Record earnings for ChevronTexaco Corp. in the second quarter masked a 13% decline in U.S. natural gas production from the same period a year ago, continuing a trend reported by other leading producers in recent days. For Houston-based independent Anadarko Petroleum Corp., earnings also showed strong gains in the quarter, but its U.S. gas production struggled to maintain 2Q2003’s output.
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‘Slightly Bearish’ Storage Number No Match for Crude Influence
Despite a higher than expected weekly natural gas storage injection of 15 Bcf, May gas futures rebounded from an initial low of $5.630 and were able to piggyback on the crude oil market and settle at $5.734, only one cent lower on the day.
Analyst Says State, Producer Data Match on Gas Production Declines
A review of exploration and production company data corresponds to state data showing that U.S. natural gas production is declining despite higher rig counts in key states, according to a research report by energy analyst John Gerdes of Southwest Securities.
Analyst Says State, Producer Data Match on Gas Production Declines
A review of exploration and production company data corresponds to state data showing that U.S. natural gas production is declining despite higher rig counts in key states, according to a research report by energy analyst John Gerdes of Southwest Securities.
EIA Will Revise 16 Weeks of Storage Data, Change Methodology
Significant differences this year between the Energy Information Administration’s (EIA) weekly gas storage estimates, which are based on a sampling of storage companies, and the actual monthly data it received from all of the nation’s underground storage operators have prompted the agency to plan sweeping changes this Thursday to its weekly survey. EIA also has decided to revise 16 weeks of data from July 4 to Oct. 17.
Wood Mackenzie Sees Production Rising, Prices Falling in 2nd Half of ’03
While many gas market forecasters are betting gas prices will match the current Nymex strip for the rest of the year, which is higher than $5.70/MMBtu, consultants at Wood Mackenzie believe prices are poised to fall due to falling competitive fuel prices and resulting gas demand losses. The Wood Mackenzie consultants also are expecting a gas production recovery in the third quarter.
Wood Mackenzie Sees Production Rising, Prices Falling in 2nd Half of ’03
While many gas market forecasters are betting gas prices will match the current Nymex strip for the rest of the year, which is higher than $5.70/MMBtu, consultants at Wood Mackenzie believe prices are poised to fall due to falling competitive fuel prices and resulting gas demand losses. The Wood Mackenzie consultants also are expecting a gas production recovery in the third quarter.
Rockies, Northeast Lead General Market Softness
A modest show of strength in natural gas futures was no match for the continuing erosion of heating demand in most regions Tuesday, sources said. Wednesday’s remaining pockets of chill were expected to be confined to the Pacific Northwest, sections of the Upper Plains and Upper Midwest along the Canadian border, and the northern portions of the Northeast.
Storage Bulls no Match for Weather Bears Thursday; Futures Extend Lower
Despite a spirited rebound Thursday morning following the Energy Information Administration’s (EIA) report of a larger-than-expected 27 Bcf withdrawal, natural gas futures rotated lower in the afternoon, as traders took into account the latest round of bearish weather forecasts. December futures finished at $3.831, down 2.3 cents for the day and a whopping 18.9 cents off its high for the day. Volume in the pit was moderate to heavy with an estimated 93,031 contracts changing hands.
Williams Reports Sharply Lower Earnings, Trading Results
Williams was unable to match its performance from last year’s first quarter when there were significantly higher energy prices. Net income in the first quarter fell 46% as it faced not only lower prices, but also the expected bankruptcy of its former communications unit (WCG filed for Chapter 11 protection last week) and the sale of one of its large pipeline systems to lower its debt and placate the credit rating agencies.