Sparked by roaring crude prices, shaky fundamentals and summer heat and storm uncertainty, August natural gas futures jumped 15.5 cents on Monday to close at $13.353/MMBtu, a new high close for the up move.
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Cash Points Higher on Sprawling Heat Wave, Storms
Sparked by Friday’s 17.4-cent gain in July natural gas futures, the oppressive heat wave in a number of U.S. regions and fierce storms in the Midwest and the Plains that are headed for the Northeast and Mid-Atlantic, most cash points moved higher on Monday with some Rockies locations — which lost more than a dollar on Friday — gaining the same amount back.
Occidental Records 52% Earnings Hike on Production, Price Increases
Sparked by increased production levels and rising commodity prices, Occidental Petroleum Corp. (Oxy) posted record net income of $1.846 billion ($2.23/share) for the first quarter of 2008, a 52% spike over the $1.212 billion ($1.43/share) recorded during the first quarter of 2007.
Occidental Records 52% Earnings Hike on Production, Price Increases
Sparked by increased production levels and rising commodity prices, Occidental Petroleum Corp. (Oxy) posted record net income of $1.846 billion ($2.23/share) for the first quarter of 2008, a 52% spike over the $1.212 billion ($1.43/share) recorded during the first quarter of 2007.
MMS Rule to ‘Improve the Survivability’ of Gulf Platforms in Hurricanes
Sparked by widespread damage to Gulf of Mexico oil and natural gas infrastructure during the 2004 and 2005 hurricane seasons, the U.S. Department of the Interior’s Minerals Management Service (MMS) last week issued a final rule in the Federal Register to “improve the survivability” of offshore platforms and increase environmental safety during hurricane events.
MMS Rule to ‘Improve the Survivability’ of Gulf Platforms in Hurricanes
Sparked by widespread damage to Gulf of Mexico oil and natural gas infrastructure during the 2004 and 2005 hurricane seasons, the U.S. Department of the Interior’s Minerals Management Service (MMS) on Tuesday issued a final rule in the Federal Register to “improve the survivability” of offshore platforms and increase environmental safety during hurricane events.
Lower Prices, Production Force Canadian Drilling Services to Cut Jobs
Sparked by natural gas prices that remain lower than in recent years, the Canadian energy industry is bracing for a prolonged lull in natural gas drilling, with field employers quietly letting staff go after giving up hope for a speedy recovery of producer spending.
Lower Prices, Production Force Canadian Drilling Services to Cut Jobs
Sparked by natural gas prices that have been lower than in recent years, the Canadian energy industry is bracing for a prolonged lull in natural gas drilling, with field employers quietly letting staff go after giving up hope for a speedy recovery of producer spending.
$1-Plus Midcontinent, West Gains Lead Overall Rally
Severe winter weather, having already arrived in the West and predicted to engulf much of the rest of the U.S. by the end of the week, sparked rising prices at a solid majority of points Monday. The Midcontinent and West regions, which had recorded all of the preceding Wednesday’s dollar-plus plunges, also saw all of the Monday rally’s triple-digit gains that ranged as high as about $1.80.
NGI The Weekly Gas Market Report
Kinder Morgan Buyout Attracts Legal Challenges
The management-led buyout of Kinder Morgan Inc. (KMI) sparked a rally in the company’s shares (see NGI, June 5). Last week it launched a fusillade of class-action lawsuits that claim shareholders would be stiffed by the $100/share offer, “a grossly inadequate and unfair price.”