Cash quotes overall fell 7 cents Tuesday as Northeast points reacted to an expected moderation in temperatures as well as weaker power prices and led the march lower. Eastern points weren’t too far behind, and gas for delivery Wednesday into the Great Lakes area slid about a nickel. July natural gas slid 9.2 cents to $3.647 and August dropped 9.0 cents to $3.670. August crude oil added 14 cents to $95.32/bbl.
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NOV: Weak Demand for Pressure Pumping in North America
National Oilwell Varco Inc. (NOV) COO Clay Williams said Friday the company is facing “headwinds” in North America on weaker-than-expected demand for pressure pumping and equipment.
NOV: North America Demand Weak for Pressure Pumping
National Oilwell Varco Inc. (NOV) COO Clay Williams said Friday the company is facing “headwinds” in North America on weaker-than-expected demand for pressure pumping and equipment.
Obama Orders EPA to Back Off Ozone Standard
President Obama on Friday requested that the Environmental Protection Agency (EPA) withdraw its controversial draft Ozone National Ambient Air Quality Standards, saying he did not support asking state and local governments to begin implementing a new standard that is due to be reconsidered again in less than two years.
Prices Record Small Increases at Nearly All Points
Even with heating load staying generally on the light side and weaker prior-day futures, cash prices managed to achieve modest increases at nearly all points Tuesday. It was among other market vagaries in which price moves seemed to be at odds with demand realities.
Mixed Price Movement Mostly Close to Flat
Despite modestly weaker futures guidance (down 2.6 cents on the previous Friday), the cash market recovered to a large extent Monday from major softness late last week. Gains highly dominated numbers that seldom varied more than a few pennies up or down from unchanged.
Declines Continue in Northeast; Most Points Up a Little
Wednesday’s cash market was quite a bit weaker than Tuesday’s; triple-digit declines continued at several Northeast citygates, but they were joined this time with falling numbers almost everywhere else as end-of-the-year weather forecasts were getting considerably milder.
Spectra Energy CEO: Projects on Track, Paying Off
Spectra Energy Corp. last week turned in a weaker third quarter performance compared with a year ago due largely to lower commodity prices. However, management pointed to expansion projects that are generating returns near the top of expectations. Further, the U.S. Southeast and Western Canada both offer opportunities, executives said.
Prices Ding Spectra Energy, But Projects Paying Off
Spectra Energy Corp. Thursday turned in a weaker third quarter performance compared with a year ago due largely to lower commodity prices. However, management pointed to expansion projects that are generating returns near the top of expectations. Further, the U.S. Southeast and Western Canada both offer opportunities, executives said.
All-Points Losses Grow Larger for Weekend
Already weak cash prices got much weaker Friday, as Thursday’s across-the-board double-digit losses not only continued but grew much bigger to boot. The existing general lack of weather-based demand was exacerbated Friday by the previous day’s 37.5-cent dive by November futures and the decline of industrial load associated with a weekend market.