The physical market bounded sharply higher Tuesday, prompted by a strong screen and low inventories at some points. Nearly all points recorded double-digit gains. At the close of futures trading, October had added 18.0 cents to $2.992 and November had climbed 16.3 cents to $3.104. October crude oil gained 63 cents to $97.17/bbl.
Strong
Articles from Strong
Chesapeake Expects Gas Prices to Strengthen, Says McClendon
Chesapeake Energy Corp. CEO Aubrey McClendon, who Thursday spoke to analysts publicly for the first time in months beyond the Oklahoma City boardroom, said the company remains on track to sell up to $14 billion of assets by the end of the year, including a package of properties in the Permian Basin. He’s also confident that even as the company continues to turn toward more oily production, natural gas prices will strengthen in the coming months.
Pennsylvania Reports Higher NatGas Production Despite Data Flaws
Reports posted by the Pennsylvania Department of Environmental Protection (DEP) indicate that the state saw substantial growth in natural gas production during the first half of 2012, perhaps more than 82%, although production totals from some operators are missing from the latest report and the reporting criteria had changed.
Heat, Maintenance, Outages Send Northeast Points Nearly $4 Higher
Cash prices shot higher Tuesday with an average overall change of nearly 30 cents. Particularly strong were Northeast points, which fell under a triple whammy of pipeline maintenance, forecasts of hot temperatures and unexpected nuclear outages. Eastern locations also joined in the rise with hot temperatures expected Wednesday in major metropolitan areas.
Cash Gains, But $2.85 July Futures In Sight, Trader Says
Overall cash prices added a dime Monday as weather forecasts, pipeline maintenance and a strong screen combined forces to send prices sharply higher. Northeast points led the charge higher, but Southern California locations were not far behind. At the close of futures trading July had jumped 16.8 cents to $2.635 and August had risen 15.4 cents to $2.565. July crude oil fell 76 cents to $83.27/bbl.
Drilling Poses Small Earthquake Risk, Says Study
Stimulating natural gas and oil production by hydraulically fracturing horizontal wells doesn’t pose a big risk for triggering earthquakes that are strong enough for a human to feel, but other types of energy-related activities could make the ground noticeably shake, according to the conclusions of major government science report released on Friday.
National Research Council: Drilling Poses Small Earthquake Risk
Stimulating natural gas and oil production by hydraulically fracturing horizontal wells doesn’t pose a big risk for triggering earthquakes that are strong enough for a human to feel, but other types of energy-related activities could make the ground noticeably shake, according to the conclusions of major government science report released on Friday.
Eastern Points Pace Widespread Gains; Futures Fumble Post EIA Stats
Cash market prices rose on average about 7 cents overall Thursday with all but two points participating in the gains. Especially strong were Northeast points, but Great Lakes and Rockies locations participated in the rise as well. One of the two eastern market points showing a decline was affected by a pipeline leak in New York.
Chesapeake Takes Case to Shareholders
Chesapeake Energy Corp. CEO Aubrey McClendon and National Oilwell Varco CEO Pete Miller, the lead independent director of the board, late Tuesday sent a letter to shareholders addressing”certain issues” raised last week by John Liu, the City of New York’s comptroller, who oversees the city’s pension funds.
Western, Gulf Gains Highlight Strong Advance; Futures Vault Higher
The cash market gained on average 13 cents Wednesday, aided by a strong futures market and stout gains posted at Western and Gulf points. Alleviation of restrictions prompted a 50 cent-plus jump at a key Marcellus point. At the close of futures trading June had added 11.8 cents to $2.618 and July had risen by 11.9 cents to $2.687. June crude oil continued its descent, losing $1.17 to $92.81/bbl.