Both independents and majors, which continued to report 4Q earnings last week, are shattering earnings records because of sustained high oil and natural gas prices. Several of the U.S.-based independents reported higher domestic production, but for the majors, the story continues to be dwindling output in North America. However, the biggest story last week was Royal Dutch Shell Group’s announcement that it will once again reduce its proved reserves — the fifth time in just about a year’s time.
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Futures Unfazed by Bearish Storage Injection
By coming in larger than most estimates and shattering the five-year average build, the Energy Information Administration’s (EIA) estimated natural gas storage injection for the week ended Oct. 1 was an undeniably bearish 81 Bcf. But natural gas futures treated the report as a mere hiccup in Thursday morning trade.
October 8, 2004
Buy the Forecast; Sell the Weather. Never Worked Better
Even as temperatures were shattering records throughout much ofthe Northeast,sending electricity prices spiking near $1000/MWhTuesday, natural gas futures were hit with a wave of selling tokick off the week. Speculative fund traders, who have been longpositions for almost three months now, were prominent sellersearly. But trade and local selling was not far behind, sending theAugust contract to its lowest level since the middle of April. Theprompt month finished down 9.6 cents at $2.191, after carving out a$2.16 bottom. Estimated volume was a robust 124,967.
July 7, 1999
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