Exco Resources Inc. is back in the acquisition game after having struck a $1 billion deal with Chesapeake Energy Corp. last week, CEO Douglas Miller said Monday. There are plenty of deals, and financing is available, he told analysts following the company.
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Bison Pipeline reported that the section of pipe damaged in a July 20 rupture had been repaired, and it was beginning inline inspections Thursday as part of the restoration plan, allowing it to accept up to 200,000 Dth/d of nominations for Friday’s gas day.
Despite receiving news of a 78 Bcf natural gas storage injection that was inline with a number of industry estimates, natural gas futures shot higher Thursday morning as some market participants had been anticipating an even larger build.
Coming right inline with industry expectations, the Energy Information Administration (EIA) reported Thursday morning that 67 Bcf was injected into underground natural gas storage caverns for the week ending Sept. 18. In response, front-month natural gas futures — which had been heading lower in pre-report trading — took a few minutes to get its bearings before reversing higher.
Despite the release of a storage withdrawal that was inline with expectations, April natural gas futures bounded higher Thursday, seemingly on continued strength in the petroleum complex. April natural gas rose 21.9 cents to $10.230, and the May contract rose 22.8 cents to finish at $10.306. April crude oil rose 41 cents to $110.33 after trading as high as $111.00, another record.