Proved

The natural gas industry was not quite ready to switch over to the storage injection season as proved by the Energy Information Administration’s (EIA) Thursday morning report that 29 Bcf was removed from underground stocks for the week ended March 28. Despite the withdrawal, natural gas futures traders — sticking to the recent trend of flip-flopping gains and losses (see Daily GPI, April 3) — watched the May contract finish Thursday at $9.417, down 41.5 cents from Wednesday’s close.

BP plc replaced 112% of its annual production in 2007, building its proved reserves of oil and gas to 17.8 billion boe, the company reported Wednesday. It also added about 2.4 billion new barrels to its nonproved resource base, which now stands at 42.1 billion boe.

BP plc replaced 112% of its annual production in 2007, building its proved reserves of oil and gas to 17.8 billion boe, the company reported Wednesday. It also added about 2.4 billion new barrels to its nonproved resource base, which now stands at 42.1 billion boe.

After banging on the psychological $8 resistance price level over the previous five sessions to no avail, the sixth attempt proved to be the charm as February natural gas futures punched upward to a $8.180 high before closing Wednesday’s regular session at $8.099, good for a 13.2-cent gain on the day.

DTE Energy on Friday agreed to sell a portion of its Barnett Shale natural gas properties in Texas to an undisclosed third party for $260 million. The properties include 153 Bcf of proved and probable reserves on 11,000 net acres in the core of the play.

The second time proved a charm for Bear Stearns Cos. Inc., which Friday closed a deal to purchase substantially all of the power assets and the trading book of Williams.

The second time proved a charm for Bear Stearns Cos. Inc., which Friday closed a deal to purchase substantially all of the power assets and the trading book of Williams.

Spiraling lower for the fourth consecutive regular session, November natural gas futures on Tuesday put pressure on longstanding support at $6.750, which proved bendable but not breakable. The prompt-month contract reached a low of $6.640 before finishing out the day at $6.761, down 13 cents from Monday’s close.

Monday’s 37.4-cent advance by October futures may have looked impressive, but it proved to be largely ineffective in sustaining cash market firmness. Mixed pricing Tuesday that stayed close to flat in many instances but leaned mostly to the downside dominated in non-Rockies markets. Meanwhile, the Rockies were beginning to recover from Monday’s price massacre with fairly substantial increases, but still were averaging less than a dollar.