After weeks of blown storage report estimates that called for larger withdrawals than were actually revealed (see Daily GPI, Jan. 7), most of the energy industry was on target on Thursday as the Energy Information Administration (EIA) reported that 153 Bcf was removed from underground storage for the week ending Jan. 1.
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Futures Shoot Toward $6 Following 207 Bcf Storage Draw
Natural gas futures values received a surprise bump Thursday morning after the Energy Information Administration (EIA) revealed that 207 Bcf had been removed from underground storage for the week ending Dec. 11, which annihilated both last year’s 116 Bcf draw and the five-year average pull of 127 Bcf.
Futures Rebound Despite Record Storage Level
Disregarding the fact that natural gas storage levels were revealed to have reached an all-time record just one day prior, November futures — fresh off Thursday’s 37.5-cent drop — reversed course on Friday by adding 25.2 cents to close at $4.718.
Investment Firm Grilled on Request for No Limit on Utility Stocks
FERC has its doubts about granting Franklin Resources Inc. blanket authority to buy unlimited amounts of securities in U.S. traded utilities for its clients, the Commission revealed, recently labeling the investment firm’s application deficient and sending the company, generally known as Franklin Templeton Investments, a detailed and extensive list of questions to be answered (EC08-111).
Investment Firm Grilled on Request for No Limit on Utility Stocks
FERC has its doubts about granting Franklin Resources Inc. blanket authority to buy unlimited amounts of securities in U.S. traded utilities for its clients, the Commission revealed, recently labeling the investment firm’s application deficient and sending the company, generally known as Franklin Templeton Investments, a detailed and extensive list of questions to be answered (EC08-111).
Producers Bemoan Weak Futures, Basis; November Slides 35.8 Cents
November natural gas futures fell hard and fell often in Thursday’s trading. The 10:35 a.m EDT release of Energy Information Administration (EIA) inventory statistics revealed a healthy 70 Bcf injection, slightly less than anticipated but ahead of last year and long-term averages. November fell 35.8 cents to settle at $6.419, and December dropped 35.8 cents as well to $6.619. December crude oil rose $1.09 to $67.84/bbl.
Stout 88 Bcf Storage Build Fails to Fuel Bears
Even though the natural gas storage report for the week ended Oct. 3 revealed an injection 20 Bcf larger than historical comparisons for the week, November natural gas futures prices, after an initial knee jerk lower, were fairly even keel in Thursday trade. Taking a break from declines, the prompt-month natural gas contract gained 8.3 cents to close at $6.825. November crude dropped another $2.36 to finish at $86.59/bbl.
Inspector General Reports Reveal Seamier Side of MMS
Three related reports delivered to Congress last Wednesday revealed the underbelly of the Interior Department’s Minerals Management Service (MMS) that few knew about — one that involves drug usage, sex with oil industry contacts and between employees involved in the agency’s royalty-in-kind (RIK) program, as well as rigging of contracts and other financial misconduct at high levels.
Inspector General Reports Reveal Seamier Side of MMS
Three related reports delivered to Congress Wednesday revealed the underbelly of the Interior Department’s Minerals Management Service (MMS) that few knew about — one that involves drug usage, sex between employees involved in the agency’s royalty in-kind (RIK) program and financial/contract misconduct at high levels.
SemGroup Collapse Attracts Interest of SEC, U.S. Attorney’s Office
After filing for bankruptcy on Tuesday, SemGroup LP’s problems became even worse on Thursday as it was revealed that the Securities and Exchange Commission and the U.S. Attorney’s Office in Oklahoma City are investigating the company’s collapse (see Daily GPI, July 24).