Wednesday’s rebound in natural gas futures values proved short-lived after the Energy Information Administration (EIA) reported Thursday morning that only 67 Bcf was removed from underground storage for the week ended Dec. 5. The January natural gas futures contract responded bearishly to the report in morning trade before closing at $5.598, down 8.8 cents from Wednesday’s close.
Proved
Articles from Proved
Screen Trumps Cold in Driving All Points Lower
Tuesday’s 18-cent drop by January futures proved to be more influential to the cash market than sliding temperatures in much of the East. The result was price drops across the board Wednesday.
Most Points Softer Despite Widespread Cold in East
Sub-freezing low temperatures either continuing or returning Friday in sections of the Deep South proved insufficient to sustain higher prices in a modest majority of the cash market Thursday.
Apache CEO: ‘Frenzied Boom Time Coming to a Halt’
Apache Corp.’s conservative spending strategy and solid credit rating proved a powerful tonic as the financial markets began to panic, CEO G. Steven Farris said last week.
Apache CEO: ‘Frenzied Boom Time Coming to a Halt’
Apache Corp.’s conservative spending strategy and solid credit rating have proved a powerful tonic as the financial markets began to panic, CEO G. Steven Farris said Thursday.
Marathon Sanctions Two Deepwater GOM Projects
Two deepwater Gulf of Mexico (GOM) development projects, Droshky and Ozona, which initially may book a total of 29 million boe of natural gas and oil proved reserves, will move forward following approval by Marathon Oil Corp.
Lack of Power Slows Recovery from Ike’s Destruction
Determining the amount of damage inflicted on energy infrastructure located onshore and offshore the Texas and Louisiana coasts proved difficult Monday as the area began its painful recovery from Hurricane Ike’s impact. The Category Two hurricane slammed into Galveston, TX, around 2 a.m. Saturday, and its winds apparently destroyed at least 10 offshore production platforms. The biggest problem facing the Gulf Coast was a lack of power — a problem that could take up to four weeks to remedy, officials said.
Prices Up at Nearly All Points; GOM Recovery Quickens
Thursday’s increased strength in the cash market proved to be a portent of Friday’s trading, in which prices were flat or higher at nearly all points. It appeared that the supply squeeze from continuing major Gulf of Mexico (GOM) shut-ins and the reduced access to Rockies gas caused by the near-month-long outage of a Rockies Express segment was getting tighter in eastern markets.
Traders Monitor the Atlantic as Futures Gain Just Over a Nickel
Coming off last week’s $1.673 drop in August natural gas futures, traders on Monday proved unsure of their next move as both the upside and downside of the front-month position was probed during the regular session. The prompt-month contract bounced between $11.845 and $12.137 before coming to a close at $11.959, up 5.5 cents over Friday’s finish.
Futures End Wild Day Lower Following 93 Bcf Storage Build
Despite missing out on the Independence Hub’s 900 MMcf/d of production for more than a month, the natural gas industry proved Thursday that it can still put healthy injections into storage after the Energy Information Administration (EIA) reported that 93 Bcf was deposited for the week ended May 9.