Following the one-two bearish punch Thursday of an upward revision in natural gas storage levels and an unexpected 16 Bcf injection for the week ended Nov. 14, December natural gas futures were on the rebound Friday, reaching a high of $6.548 before closing at $6.480, up 16.4 cents from Thursday’s close and 16.8 cents higher than the previous week’s finish.
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Analysts: Shale Plays Trigger ‘Massive’ Shift in U.S. Output
Shale plays have triggered a “massive upward shift” in U.S. natural gas production and are driving unprecedented growth, with output from publicly traded exploration and production (E&P) companies in 2Q2008 up 6.7% year-over-year (y/y), according to data compiled by energy analysts.
Analysts: Shale Plays Triggering ‘Massive’ Shift in U.S. Output
Shale plays have triggered a “massive upward shift” in U.S. natural gas production and are driving unprecedented growth, with output from publicly traded exploration and production (E&P) companies in 2Q2008 up 6.7% year-over-year (y/y), according to data compiled by energy analysts.
EIA Sees Continued Pressure on Gas, Oil and Power Prices
Prices for natural gas, crude oil and electricity, which already are alarmingly high, are expected to continue their upward climb through the end of the year or longer, according to the Energy Information Administration’s (EIA) Short-Term Energy Outlook for July.
EIA Sees Gas, Oil and Power Prices Going Up, Up and Up
Prices for natural gas, crude oil and electricity, which already are alarmingly high, are expected to continue their upward climb through the end of the year or longer, according to the Energy Information Administration’s (EIA) Short-Term Energy Outlook for July.
Cash Market Records Rebounds Across the Board
After dropping at all points for the weekend, cash prices were united in movement direction again Monday, but this time the direction was upward. The gains apparently were driven mostly by the previous Friday’s 21.6-cent advance by June futures and a smidgen of cooling load starting to resurface in the South, because forecasts of Tuesday weather were generally mild in most areas.
Analysts Cite Strong Macro Factors; May Gains 14.6 Cents
May natural gas futures continued to advance Monday in active trading on the New York Mercantile Exchange. Short-term traders noted continued upward momentum carrying over from Friday’s gains, and expect the market to work towards higher price objectives. May finished the day up 14.6 cents to $10.733 and June added 16.9 cents to $10.874. May crude oil gained 79 cents to $117.48/bbl, a record close, on geopolitical developments and a weaker dollar.
EIA Estimates for U.S. Production Growth Up, Demand Down
Domestic natural gas supply projections inched upward while imported liquefied natural gas (LNG) and overall consumption growth estimates were easing down in the latest predictions for 2008 natural gas, reported by the Energy Information Administration (EIA) in its March Short-Term Energy Outlook released last Tuesday. Price projections also were up.
EIA Estimates for U.S. Production Growth Up, Demand Down
Domestic natural gas supply projections inched upward while imported liquefied natural gas (LNG) and overall consumption growth estimates were easing down in the latest predictions for 2008 natural gas, reported by the Energy Information Administration (EIA) in its March Short-Term Energy Outlook released Tuesday. Price projections also were up.
Mixed Price Movement Is Mostly Close to Flat
Despite forecasts of frigid weather remaining in the Rockies and temperatures continuing to descend Friday in the Midwest, Northeast and South, the cash market’s upward momentum of the first three days in the week was arrested to some extent Thursday. Price direction was mixed but biased slightly to the downside amid quotes that mostly were less than a dime up or down from unchanged.