Growing heating load across northern market areas propelled the cash market to double-digit increases across the board Wednesday. Gains ranged from a quarter or so to more than half a dollar and were distributed fairly evenly across geographic areas.
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Prices Rebound as Fundamental Support Grows
Growing heating load across northern market areas propelled the cash market to double-digit increases across the board Wednesday. Gains ranged from a quarter or so to more than half a dollar and were distributed fairly evenly across geographic areas.
EEA Sees Tight Gas Market Growing Tighter, Possibly ‘Sustained’ $7 Prices
Propelled by slack production and growing demand from the power generation market, Energy and Environmental Analysis Inc. (EEA) last week said it sees natural gas prices at the Henry Hub averaging near $6.20/MMBtu for the year, and believes there is a good possibility that prices will reach a “sustained” level of $7/MMBtu in 2005.
EEA Sees Tight Gas Market Growing Tighter, Possibly ‘Sustained’ $7 Prices
Propelled by slack production and growing demand from the power generation market, Energy and Environmental Analysis Inc. (EEA) said its sees natural gas prices at the Henry Hub averaging near $6.20/MMBtu for the year, and believes there is a good possibility that prices will reach a “sustained” level of $7/MMBtu in 2005.
ChevronTexaco’s U.S. Gas Production Declines 13% in 1Q
Downstream improvements and high commodity prices propelled ChevronTexaco Corp. to a 33% gain in profits during the first quarter compared with a year ago, but domestically and worldwide, oil and gas production declined.
Strong Production, Prices Send EnCana Earnings Up 51%
Strong year-over-year production growth and robust commodity prices propelled EnCana Corp.’s second quarter earnings up 51%, the company reported Tuesday. The Canadian independent also reported a way to double its summer drilling program in the once untouchable northern climes, which lifted quarterly production in its northeast BC Greater Sierra play almost 25% from a year ago.
Northeast May Stay Firm; Softness Expected Elsewhere
Cash prices continued to be propelled upward Tuesday by an unseasonably late blast of winter weather in the northeastern quadrant of the U.S. that even sent a touch of mild morning chill far enough south to be felt by traders in Houston.
Thursday’s Storage Report Gives Bulls a Rare Treat
Propelled by a smaller-than-expected storage injection figure and fueled by concerns over a tropical depression in the eastern Caribbean Sea, natural gas futures jumped to a new two-week high Thursday as holders of recently established short positions headed for the exits. That short-covering was enough to boost the November contract to a $2.47 high en route to its $2.414 close, a 9.4-cent advance for the session.
Technical Short-Covering Lifts Futures Back Above $5.00
Propelled by forecasts calling for a warmer-than-normal summerand following on the heels of Thursday’s technical rebound, naturalgas futures finished the week on a positive note Friday, ascommercial and speculative traders covered shorts ahead of theweekend. After gapping higher at the open, the April contracttraded quietly for much of the session Friday, finishing 10.8 centsstronger at $5.035.
ONEOK Reports Income Gains
Gathering, processing and marketing acquisitions in 1999 and2000 propelled ONEOK, Inc. to 36%, 42% and 44% increases in netincome, earnings per share and operating income respectively lastyear over 1999, the company said in announcing financial resultsTuesday.