Reaching

Disregarding the bullish natural gas storage report, January natural gas on Thursday dropped significantly for a second consecutive session, reaching a low of $13.750 before settling at $13.781, down 89.8 cents for the day. This brings the two-day decline total to $1.597, while the week’s decline so far stands at 53.1 cents.

Reaching outside the industry for someone with experience with troubled companies, Calpine Corp.’s board Monday named Robert P. May as the company’s new CEO and a member of the power plant operator’s board. May, 56, replaces Kenneth Derr, Calpine’s lead director and acting CEO for the past two weeks following the dismissal of the company’s founder/CEO and chief financial officer.

After reaching an impasse with the Navajo Nation over the renewal of a rights-of-way (ROW) contract, El Paso Natural Gas on Thursday filed an application asking the Interior Department to extend the contract without the consent of the tribe so that it can continue transporting natural gas over tribal lands from the San Juan Basin to customers in the Southwest.

After reaching an impasse with the Navajo Nation over the renewal of a rights-of-way (ROW) contract, El Paso Natural Gas on Thursday filed an application asking the Interior Department to extend the contract without the consent of the tribe so that it can continue transporting natural gas over tribal lands from the San Juan Basin to customers in the Southwest.

Receiving support from current events in the petroleum futures sector, September natural gas futures on Monday erupted higher, reaching levels not seen since the January 2005 contract reached an $8.23 high on Nov. 29, 2004.

After reaching a $7.770 high early during Friday’s session on news that Hurricane Dennis had reached Category Four status, August natural gas futures spent almost the rest of the day methodically winding their way lower. The prompt month notched a low of $7.420 before settling at $7.472, up 7.4 cents on the day and 30.1 cents higher than the previous week’s close.

Taking a divergent path from crude, July natural gas futures explored lower on Friday, reaching a low of $7.28 before settling at $7.36, down 11.3 cents from Thursday’s settle and 33 cents lower than the prior Friday’s close.

Staying strong at the end of a meteoric week, July natural gas futures kept pushing higher Friday, reaching a high of $7.73 before settling at $7.69, up 7.7 cents on the day but a whopping 75.8 cents higher than last week’s settle.

Choosing to run with the petroleum complex Wednesday, July natural gas futures skyrocketed in the afternoon, reaching a high of $6.80 before settling at $6.789, up an astounding 41 cents on the session.