Soared

Traders and market-watchers alike on Wednesday were trying to get a handle on exactly what was happening in energy futures as natural gas and crude soared higher once again. April natural gas gained 38.8 cents on the day to close at $9.741, while April crude got back to its recent record-setting ways by adding $5 to close at an all-time high of $104.52/bbl.

April natural gas futures on Thursday — in its first regular session action as the front month contract — soared higher as the year-on-five-year average storage surplus contracted and crude futures notched another all-time high. The prompt-month natural gas futures contract jumped 38.3 cents on the day to close at $9.443, despite a storage withdrawal report that was well within expectations.

March natural gas futures soared higher Thursday on a propellant derived from economic concerns mixed with colder-leaning forecasts. Not even a sub-200 Bcf natural gas storage withdrawal report could deter the prompt-month contract’s spike, which reached a high of $8.810 before settling the day at $8.772, up 38.4 cents from Wednesday’s close.

Spot prices soared as high as $16 Monday at Transco Zone 6-New York City as triple-digit spikes at Northeast citygates were way out in front of strong gains across the board. The weekend blast of cold across the Midwest and Northeast is proving to have more staying power and be more severe than forecasts had indicated late last week. The cash market also had support from last Friday’s 19.9-cent advance by March futures and the return of industrial load from weekend hiatus.

Prices soared by triple-digit amounts in the Rockies Thursday as the regional market continued a recovery from extreme weakness that featured low-end quotes of less than a dime in the previous two days. Most points elsewhere achieved moderate gains, but Thursday was likely to be the last day of this week’s overall market advances.

The market capitalization of global energy companies soared by $500 billion for the second straight year in 2006, and investors enjoyed a fifth consecutive year of gains, according to a year-end study by energy research and consulting firm John S. Herold. However, the exploration and production (E&P) sector last year languished as natural gas prices lagged expectations.

The market capitalization of global energy companies soared by $500 billion for the second straight year in 2006, and investors enjoyed a fifth consecutive year of gains, according to a year-end study by energy research and consulting firm John S. Herold. However, the exploration and production (E&P) sector languished as natural gas prices lagged expectations.

Coming out in a big way during its first action as front month, January natural gas futures on Wednesday soared higher as the wave of cold Canadian air swept eastward. After threatening the psychological $9 level with a high of $8.940, the prompt month ended up closing Wednesday at $8.871, up 31.2 cents from Tuesday’s close.

Nymex Holdings in its first day as a publicly traded company Friday soared to more than double its initial public offering (IPO) price, opening up 103% higher at $120 per share before climbing to a high of $152 on the New York Stock Exchange. The newly public company’s share price finished the day at $132.99.