A deep freeze named Brutus hammered North Dakota with a pre-winter force in November, knocking down oil and gas production from all-time record levels the previous month, according to the latest statistics from the state Department of Mineral Resources (DMR).
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Market dynamics will override politics, and the job producing and economic stimulus effects of the gas industry will prevail in the years ahead regardless of the outcome of this fall’s presidential elections, said panelists last week at the LDC Gas Forum’s mid-continent meeting in Chicago.
Market dynamics will override politics and the job creation and economic stimulus effects of the gas industry will prevail in the years ahead regardless of the outcome of this fall’s presidential election, according to panelists at the LDC Gas Forum’s Midcontinent meeting in Chicago Monday.
Market dynamics will override politics and the job producing and economic stimulus effects of the gas industry will prevail in the years ahead regardless of the outcome of this fall’s presidential elections, according to panelists at the LDC Gas Forum’s mid-continent meeting in Chicago Monday.
Natural gas futures carved out a modest gain Wednesday as aggressive fund trading managed to prevail over short-term traders looking to sell the market lower. At the close May had gained 4.3 cents to $4.141 and June was up 3.8 cents to $4.206. May crude oil added 86 cents to $107.11/bbl.
Most points kept falling Wednesday due to a prior-day screen plunge of 68.2 cents and unseasonably moderate weather continuing to prevail in many areas. Another bearish factor was the growing perception that Hurricane Gustav caused little significant damage to Gulf Coast infrastructure — either offshore or onshore — and restoration of shut-in Gulf of Mexico (GOM) production was under way and could be expected to ramp up fairly quickly.
Modest upticks in cash prices continued to prevail Thursday, but signs of a weakening market were evident. None of the gains were greater than 7-8 cents, and more points were seeing either flatness or lower numbers. The hot weather in the South and West that had lent a modicum of support to Wednesday’s prices was waning a bit, and the 7.2-cent screen gain on Wednesday may have been the only thing averting overall softness Thursday.
With the recent string of record-setting storage injection figures still fresh in their memories, natural gas futures traders punished the market yet again Wednesday as expectations for Thursday’s data update continue to call for another triple-digit storage build. Adding to losses from the overnight Access trading session, the August futures contract dove lower at 10:30 a.m. EDT to notch a new three-month low at $5.08. August closed at $5.199, down 11.8 cents.
Moderate softness continued to dominate most of the April swing market on its penultimate day of trading Monday. Cold fronts expected in the Mid-Atlantic, Northeast and Midwest, along with thunderstorms and mountain snows in the Northwest, failed to provide the support needed to avert further price falls at most points.
Hotter than normal temperatures should prevail through the heavily populated Northeast for the rest of the summer and into the fall, according to an updated weather forecast released last week by Weather Services International (WSI). The latest forecast backs up one issued in April by Salomon Smith Barney meteorologist Jon Davis, who predicts a chance of heat waves in the Northeast and on the West Coast.