Physical natural gas prices on average lost a whopping 36 cents Friday as the normal reluctance of buyers to commit to weekend gas was compounded by a weak screen, near-record gas in inventories, forecast warmth for the upcoming week in major energy markets and reports of ever-higher domestic production.
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Weather Forecasts Prompt Broad Advance; Futures Plunge
Physical gas prices overall on average jumped a whopping 37 cents Monday as traders scrambled to deal with multiple challenges ranging from high power prices, to covering short positions, to below normal temperatures forecast for major eastern and Midwest energy markets. The Northeast was especially strong, with a couple of New England points registering gains north of $4.00. Futures traders were looking at more distant weather events and sold early and sold often. At the close December had fallen 17.1 cents to $3.730 and January was down 16.6 cents to $3.868. January crude oil fell 54 cents to $87.74/bbl.
EIA: Domestic Natural Gas Production Jumped 1.74 Tcf in 2011
Total gross withdrawals of domestic natural gas jumped to 28.58 Tcf in 2011, a 6.5% increase from 26.84 Tcf in 2010, and are on pace to easily surpass those numbers again this year, according to the U.S. Energy Information Administration’s Monthly Energy Review for September.
High Court Upholds $54M Damage Award Against Shell Oil
The U.S. Supreme Court last Monday denied Shell Oil Co.’s petition to review a whopping $54 million punitive damage award for the producer’s failure to pay a “net-profits interest” to the owners of an Oklahoma oil and natural gas lease.
High Court Upholds $54M Damage Award Against Shell Oil
The U.S. Supreme Court Monday denied Shell Oil Co.’s petition to review a whopping $54 million punitive damage award for the producer’s failure to pay a “net-profits interest” to the owners of an Oklahoma oil and natural gas lease.
Futures Sink to New Lows on 93 Bcf Storage Build
Front-month natural gas futures plunged to a new low for the downtrend Thursday following news that a whopping 93 Bcf was injected into underground storage for the week ending Oct. 15. The late-season build nearly doubled the five-year average injection for the week and more than quadrupled the addition recorded for the similar week last year.
Futures Fall Below $4 on ‘Bearish’ 87 Bcf Storage Injection
Natural gas supply is still well outpacing demand as evidenced by Thursday morning’s news that a whopping 87 Bcf was injected into underground storage for the week ending April 9. The larger-than-expected build thrust near-month natural gas futures values back below $4.
Futures Fall Below $4 on ‘Bearish’ 87 Bcf Storage Injection
Natural gas supply is still well outpacing demand as evidenced by Thursday morning’s news that a whopping 87 Bcf was injected into underground storage for the week ending April 9. The larger-than-expected build thrust near-month natural gas futures values back below $4.
Canadian Gas Exports to Plunge, Says NEB
Depressed drilling and growing domestic industrial demand could knock a whopping 3.4 Bcf/d, or 21%, off Canadian supplies on the international natural gas market within two years, according to a new report by the National Energy Board
NEB: Oilsands Consumption to Cut Canadian Gas Exports
Depressed drilling and growing domestic industrial demand could knock a whopping 3.4 Bcf/d, or 21%, off Canadian supplies on the international natural gas market within two years, according to a new report by the National Energy Board