The nation’s third largest oil company, ConocoPhillips, reported third quarter earnings that were 5% below the year-ago period. The decline was largely due to weakness in the company’s refining business, it said Wednesday.
Weakness
Articles from Weakness
Plenty of Gas Pushes Futures Lower, But Storm Concerns Remain
Traders continued to flush out weakness in the October natural gas futures contract in the overnight Thursday electronic trading session, which left the action on Friday muted. After trading within a thin $5.470 to $5.545 range during Friday’s regular session, the prompt month finished out the week at $5.501, down 14.9 cents on the day but 3.3 cents higher than the previous Friday’s close.
Cooling Weather, Screen Depress Most of Cash Market
Most points responded to forecasts of cold fronts, diminishing cooling load in several areas and Wednesday’s expiration-day weakness of September futures by ranging from flat to down about 30 cents Thursday. The Rockies, however, continued to recover from their maintenance-related plunges in the first two days of the week by rising as much as about 70 cents.
Schlumberger Chief Says Gas Activity to Pick Up Later This Year
Despite price weakness at the end of 2006, cold weather in early 2007 depleted gas storage levels more than expected, and Schlumberger Ltd. CEO Andrew Gould told analysts last week that the company believes “fundamentals are clearly in place for reinforced natural gas activity later this year.”
Gas Activity to Pick Up Later This Year, Says Schlumberger CEO
Despite price weakness at the end of 2006, cold weather in early 2007 depleted gas storage levels more than expected, and Schlumberger Ltd. CEO Andrew Gould told analysts Monday that the company believes “fundamentals are clearly in place for reinforced natural gas activity later this year.”
Prices Drop Again at Most, But Not All, Points
Prices dropped again at nearly all points Thursday as normal to above-normal temperatures in many areas and prior-day futures weakness continued to weigh on the cash market. As on Wednesday, though, there were a few flat to about a dime higher points that kept price movement direction from being universal.
Futures Drop More than 40 Cents on Weather, Petroleum Weakness
Pressured by early-week warmth and some significant weakness throughout the petroleum futures sector, December natural gas futures, in their first regular session action as front month, dropped significantly lower on Monday, recording a low of $7.400 before settling at $7.416, down 41.1 cents from Friday’s close.
Natgas Futures Slump on Oil Weakness, Lack of Heat, Storms
Lack of above-normal temperatures and tropical disturbance development tied with weakness in the petroleum arena allowed natural gas futures on Monday to continue to explore the downside. After reaching a low of $6.710, September natural gas wound up staging a minor rally in closing out the day at $6.913, still down 35.6 cents from Friday.
Heat Wave Continues, Boosting Weekend Prices 5-35 Cents
With the heat expected to continue boosting power generation demand through the weekend and futures showing no signs of weakness, the week-long cash market rally pressed on Friday although it lost some steam at some locations in the Northeast, particularly Iroquois Zone 2, which had been one of the hottest points over the course of the week. Iroquois prices were flat in the mid $7.60s, but Dracut and Tennessee Zone 6 added more than 30 cents.
Most Points Remain in Moderate Uptrend
Prices continued to rise at a majority of points Thursday, but once again there were a few areas of minor market weakness. Prospects for a weekend warm-up in the Northeast, along with existing hot weather in the South, Midcontinent, Plains, Rockies and Southwest, apparently trumped the bearish influence of July futures expiring 22 cents lower on Wednesday.