Strongest

A U.S. natural gas storage surplus of 463 Bcf on Feb. 15 had tumbled to a 32 Bcf deficit by May 24, a 495 Bcf decline that “ranks among the strongest we have seen, and oddly, the timing was in the late winter and early spring,” analysts at Stephen Smith Energy Associates said in their most recent Monthly Energy Outlook.

Devon Energy recently completed its fourth horizontal well in the Tuscaloosa Marine Shale (TMS) and the initial production test figures show the strongest oil production results of the company’s TMS wells drilled to date” at 384 b/d, according to the Louisiana Department of Natural Resources (DNR).

In one of the three ongoing post-San Bruno natural gas pipeline explosion regulatory cases, Pacific Gas and Electric Co. (PG&E) fired back at one of its strongest critics: the safety staff at the California Public Utilities Commission (CPUC).

With only a few exceptions all points rose Thursday with eastern points registering the strongest gains and weakness limited to a few points in the West.

Bidweek opened with the cash market advancing over a dime nationwide Monday with the strongest performers in southern California and the Northeast. Traders suggested a long approach to the Northeast cash market but acknowledged whether to buy index and sell physical or sell index and buy physical was a weather call. At the close of futures trading April had fallen 4.9 cents to $2.226 and May had slid 5.4 cents to $2.319. May crude oil gained 16 cents to $107.03/bbl.

U.S. natural gas and oil reserves ended 2010 with the strongest combined annual growth in five years, according to the fourth annual benchmark study by Ernst & Young LLP.

U.S. natural gas and oil reserves ended 2010 with the strongest combined annual growth in five years, according to the fourth annual benchmark study by Ernst & Young LLP.

U.S. natural gas reserves jumped 12% and oil reserves rose 11% in 2010, the “strongest combined annual growth” posted over the five-year period, according to a study by Ernst & Young LLP of domestic exploration and production (E&P) companies.

Spot prices saved their best for last — at least in the viewpoint of bullish traders — by making the strongest gains of last week virtually across the board on Friday. A large futures uptick a day earlier combined with increasing weather-based load in some areas to support the physical market.