The Federal Reserve Board took notice of an expanding shale gas industry in parts of the country as the national economy grew at a moderate pace, according to a report released Wednesday.
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Federal Report: Shale Gas Expanding in Ohio, Texas
The Federal Reserve Board took notice of an expanding shale gas industry in parts of the country as the national economy grew at a moderate pace, according to a report released Wednesday.
Widespread Shift to Colder Forecasts Lifts Prices
Following rather moderate Thanksgiving weekend weather in most regions, traders returned to their offices Monday to face much more winter-befitting forecasts going into December. That, along with a modest futures advance on the preceding Wednesday and the return of industrial load from holiday hiatus, propelled a solid majority of the cash market to substantial gains.
Warming Weather Outlook Wallops Futures; December Dives
December natural gas swan-dived Monday in moderate trading as traders note weather forecasts have turned less supportive than earlier, production continues to outstrip modest demand and buyers remain unmotivated. At the close December had fallen 12.6 cents to $3.458 and January had retreated 9.6 cents to $3.600. December crude oil dropped 85 cents to $98.14/bbl.
BC Shale Canada’s ‘Bright Spot,’ Report Says
Shale gas prospects in British Columbia (BC) appear to be the sole “bright spot” on a darkening natural gas landscape projecting a continuing decline in Canada’s overall gas production in the years ahead, according to a report recently released by the Conference Board of Canada.
Prices Again See Small Gains at Nearly All Points
Prices continued to rise by mostly small amounts at a large majority of locations Thursday. There was no support from moderate weather in most regions, and the previous day’s prompt-month futures gain of 0.2 cent wasn’t much of a cash market booster. But the acceleration of Atlantic tropical activity — including Tropical Storm Nate possibly entering the Gulf of Mexico (GOM) production area — undoubtedly weighed on traders’ minds.
Mild Temperatures, Screen, Irene Push All Points Lower
Not surprisingly, the modest rally of the previous two days came to an end Thursday as generally moderate weather, prior-day futures weakness and a demand-killing hurricane ganged up to cause spot prices to decline across the board.
Price Declines Continue With No Rally in Sight
Spot prices continued to wither Wednesday due to a combination of relatively moderate temperatures in several regions around the midpoint of what is normally the hottest month of the year and further softness in prior-day futures. And despite continuing deficits of current storage compared to year-ago levels and the five-year average, traders appear unconcerned about inventories, especially with what was generally expected to be a very busy Atlantic hurricane season having little impact so far on Gulf of Mexico output.
Nearly All Points Dip Following Weekend Gains
Finding only relatively moderate cooling load for mid-August in many areas and weighed down slightly by the previous Friday’s near-nickel futures drop, nearly all of the cash market followed up Friday’s gains with softening Monday.
Most Points See Further Minor Softening
The Northeast rejoined the overall market in recording mostly moderate losses Tuesday. Heat levels across most of the southern third of the U.S. are remaining somewhat onerous, but highs in the 80s or less continue to dampen cooling load.