December natural gas futures rocketed higher Wednesday, propelled in part by a supply-driven leap in oil prices. Risk managers see a short-term advance, but are also preparing to sell as prices become more attractive. December futures jumped 30.9 cents to settle at $8.330 and the January contract added 30.6 cents to finish the session at $8.660. December crude oil soared $4.15 to $94.53 after trading at an intraday record high $94.70.
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Soaring Oil Lifts Natural Gas; November Jumps 47.1 Cents
November natural gas futures rocketed higher Monday in active trading as traders fixated mostly on higher crude oil prices in the adjacent trading ring. Funds and managed accounts eager to protect large short holdings did not emerge to defend their position until late in the trading session. November futures gained a hefty 47.1 cents to $7.445 and the December contract added 33.1 cents to $8.012. November crude oil vaulted $2.44 to $86.13 after trading as high as $86.20, a record.
EIA: Independent Producers Reap Profits as Prices Rise
The combined net profit of 22 surveyed independent oil and natural gas producers rocketed to $449 million in the first quarter of this year from a deficit of $10 million in the comparable period in 2002 amid escalating gas and oil prices, according to the Energy Information Administration (EIA) in a new report.
EIA: Independent Producers Reap Profits as Prices Rise
The combined net profit of 22 surveyed independent oil and natural gas producers rocketed to $449 million in the first quarter of this year from a deficit of $10 million in the comparable period in 2002 amid escalating gas and oil prices, according to the Energy Information Administration (EIA) in a new report.
Northeast Prices Jump Above $13, Gulf Points Slip, Rockies Mixed
Transportation values to the Northeast have rocketed to astronomical heights this week, and spreads widened even further on Tuesday as Gulf prices slipped while Northeast points continued to soar, reaching the highs of almost $14 on Iroquois and more than $15 on Algonquin.
Cash Prices Soar Higher, Produce Huge Daily Ranges
Market observers watched in disbelief yesterday as prices atsome locations rocketed up more than $1 from Wednesday’s levels.Most cash points made daily gains of between 40 and 50 cents, anddaily price ranges were enormous.
As Expected, Storage Data Give Bulls the Go-Ahead
Building on modest gains achieved yesterday morning, the futuresmarket rocketed more than 20 cents higher Wednesday afternoon uponthe release of yet another bullish storage report. Finishing 27.1cents stronger at $4.378, the prompt July contract retraced morethan half of its Monday price slide yesterday and now stands closerto the upper limit of its $3.80-$4.60 trading range.
NRG Builds Power Giant In Hungry Northeast
While power demand hit record levels throughout the Northeastand power prices rocketed to $850/MWh last week, NRG Energycontinued to position itself as a major generator in thepower-hungry region. The subsidiary of Northern States Power landeda major power generation deal with Connecticut Light & Power ofHartford. NRG is snatching up 2,235 MW of generating capacity fromCL&P for $460 million.
NRG Builds Power Giant in Hungry Northeast
While power demand hit record levels throughout the Northeastand power prices rocketed to $850/MWh yesterday, NRG Energycontinued to position itself as a major generator in thepower-hungry region. The subsidiary of Northern States Power landeda major power generation deal with Connecticut Light & Power ofHartford. NRG is snatching up 2,235 MW of generating capacity fromCL&P for $460 million.
Northern Border Expansion to Start This Week Nearly Full
Warm winter weather normally means trouble for the gas industry,but for Northern Border Pipeline, which is attempting to completeconstruction of a major expansion/extension project, it has been ablessing. After a month and a half delay because summer rains setback construction, the pipeline company is expecting to have itsproject in service some time between Thursday, Dec. 17, and Sunday,Dec. 20, with the entire 700 MMcf/d capacity being fully utilized”almost immediately,” said Robert Hill, vice president of marketingand business development for the pipeline company.