As President Obama was preparing to deliver a major jobs speech to the nation Thursday night, the energy industry weighed in with a study showing more than 1.4 million new jobs, $800 billion in additional Treasury revenue, and 10 million bbls of additional daily oil and natural gas production by 2030 could be added with more flexible federal rules.
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Subpar Injection No Help for Bulls; October Eases
October futures eased fractionally in active trading Thursday as the government released figures showing a lower-than-expected increase in inventories. The ensuing price rise, however, was seized upon by eager sellers and prices retreated.
September Gains as Weather, Higher Storage Builds Fail to Deter Bulls
September natural gas rose Tuesday despite projections showing moderating temperatures and higher inventory injections. At the close September natural gas had risen 5.9 cents to $3.994 but failed to settle above important resistance at $4, and October had added 5.8 cents to $4.015. September crude oil plunged $2.01 to $79.30/bbl.
Industry Touts Marcellus Impact; Critics Shrug
In what is becoming a standard give and take in Pennsylvania, the Marcellus Shale industry released a study last week showing how its economic importance in the state is growing and critics dismissed the findings as overstated.
Bulls Undeterred by Large Storage Build; August Down 2.5 Cents
August natural gas futures closed lower Thursday following the weekly government inventory report showing stocks were built at a greater rate than had been anticipated.
August Higher But Still in a Trading Range
August natural gas made it four in a row and continued to march higher Wednesday, prompted by reports showing extended heat over the eastern two-thirds of the country. At the closing bell August had risen 7.0 cents to $4.403 and September had tacked on 7.5 cents to $4.387. August crude oil rose 62 cents to $98.05/bbl.
New Brunswick Group Ends Call for Moratorium
A citizens group has reversed its call for a moratorium on hydraulic fracturing (fracking) in New Brunswick after the provincial government unveiled tougher regulations for the emerging Frederick Brook Shale.
Hefty EIA Storage Build Prompts August Losses
August natural gas futures tumbled Thursday following the release of inventory data showing greater-than-expected increases. For the week ended July 1, the Energy Information Administration reported a build of 95 Bcf, about 10 to 15 Bcf greater than what traders were expecting. Prices quickly obliged following the 10:30 a.m. EDT report and by the close August futures had declined 8.4 cents to $4.133 and September had jettisoned 8.4 cents as well to $4.138. August crude oil soared $2.02 to $98.67/bbl.
Futures Retreat as Bulls Are Pummeled by Stout EIA Storage Data
Expiring June natural gas futures closed lower Thursday as market bulls were hit by a government inventory report showing a build in inventories above what they were looking for. At the close June had settled 5.3 cents lower at $4.326 and July futures were down 6.3 cents to $4.360. July crude oil fell $1.09 to $100.23/bbl.
Government Warnings, Short-Covering Prompt June Gains
June natural gas futures rose in active trading Friday as both oil and gas traders reacted to government warnings related to data showing al Qaeda’s interest in targeting oil and gas installations. At the closing bell June futures had gained 13.6 cents to $4.230 and July had risen 12.9 cents to $4.290. June crude oil gained $1.05 to $99.49/bbl.