Markets

September natural gas prices declined Thursday as a slightly higher-than-expected storage injection and cooler weather forecast for the next week or so weighed on the market. The Nymex September gas contract fell 3.2 cents to settle at $2.908.

September natural gas futures were set to open Thursday near even at around $2.939/MMBtu, with traders holding their fire ahead of the Energy Information Administration (EIA) storage report.

The Energy Information Administration (EIA) reported a 33 Bcf build into storage inventories for the week ending Aug. 10. The reported build was slightly higher than most estimates that pointed to a build in the high 20 Bcf range, but was within the broader range of expectations.

Contango Oil & Gas Co. President and CEO Allan D. Keel, who has run the Gulf of Mexico shallow water explorer since it merged with Crimson Exploration Inc. in 2013, has resigned to “pursue other business interests.” Wilkie S. Colyer Jr., who was appointed to the board with private investor John C. Goff, was named interim president and CEO. Goff, 62, who recently acquired an 18.3% stake in Contango, is based in Fort Worth, TX, where he co-founded and is chairman of privately held Crescent Real Estate Holdings. Colyer, 33, joined Goff Capital, the family office of John Goff, in 2007 and most recently served as principal for Goff Capital Inc. and senior vice president of Investments of Goff Focused Strategies LLC. Colyer has been responsible for energy investing and serves on the board of publicly held Resolute Energy Corp. and Mid-Con Energy Partners LP, both of which Goff has stakes in.

Natural gas prices for September fell an average 3 cents from Aug. 9-15 as weather forecasts began hinting of cooler weather in the weeks ahead. Northeast points, however, posted small gains as intense heat and humidity returned during the week, lifting demand and cash prices in the region, according to NGI’s Forward Look.

September natural gas prices declined Thursday as a slightly higher-than-expected storage injection and cooler weather forecast for the next week or so weighed on the market. The Nymex September gas contract fell 3.2 cents to settle at $2.908.

September natural gas futures were set to open Wednesday about 2.0 cents lower at around $2.939 as weather guidance overnight continued to advertise cooler medium-range trends in the forecast for the East.

Up to 200 oil and gas projects worldwide could be approved by year’s end, lifted by a resurgence in offshore activity and better execution, analyst teams said this week.

September natural gas prices softened Wednesday as traders gave more weight to cooler weather in the weeks ahead than low storage inventories and the possibility of the lowest injection of the season on Thursday. The Nymex September futures contract settled 1.9 cents lower at $2.94 after spending the day waffling in a tight 3.3-cent band.