November natural gas futures reached a peak of $6.985 on Friday before trickling to a low of $6.860 and settling at $6.870, down 4.9 cents from Thursday’s close. The week’s finish was 12 cents lower than the contract’s previous week’s close of $6.990.
Trickling
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Hurricane Damage Assessments Slowly Trickling In
Damage estimates by oil and natural gas producers and pipeline operators hit by back-to-back Hurricanes Katrina and Rita are slowly trickling in, but already, some are announcing they will be unable to hit their third quarter production targets.
Major Changes Sought for Order 637
Although industry comments on Order 637 still were tricklinginto FERC late Friday, it was clear that gas producers, bothmajors and independents, and industrial customers had some of thebiggest problems with the final order by far, while the interstatepipelines and LDCs sought minor tweaking of a “discrete” set ofissues.
Producers, Industrials Seek Major Changes to Order 637
Although industry comments on Order 637 still were tricklinginto FERC late Friday, it was clear that gas producers, both majorsand independents, and industrial customers had some of the biggestproblems with the final order by far, while the interstatepipelines and LDCs sought only minor tweaking of a “discrete” setof issues.