Tumble

Following a rough and tumble year that led to declining production and a slew of asset sales, Anadarko Petroleum Corp. is forecasting better fortunes in 2005, with 7-11% growth in oil and natural gas volumes, the CEO said Friday.

Following a rough and tumble year that led to declining production and a slew of asset sales, Anadarko Petroleum Corp. is forecasting better fortunes in 2005, with 7-11% growth in oil and natural gas volumes, the CEO said Friday.

After making a pit-stop on Wednesday, December natural gas futures continued to trend lower again on Thursday. December natural gas futures hit a low of $7.13 before crawling back up to settle at $7.236, down 44.2 cents from Wednesday’s settle.

After making a pit-stop on Wednesday, December natural gas futures continued to trend lower again on Thursday. December natural gas futures hit a low of $7.13 before crawling back up to settle at $7.236, down 44.2 cents from Wednesday’s settle.

Cash prices were up sharply across the board Wednesday with increases of 20-35 cents in the Gulf Coast and Northeast, about a quarter on average in the Midcontinent and 15-20 cents in the West. But the futures market tanked 15.9 cents to $4.631 after peaking at $4.88 just prior to a bearish afternoon update on Hurricane Ivan by the National Hurricane Center.

Natural gas futures tumbled lower in moderate trading Friday on the New York Mercantile Exchange. Weak overnight trading set the stage for a sharply lower open and when the opening bell sounded, prices had already registered an 11-cent loss.

Atlanta-based IntercontinentalExchange (ICE) saw its pretax profit plummet 62% to $19.9 million, its cash flow drop 47% to $27.1 million and its revenues tumble 25% to $93.7 million last year as the energy trading business struggled through a credit crisis and trading dropped sharply on its over-the-counter (OTC) electronic marketplace.

Atlanta-based IntercontinentalExchange (ICE) saw its pretax profit plummet 62% to $19.9 million, its cash flow drop 47% to $27.1 million and its revenues tumble 25% to $93.7 million last year as the energy trading business struggled through a credit crisis and trading dropped sharply on its over-the-counter (OTC) electronic marketplace.

Ending a five-session string of advances, the natural gas futures market turned lower Wednesday as traders lightened their long positions in sympathy with losses in the nearby crude oil pit and ahead of the release of fresh gas storage data Thursday. And while bears were undoubtedly awakened by April’s 19-cents sell-off and $5.375 settlement, the bulls fully expect nearby support to hold and provide the market with a springboard to higher levels.