate change Wednesday.

Even though the natural gas storage report for the week ended Oct. 3 revealed an injection 20 Bcf larger than historical comparisons for the week, November natural gas futures prices, after an initial knee jerk lower, were fairly even keel in Thursday trade. Taking a break from declines, the prompt-month natural gas contract gained 8.3 cents to close at $6.825. November crude dropped another $2.36 to finish at $86.59/bbl.

Energy stocks sagged across the board Monday after the House in a historical vote narrowly rejected the Bush administration’s plan for a massive federal government intervention in the Wall Street financial markets.

With energy prices at historical — and in some cases record highs — relief could be on the way in a few years as the Bureau of Land Management (BLM) announced last week that it will make land available for oil and natural gas leasing in the resource-rich northeast and northwest portions of the National Petroleum Reserve in Alaska (NPR-A).

With energy prices at historical — and in some cases record highs — relief could be on the way in a few years as the Bureau of Land Management (BLM) announced Wednesday that it will make land available for oil and natural gas leasing in the resource-rich northeast and northwest portions of the National Petroleum Reserve in Alaska (NPR-A).

The price of natural gas may be poised to go as high as $14/Mcf in the near future, according to independent oil billionaire T. Boone Pickens.