Mercantile

Penn Virginia Trims Spending, Focusing on Oily Onshore Plays

Onshore unconventional natural gas producer Penn Virginia Corp. said Friday it will concentrate its exploration activities in oily and liquids-rich plays in 2011 and will spend 40% less than it did this year because of a “weak natural gas price environment and outlook.”

December 20, 2010

Futures Break Below $5 as Winter Hourglass Nears Empty

Front-month natural gas futures on Monday broke below psychological support at $5 for the first time since early December as traders see the winter season ticking to a close.

February 23, 2010

Futures Break Below $5 as Winter Hourglass Nears Empty

Front-month natural gas futures on Monday broke below psychological support at $5 for the first time since early December as traders see the winter season ticking to a close.

February 23, 2010

Goldman Cuts 2010 Price Forecast

Goldman Sachs last week raised its 2010 gas production forecast and lowered its New York Mercantile Exchange (Nymex) price forecast for the year to $6/MMBtu from $7.30/MMBtu. The firm also introduced a 2011 Nymex forecast of $6.50/MMBtu.

December 7, 2009

Goldman Cuts 2010 Price Forecast, Cites ‘Resilient’ Production

Goldman Sachs on Thursday raised its 2010 gas production forecast and lowered its New York Mercantile Exchange (Nymex) price forecast for the year to $6/MMBtu from $7.30/MMBtu. The firm also introduced a 2011 Nymex forecast of $6.50/MMBtu.

December 7, 2009

Nymex Backs Off Imposition of Hard Position Limits, Cites CFTC Delay

The New York Mercantile Exchange (Nymex) Monday said it was backing off earlier commitments to implement hard position limits for certain financially settled natural gas contracts from the end of September, noting that the Commodity Futures Trading Commission (CFTC) is delaying implementation of position limits on comparable contracts under its rulemaking on Exempt Commercial Markets (ECM).

September 2, 2009

Natgas Ignores Oil’s Gains; August Sheds 14.6 Cents

Natural gas futures gave up almost all of Tuesday’s gains and settled stoutly lower Wednesday in active trading on the New York Mercantile Exchange. The floor was abuzz with talk of the August contract moving sharply lower, and one set of estimates surfaced that put Thursday’s expected storage addition ahead of long-term averages.

July 16, 2009

Barclays: Futures Strip Rally at Year-End

A price rally this year in the calendar 2010 (Cal10) New York Mercantile Exchange gas futures strip is the biggest threat to 2010 spot price recovery as stronger futures would accommodate more hedging and trigger a stronger drilling response among producers, analysts at Barclays Capital said last Tuesday.

June 1, 2009

Thursday Futures Price Spike has Some Traders Seeing Red

Some traders are crying foul with regards to the Chicago Mercantile Exchange’s (CME) electronic Globex trading system following last Thursday morning’s knee-jerk spike in front-month natural gas futures of nearly 75 cents. Some traders complained that their orders were not filled following the Energy Information Administration’s (EIA) storage report release at 10:30 a.m. EDT, which sparked the run-up in prices. The trading exchange said Friday that no glitches were reported on the system.

March 23, 2009

Thursday Futures Price Spike has Some Traders Seeing Red

Some traders are crying foul with regards to the Chicago Mercantile Exchange’s (CME) electronic Globex trading system following Thursday morning’s knee-jerk spike in front-month natural gas futures of nearly 75 cents. Some traders complained that their orders were not filled following the Energy Information Administration’s (EIA) storage report release at 10:30 a.m. EDT, which sparked the run-up in prices. The trading exchange said Friday that no glitches were reported on the system.

March 23, 2009