Producers lining up to launch unconventional natural gas developments propelled drilling rights sales in British Columbia to a record C$2.66 billion (US$2.23 billion) for 2008. The new annual high scored by monthly auctions of provincial mineral rights is more than double British Columbia’s previous peak of C$1.05 billion (US$874 million) set in 2007 and a six-fold jump from the previous 10-year average of C$434 million (US$364 million).
Propelled
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Weather, Screen Cause Double-Digit Gains at All Points
Prices realized double-digit increases across the board Wednesday, propelled by rising heat levels in the West, chillier weather in the Midwest and the previous day’s 12.1-cent advance by June futures.
Futures Gain Ahead of What Could Be ‘Historic’ Storage Withdrawal Report
In its first regular session action as prompt-month contract, March natural gas futures — propelled by cold in the Midwest, inflation concerns and rumors of a record storage withdrawal — ran up to a high of $8.130 before finishing Wednesday at $8.045, up 10.2 cents from Tuesday’s close.
December Jumps 30.9 Cents; $9 in Sight, OK Trader Says
December natural gas futures rocketed higher Wednesday, propelled in part by a supply-driven leap in oil prices. Risk managers see a short-term advance, but are also preparing to sell as prices become more attractive. December futures jumped 30.9 cents to settle at $8.330 and the January contract added 30.6 cents to finish the session at $8.660. December crude oil soared $4.15 to $94.53 after trading at an intraday record high $94.70.
Gains Extended at Most Points; Softness Likely Friday
The previous day’s futures advance of 16.1 cents and forecasts of continuing high temperatures in the 90s in several areas propelled Thursday’s cash market to gains at most points. Once again flat to moderately lower quotes at several points, primarily in the Rockies, kept price movement mixed.
Only One Point Left Out of Overall Price Rally
It seemed rather unlikely but a combination of gradually warming temperatures in some areas and modest prior-day futures support propelled the cash market to gains at nearly all points Thursday. Only a small decline at Cheyenne Hub averted an across the board run of higher pricing and kept mixed daily price movement in play for yet another day.
Alberta’s Gas Revenue Leads to Record Government Budget Surplus
Natural gas propelled Alberta, Canada’s chief gas producing province, to a record government budget surplus of C$8.7 billion (US$7.8 billion) in the 2005-06 fiscal year that ended March 31.
New Cash Gains Similar to Those of Tuesday
A prior-day screen rally and predictions of daily highs in the 80s and 90s Thursday across most of the southern half of the U.S. propelled the cash market to further gains at virtually all points Wednesday. In many instances Wednesday’s upticks were close to a repeat of those that came a day earlier.
Price Gains Continue, But in Smaller Amounts
The cold spell currently enveloping Canada and most of the U.S. again propelled the spot market higher Thursday, but the advances were considerably smaller than the previous day’s spikes and were interspersed with flat to moderately lower numbers at a few points in the Gulf Coast and Midcontinent.
Gas Futures Approach $10 on Short-Covering; Crude Crests $67
With $10 locked in their sights, natural gas bulls made it look easy Friday as they propelled the prompt natural gas contract to price levels seen on only a few brief occasions in the market’s 15-year history. After notching new 30-month highs Thursday, the September contract was fast out of the chute Friday as spiking crude oil prices prompted a wave of natural gas short-covering that drove prices to a high of $9.91 just before noon EDT.