Conservative exploration and development strategies andacquisitions, coupled with a growing demand for energy, enabled theworld’s largest oil and gas companies to reduce reserve replacementcosts 14% from a year ago, and dramatically increase net profits -by as much as 900%, according to an analysis by energy researchfirm John S. Herold Inc.
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Strong Energy Futures Send Cash Prices Soaring
In what traders called a purely screen-driven cash market,prices achieved double-digit increases at virtually every pointexcept for PG&E citygates, which rose by a little less than adime.
Futures Strength, Northern Chill Send Cash Higher
Cash quotes again moved higher Monday but mostly in smallamounts of less than a nickel, reacting to new strength in the gas,crude oil and heating oil futures contracts and getting some extrasupport from colder weather in major northern market areas.
Storage and Weather Conspire to Send Futures Higher
Fueled by the fundamental one-two of bullish storage and weathernews, the natural gas futures market rose Thursday as tradersunloaded shorts and added to longs. After dropping a dime lowerWednesday, the January contract opened higher at $2.53 Thursday andnever looked back as prices climbed into the mid-$2.60s. The promptmonth finished near its daily highs, up 15 cents to $2.636.
Natural’s Auction Fixes Under Attack
Producers and marketers have asked FERC to send Natural GasPipeline Co. of America (NGPL) back to the drawing board to makethe changes to its auction tariff procedures that were ordered bythe Commission.
Bearish Fundamentals Remain King Following Early Rally
Technical factors can, and often do, send prices hurling in adirection contradictory to what underlying supply and demanddictate. While this confounds dyed-in-the-wool fundamentalists anddelights technicians, it can also backfire. Yesterday was one ofthose days.
Duke to Send Sawgrass Pipeline into Florida
Two would go by sea, and now one would travel on land, makingfor three brand new pipeline projects targeting the Floridapeninsula and the state’s substantial growth in power generationgas demand.
NGSA’s Bush Pleads Guilty to Fraud, Tax Evasion
In a stunning move designed to send a message to otherwhite-collar criminals, a D.C. federal court judge last weekremanded Nicholas J. Bush, former president of the Natural GasSupply Association (NGSA), to a halfway house pending sentencing ontwo felony charges for embezzling $2.8 million from the producergroup. The judge took this action after Bush pleaded guilty to thecharges.
Storage, Weather Send Traders Mixed Signals
After a spirited rally Tuesday that propelled the Augustcontract to its highest level since July 15, the market took abreather Wednesday as traders elected to wait on the sidelinesahead of fresh fundamental news. The prompt month finished down 0.6cents at $2.394 in choppy, range-bound trading.
Bears Draw First Blood, Send June Below $2.20
Following last Friday’s near price-stalemate, bears were quickout of the blocks yesterday, and within the first hour of tradingthe June contract reached it’s lowest level since April 19. Themarket received a slight buying boost before the noon hour, butsellers were at it again yesterday afternoon, carving out a $2.145low in choppy trading activity. The June contract finished at$2.176, down 4.9 cents for the session.