Worked

Natural gas futures were trading fast and furious Wednesday as traders worked to get their respective positions in order ahead of the October contract going off of the board. As a result, October natural gas plummeted to $4.070 — marking a new low for the extended move — before expiring at $4.201, down 32.5 cents on the day.

Early in his career, Devon Energy’s Brad Foster worked for Columbia Gas in Ohio where he was involved in the company’s shale gas exploration and production activity. He spent two summers working on shale projects before deciding, “I will never work a shale project again.”

Early in his career, Devon Energy’s Brad Foster worked for Columbia Gas in Ohio where he was involved in the company’s shale gas exploration and production activity. He spent two summers working on shale projects before deciding, “I will never work a shale project again.”

One of the bit players in the Enron Corp. melodrama was sentenced to two years probation on Monday for filing false income tax returns. Lawrence Lawyer, 38, who had once worked for Enron Broadband Services, faced up to three years in prison for failing to report $79,469 to the Internal Revenue Service.

Making further strides away from last week’s gains, July natural gas futures on Tuesday worked lower for the second consecutive session as questions continued to arise regarding whether the summer would be as hot as once expected. After carving out a low of $6.470 on the day, prompt month natural gas ended up settling at $6.502, down 39.1 cents.

Natural gas prices will remain depressed relative to crude oil through the summer, but as the gas storage surplus is worked off, Raymond James & Associates Inc. expects a gas price rebound to the traditional 6:1 oil-gas ratio heading into 2007.

Natural gas prices will remain depressed relative to crude oil through the summer, but as the gas storage surplus is worked off, Raymond James & Associates Inc. expects a gas price rebound to the traditional 6:1 oil-gas ratio heading into 2007.

Continued strength from the tension-filled petroleum sector combined with warmer than normal temperatures in the southern regions of the U.S. worked to buoy natural gas futures Tuesday as May natural gas finally broke out of its recent $6.65-7.65 trading range. Following a high of $8.10 in afternoon trading, the prompt month went on to settle at $8.008, up 43.1 cents on the day, bringing the week’s two-day total gain to 87.3 cents.

Breaking its range of the last 12 sessions, February natural gas futures opened Thursday at $8 and worked itself even lower in anticipation of yet another bearish natural gas storage withdrawal report. Following almost no reaction to the 81 Bcf pull from storage, prompt-month natural gas pushed back above $8 to settle at $8.229, down 23.1 cents from Wednesday’s close.