The Department of Energy’s (DOE) proposed $88 million in budget cuts for energy efficiency research and development in fiscal 2005 marks a “retreat” from the agency’s prior commitment to tackle escalating natural gas prices, said the American Council for an Energy-Efficient Economy (ACEEE) last week.
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EIA: High Prices in 2003 Took Toll on Gas Demand
Domestic consumption of natural gas fell by an estimated 2.6% during 2003 due largely to the high gas prices that destroyed demand in the industrial and electric power sectors, according to the Energy Information Administration’s Short-Term Energy Outlook for January.
EIA: High Prices in 2003 Took Toll on Gas Demand
Domestic consumption of natural gas fell by an estimated 2.6% during 2003 due largely to the high gas prices that destroyed demand in the industrial and electric power sectors, according to the Energy Information Administration’s Short-Term Energy Outlook for January.
Bearish Weather Takes its Toll on Sept Expiry; Futures Fall 11 Cents
Faced with the dilemma of whether to side with bullish longer-term technicals or bearish short-term fundamentals, natural gas traders chose the latter Wednesday as sellers deposited the prompt contract to its lowest point in a week. By finishing the session at $4.927, the September natural gas futures contract lost 11.1 cents on its final trading day, but was up 23.4 cents from the final resting place of the August contract. A year ago the September 2002 contract went off the board at $3.288.
A Day Later, Early Storage Injection Takes Its Toll
In a delayed reaction to bearish storage data released Thursday that revealed the first net refill of the 2003 injection season, natural gas futures dipped lower Friday as commercial traders continued to liquidate their long positions. Not even double-digit rises in physical market prices could support May futures, which lacked originality by closing at the same price — $5.146 — as the final expiration of the April contract Thursday. At 44,630, estimated volume was extremely light ahead of the weekend.
As Expected, Moderating Weather Takes Toll on Futures Prices
Extending losses that began last Wednesday afternoon, the December natural gas futures contract sank to new two-month lows Monday, as traders returned from the weekend to learn of bearishly revised weather forecasts. Heavy over-the-counter selling was seen early Monday morning and that translated into a gap lower opening when the regular open-outcry session commenced at 10 a.m. EDT. December never looked back, funneling 19.7 cents lower to close at $3.863.
Tight Bonding Market, Interior Requirements Take Toll on Producers
Oil and natural gas producers, particularly independents, are paying a heavy price in a bonding market that has grown increasingly tight in the wake of the Sept. 11 terrorist attacks and the major bankruptcies of Enron Corp. and K-Mart, six major producer groups told the Interior Department last week. They called on the agency to ease up on some of its bonding requirements for producers in light of market conditions.
Tight Bonding Market, Interior Requirements Take Toll on Producers
Oil and gas producers, particularly independents, are paying a heavy price in a bonding market that has grown increasingly tight in the wake of the Sept. 11 terrorist attacks and the bankruptcies of Enron Corp. and K-Mart, six major producer groups told the Interior Department Monday. They called on the agency to ease up on some of its bonding requirements for producers in light of market conditions.
Price Declines Hinder Burlington’s First Quarter Results
Plummeting gas prices took a toll on Burlington Resources’ first quarter net income, which tumbled to $48 million, or $0.24 per diluted share, compared to $336 million, or $1.56/share in the first quarter of 2001. Despite a 13% production increase to a record of 2,716 MMcfe/d, including volumes from recently acquired properties, natural gas price realizations averaged only $2.88/Mcf compared to $5.71 in the first quarter of 2001.
House Panels Ask Enron’s Lay to Appear at Hearing Next Week
As Enron Corp.’s bankruptcy continues to take its toll, two subcommittees of the House Financial Services panel have scheduled a joint hearing for next Wednesday to assess the effects of the company’s financial breakdown on commodity markets, as well as the reasons behind Enron’s overstated earnings, its potential mishandling of employee 401(k) pension plans, possible securities fraud and accounting irregularities.