How much more oomph can new drilling technology bring to the U.S. unconventional revolution? The United States likely will add 11 Bcf/d of natural gas to its reserves this year at total finding, development and completion costs under $3.00/Mcf, while a review of 45,000 unconventional oil wells is finding “tremendous” growth in oil reserves, preliminary IHS Inc. data indicate.
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Futures Crawl Higher, But Momentum is Lost
Although it inched higher to start the week, the natural gas futures market lacked the buying oomph Monday to match crude oil in achieving new highs. The June natural gas contract finished at $6.424, up 2.3 cents for the session, but down nearly a dime from its highs last week. At 81,876, estimated volume was moderate, suggesting the there was ample selling to repel the buying interest.
May 18, 2004