Reverse

After plunging in Tuesday’s regular session and then again in overnight Access trade to a $6.425 bottom, November natural gas futures on Wednesday reversed course eventually settling up 21.5 cents at $6.851. The up-move corresponded with a similar rebound in crude oil futures, which fell $1.13 on Tuesday and then rallied Wednesday to gain exactly $1.13 back, settling at $53.64.

Just one day after it appeared that the central Gulf of Mexico would receive the brunt of Hurricane Ivan’s wrath, new forecasts now suggest instead that Florida might be forced to brace for its third powerful storm in a month’s time. The forecast sent natural gas futures sharply lower in afternoon trading Wednesday.

Dynegy Inc. blew away analysts’ forecasts last week when it announced its second quarter earnings, and it reversed a year-ago loss on the strength in its power generation and natural gas liquids (NGL) businesses. The Houston-based company, which had teetered toward bankruptcy two years ago, also improved its full-year outlook by settling four natural gas transportation contracts.

Dynegy Inc. blew away analysts’ forecasts on Wednesday, reversing a year-ago second quarter loss on the strength in its power generation and natural gas liquids (NGL) businesses. The Houston-based company, which had teetered toward bankruptcy two years ago, also improved its full-year outlook by settling four natural gas transportation contracts.

In a move strikingly similar to Monday’s price action, the natural gas futures market rebounded modestly from early lows Tuesday. And while the session-long march higher was unable to overcome the dramatic early-session price weakness, it serves as additional evidence natural gas has not yet seen its winter high.

It wasn’t for a lack of trying, but in the end there was nothing bulls could do to keep natural gas futures prices from free-falling lower Monday. The combination of mild temperature forecasts, negative technical factors, and the continuation of an unimpressive tropical storm season was enough to place bears back at the market’s helm. September futures closed at $4.630, down 24.4 cents or 5% for the session.

State public utility commissions should reverse their prohibitions on fixed term contracts and allow local distribution companies (LDC) to create portfolios of short-, medium- and long-term contracts, Linda Breathitt, a former FERC commissioner and Kentucky state commissioner, said last week.

State public utility commissions should reverse their prohibitions on fixed term contracts and allow local distribution companies (LDC) to create portfolios of short-, medium- and long-term contracts, Linda Breathitt, a former FERC commissioner and Kentucky state commissioner, said Monday.

Oklahoma’s energy secretary has unveiled an aggressive 25-year program designed to reverse the state’s dwindling oil and natural gas production and also ensure its status as one of the top industry leaders into the future.