Showed

Natural gas futures on Wednesday showed there is nothing like the first regular trading session of a new prompt month to turn the tides of market direction as the July contract rebounded 21 cents on the day to close at $7.941. The positive day Wednesday put a halt to the string of seven consecutive sessions of lower closes, which resulted in the June contract’s expiration Tuesday at $7.591.

While electricity deregulation in Virginia has been a widespread failure to this point, a new survey released this week showed that an astounding 85% of Virginians want to have the option to choose an electricity supplier.

North American natural gas marketing showed steady growth in 3Q2006, with several of the perennial top performers posting double-digit gains in wholesale gas sales volumes, compared with a year ago. Wholesale gas sales reported to NGI for the period by the top 20 marketers were up 10% over a year ago to reach 120.42 Bcf/d, nearly 11 Bcf/d more than the 109.67 Bcf/d reported in 3Q2005.

North American natural gas marketing showed steady growth in 3Q2006, with several of the perennial top performers posting double-digit gains in wholesale gas sales volumes, compared with a year ago. Wholesale gas sales reported to NGI for the period by the top 20 marketers were up 10% over a year ago to reach 120.42 Bcf/d, nearly 11 Bcf/d more than the 109.67 Bcf/d reported in 3Q2005.

Just a day after sources had virtually nothing to talk about but how little gas demand there was, some more gas demand apparently showed up. The cash market recorded increases at virtually all points Wednesday (one was essentially flat) as blizzard conditions in the Rockies and Plains states were giving a boost to heating load.

On Nov. 8 — after election returns showed Democrats will take control of both houses of Congress — many in the oil and gas industry likely heard the windfall profits tax bogeyman knocking on the door.

After four days of rising at nearly all points, the cash market showed signs of retrenchment Friday. Gainers continued to outnumber losers — but only barely. Quotes continued to rise at most Gulf Coast and Northeast points, where the much anticipated winter storm was just arriving, but softness dominated in the Midcontinent/Midwest and western markets.

On Nov. 8 — after election returns showed Democrats will take control of both houses of Congress — many in the oil and gas industry likely heard the windfall profits tax bogeyman knocking on the door.

While it was a quiet holiday for much of the energy industry, natural gas futures trading on the New York Mercantile Exchange showed no corresponding slow down. Amid reports of colder temperatures, November natural gas pushed to a high of $6.800 before coming back down to close at $6.429, up less than a penny on the day.