Trims

Mirroring the performance of the industry as a whole, XTO Energy Inc. said Wednesday it is pulling larger amounts of gas out of the ground even as it trims the number of rigs it has in operation.

An updated tropical outlook issued by WSI Corp. trims the number of storms forecast, with 14 named storms, six hurricanes and three intense hurricanes (Category 3 or greater) predicted. At the same time the Andover, MA-based provider of weather-driven business solutions sees alternating warmer than normal temperatures through October in some areas and cooling in others, adding up to neutral to bearish gas prices.

An updated tropical outlook issued by WSI Corp. trims the number of storms forecast, with 14 named storms, six hurricanes and three intense hurricanes (Category 3 or greater) predicted. The Andover, MA-based provider of weather-driven business solutions had previously forecast 15 named storms, eight hurricanes and four intense hurricanes (see Daily GPI, June 27).

Royal Dutch/Shell Group’s share price tumbled Friday after announcing it would recategorize nearly 20% of its proved hydrocarbon reserves — about 3.9 billion boe. More than 90% of the total comes from a reduction in proved undeveloped reserves; the remainder in proved developed. The changes would trim proved reserves to 15.6 billion boe from the 19.5 billion boe.

The Energy Information Administration (EIA), in its Short-Term Energy Outlook for May, again raised its projection for the average spot price of natural gas this year — by 7% to an average of $5.80/Mcf from the $5.40/Mcf that it had projected last month.

The Energy Information Administration (EIA), in its Short-Term Energy Outlook for May, again raised its projection for the average spot price of natural gas this year — by 7% to an average of $5.80/Mcf from the $5.40/Mcf that it had projected last month.

BP plc revised downward its proved oil and gas reserves at the end of 2003 by 445 million boe, or 2.5%, according to information in its annual report, released earlier this month. The disclosure follows the controversy over the 20% negative revision by Royal Dutch/Shell Group in January and El Paso Corp.’s 41% cut, which was announced last month.

Royal Dutch/Shell Group’s share price tumbled Friday after announcing it would recategorize nearly 20% of its proved hydrocarbon reserves — about 3.9 billion boe. More than 90% of the total comes from a reduction in proved undeveloped reserves; the remainder in proved developed. The changes would trim proved reserves to 15.6 billion boe from the 19.5 billion boe the major estimated in December 2002.

Similar to the price action in Friday’s abbreviated trading session, natural gas futures failed to hold onto morning advances Monday and ultimately closed in the lower half of the contract’s daily trading range. The only real difference between the two sessions was the net change for the day, with Monday’s modest, 3.5-cent advance and $4.883 settle contrasting Friday’s 4.3-cent decline. Volume was weak again Monday with an estimated 40,049 contracts changing hands.