Looked

Monday’s 37.4-cent advance by October futures may have looked impressive, but it proved to be largely ineffective in sustaining cash market firmness. Mixed pricing Tuesday that stayed close to flat in many instances but leaned mostly to the downside dominated in non-Rockies markets. Meanwhile, the Rockies were beginning to recover from Monday’s price massacre with fairly substantial increases, but still were averaging less than a dollar.

Oklahoma City-based Chesapeake Energy Corp. has looked at the markets for gas, producing properties and gas infrastructure and determined it’s a good time to unload some assets and scale back drilling and production plans, particularly in light of abundant supply and low prices.

Oklahoma City-based Chesapeake Energy Corp. has looked at the markets for gas, producing properties and gas infrastructure and determined it’s a good time to unload some assets and scale back drilling and production plans.

Prices fell at virtually all points Thursday as buyers in key northern market areas looked for warming trends going into the weekend to lighten their loads. Wednesday’s 12.4-cent rise by February futures had no effect on stemming the broad-based declines in cash quotes.

It looked like an “after-Christmas sale on natural gas,” one analyst observed, as January futures plunged below the psychological $6 level in overnight Globex trading and continued the trend during Wednesday’s open outcry session. In its last day as front month, the contract recorded a low of $5.740 before expiring at $5.838, down 27.5 cents on the day. The February contract shed 19.1 cents to close at $6.142.

On Friday Tropical Storm Ernesto still looked very much like a viable threat to Gulf of Mexico (GOM) production, and cash prices were up at most points, although not by large amounts. The weekend passes. Traders return to their offices Monday to find Ernesto getting sapped of energy over Cuba and now projected to head north through eastern Florida and then farther up the East Coast.

At a meeting where natural gas dominated the agency’s agenda, FERC last Thursday looked favorably upon industry’s request for permanent regulatory and policy changes to promote the construction of interstate natural gas pipeline mainline expansions, certain storage facilities and takeaway facilities for liquefied natural gas (LNG) import terminals.

At a meeting where natural gas dominated the agency’s agenda, FERC on Thursday looked favorably upon industry’s request for permanent regulatory and policy changes to spur the construction of interstate natural gas pipeline mainline expansions, new storage capacity and takeaway facilities for liquefied natural gas (LNG) import terminals.

Just when it looked like futures had carved out its seasonal bottom and set their sights on higher prices, the June contract on Wednesday — two days short of expiration — broke back below $6 in convincing fashion. While the prompt month didn’t carve out a new low for the move, it recorded a $5.940 low for the day before inching higher to settle at $5.964, down 29.4 cents from Wednesday.