The market didn’t stray from the seesaw pattern it had set earlier in the week. After starting out Monday with losses that often were about a dime or higher, prices had rallied somewhat to a near-flat performance Tuesday before yielding to small declines Wednesday. They reversed course again Thursday with mostly small upticks in spite of seeing no appreciable increases in cooling load.
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ExxonMobil Corp.’s oil and gas production volumes had languished before 2010, often in the single digits, as the oil major failed to build a resource base to equal its massive profits. However, that changed last year with the purchase of U.S. shale king XTO Energy Inc. and was proved Thursday when ExxonMobil said its quarterly volumes were up 10% from a year ago.
ExxonMobil Corp.’s oil and gas production volumes had languished before 2010, often in the single digits as the oil major failed to build a resource base to equal its profits. However, that changed last year with the purchase of U.S. shale king XTO Energy Inc. and was proved Thursday when ExxonMobil said its quarterly volumes were up 10% from a year ago.
Likely in anticipation of a holiday weekend that is often the lowest-demand period of the year for many utilities and end-users, prices fell across the board Thursday. The previous day’s fall of 3.9 cents by August futures was an additional, albeit minor, bearish factor for the cash market.
Lows slipping into the low to mid teens Tuesday and often accompanied by snow generated higher numbers, including some triple-digit spikes in the Northeast and a few other locations Monday. However, reflecting some weather moderation and easing of supply tightness since late last week, most of the market recorded losses.
Domestic exploration and production (E&P) companies often spend too much money and in turn deplete company value by chasing growth, acreage and reserves when they instead should focus on efficiency, returns and margins, the energy team at Tudor, Pickering, Holt & Co. Inc. (TPH) said Tuesday.
Despite some of the year’s coldest weather being on the way in several regions — outstripping even the often-severe conditions through the middle of last week — a large majority of the cash market recorded moderate losses Friday. The previous day’s prompt-month futures drop of 17.1 cents and the weekend decline of industrial load tended to offset the expected return of major heating demand.
Despite lows still due to be around freezing or a little lower on Christmas Eve, Northeast citygate numbers tanked — often by $2-plus — Wednesday. But most of the cash market was up or down less than a dime from flat as The Weather Channel (TWC) said a potential blizzard in much of the central U.S. will make holiday travel “very dangerous or impossible over portions of the region.”