Recorded

After opening significantly lower Wednesday morning at $14.900, January natural gas recorded a low on the day of $14.570 before bouncing higher to find resistance at $15.080. Ultimately, the prompt month ended up settling on the day at $14.679, down 69.9 cents from Tuesday’s close.

Cash prices recorded moderate rallies at most points Friday as revised tracking projections for a much strengthened Hurricane Katrina had the storm approaching more closely to the eastern end of Gulf of Mexico (GOM) production operations than had been anticipated Thursday. But Florida Gas Transmission (FGT) Zone 3, which would be highly susceptible to the impact of Katrina shut-ins, shot up more than $3 on average with peak quotes of $14 being reported.

Higher commodity prices and higher production both contributed to Energen Corp.’s strong financial performance in the second quarter when it recorded net income and income from continuing operations totaling $37.6 million, or 51 cents per diluted share, compared to $22.3 million, or 30 cents per diluted share in the second quarter of 2004.

Higher commodity prices and higher production both contributed to Energen Corp.’s strong financial performance in the second quarter when it recorded net income and income from continuing operations totaling $37.6 million, or 51 cents per diluted share, compared to $22.3 million, or 30 cents per diluted share in the second quarter of 2004.

Only three hurricanes in U.S. recorded history have reached the monstrous Category Five classification (winds greater than 155 mph). Dennis was making a strong bid to become the fourth as it took aim on the Eastern Gulf of Mexico (GOM) on Friday, packing 150 mph winds. It made landfall along the south-central coast of Cuba Friday afternoon and was expected to enter the southeastern Gulf that night.

With a few instances of flat to modestly higher numbers sprinkled here and there, most of the cash market recorded small losses Friday in a muted reversal of the advances that had thoroughly dominated trading earlier last week. A large majority of the drops were in single digits. Northeast citygates, having much greater heights from which to fall, tended to see all of the larger declines ranging from a little more than a dime to as much as $1.30 or so.

The cash market recorded strong advances Wednesday based on a combination of expanding cold weather and the previous day’s futures uptick of nearly 20 cents. Northeast citygates led the way as prices rose between about a nickel and nearly 80 cents. Northern Natural-Ventura was the only point failing to see a double-digit gain.

The cash market recorded a very mild rally Monday in which a few points managed gains in the teens, while the majority ranged from barely lower to a dime higher. Intra-Alberta saw the only significant decline of nearly C10 cents.

The cash market recorded solid rebounds at all points Thursday in what one source said was more a response to the previous day’s strength throughout Nymex’s energy futures complex than to any underlying fundamental support. A majority of gains were in the teens, with an overall range from about a nickel to a quarter.