Optimistic

Cash natural gas prices eked out a modest gain Wednesday, but traders were not optimistic prices would hold current relatively lofty levels for long. A soft bidweek is expected. Midcontinent points were firm and at Northeast and Eastern locations double-digit increases in next-day power prices helped lift next day gas. At the close of futures trading August had fallen 11.7 cents to $3.070 and September was lower by 12.5 cents to $3.052. September crude oil added 47 cents to $88.97/bbl.

North Carolina’s assistant state geologist said estimates put forth by supporters of natural gas development in the Tar Heel State are overly optimistic and actual reserves are probably much lower.

North Carolina’s assistant state geologist said estimates put forth by supporters of natural gas development in the Tar Heel State are overly optimistic and actual reserves are probably much lower.

Ultra Petroleum Corp. said that while it produced record volumes during 1Q2012 and was optimistic about its plans to target oil shale in the Niobrara, it would follow the example of its joint venture (JV) partners in the Marcellus and cut capital expenditures (capex) for the rest of the year.

The finance chiefs at U.S. exploration and production companies appear more optimistic about the prospects of accessing capital in the coming year, but they remain concerned about volatility in the global economy, according to a survey by consultant BDO USA LLP.

The finance chiefs at U.S. exploration and production companies appear more optimistic about the prospects of accessing capital in the coming year, but they remain concerned about volatility in the global economy, according to a survey by consultant BDO USA LLP.

Though optimistic about prospects for stronger long-term natural gas prices, Deutsche Bank on Friday reduced its outlook for 2012 U.S. prices because the domestic market is “still very loose” and industrial demand hasn’t taken up the slack.

Though optimistic about prospects for stronger long-term natural gas prices, Deutsche Bank on Friday reduced its outlook for 2012 U.S. prices because the domestic market is “still very loose” and industrial demand hasn’t taken up the slack.

It wasn’t as bad as it might have been. That was the most optimistic assessment of Hurricane Irene’s (gradually being downgraded) weekend cruise along the Atlantic Seaboard. Most points continued to weaken a bit Monday as the impact of lost power generation load along the East Coast was being felt, but residual pockets of high heat resulted in quite a few flat to higher numbers.