Posting

After posting a higher high just after the opening bell at $7.100, the September gas futures contract lost significant ground Wednesday, dropping all the way to $6.590 by early afternoon before rebounding slightly toward the end of the session. September ended the day down 9.5 cents to $6.766/MMBtu.

While its U.S. and Canadian natural gas production declined somewhat, that didn’t stop Exxon Mobil Corp. from posting its greatest first quarter profit ever and the fifth greatest quarterly profit of any public company ever.

TEPPCO has scheduled maintenance at its Falcon Station in the Jonah Gathering Field for Wednesday and again Sept. 21, according to a Kern River posting. Each day’s work will curtail an estimated 325 MMcf/d. “Because most of the gas comes to Kern River either through the Opal or the Pioneer receipt points, there will be an impact to Kern shippers,” the pipeline said.

Oklahoma City-based Devon Energy had a banner year in 2004, posting sharply higher earnings and showing solid reserves and production growth. The company’s net income was up 25% for the year to $2.2 billion ($4.38/share compared to estimates of $4.27) and net income in the fourth quarter rose 24% to $673 million ($1.35/share) compared to $543 million ($1.16/share) in 4Q2003.

Following the disclosure Thursday that last week’s outsized storage withdrawal report was erroneous, industrial customers immediately called for a change to daily storage reporting and reforms to the natural gas trading rules on the New York Mercantile Exchange (Nymex), while the Energy Information Administration (EIA) defended its processing of storage information.

Following the disclosure Thursday that last week’s outsized storage withdrawal report was erroneous, industrial customers immediately called for a change to daily storage reporting and reforms to the natural gas trading rules on the New York Mercantile Exchange (Nymex), while the Energy Information Administration (EIA) defended its processing of storage information.

Southern Natural began posting weekly storage data every Monday (or Tuesday if Monday is a holiday). Total working storage capacity on Southern’s system is 60 Bcf. As of the end of last Thursday, Sept. 2, estimated working storage inventory was about 53.6 Bcf, or 89% of capacity. At the same time last year, estimated working storage inventory was about 49.6 Bcf, or about 83% of capacity.

After posting record profits in 2003, the Canadian oil and gas industry will experience yet another profitable year in 2004, according to the Conference Board of Canada’s newest industrial outlook report. The economic forecast service provided the energy outlook on Wednesday.

After posting a 25-cent rally Thursday, the natural gas futures market cooled its jets Friday as almost equal amounts of profit-taking and commercial buying entered the trading pit. At the close the sellers had exerted a little more influence, resulting in a 4.7-cent decline and $5.596 settlement in the prompt April contract.